In Jiyu fund, aircraft is a totemic existence, and flight elements can be seen everywhere in the office. Various aircraft models are hung in Jiyu's work area. The reception room is designed with the cabin as the prototype. The layout of the company's major event wall is according to the flight trajectory, and even the wallpaper is the world flight trajectory map.
Wang Xiang, the founder of Jiyu fund, is a second-class model athlete. He believes that the aircraft is a perfect interpretation of financial technology. "Flying to heaven represents the spirit of daring to imagine and not afraid of defeat. At the same time, it also needs to have extreme awe and pursuit of rules and details."
Jiyu fund is the first to B independent fund sales agency in the industry. In the list of non commodity fund holding scale in the fourth quarter of 2021 released by China Securities Investment Fund Industry Association, Jiyu ranks among the top 10 among all fund consignment institutions including banks, securities companies and third parties, second only to ant and Tiantian among independent third parties. The other two third parties are to C platform, and the "leader" in to B market is being known by more and more people.
"no man's land"
The service platform provided by Jiyu fund is called "jigoutong", which has been online for more than 5 years. Before the birth of "jigoutong", all independent fund sales institutions served the to C market, and to B was ignored and didn't sound sexy enough.
On Jiyu's official website, there is an article written by Wang Xiang entitled "five years of jijiantong". It is mentioned that the to B market is a long, hard, incomprehensible and concerned Road, just like a no man's land
Why did you choose such a lonely path? Looking back, Wang Xiang attributed the main reason to "respecting common sense". "There is no crystal ball or expert advice in this industry. The so-called common sense is that institutional investors are very important. The proportion of institutional investors in mature markets must be very high, but at that time, there was no one to serve institutional investors in the field of fund trading, and the infrastructure of fund trading even lagged behind retail investors. Institutional investors managed their wealth for the people and served them well is to contribute to thousands of households."
As early as 2012, independent third parties including Tiantian hehaomai were approved for fund sales qualification, and a fund trading platform serving individual investors was launched in the same year. In the following years, individual investors can quickly complete electronic transactions, whether through PC or mobile phone, while institutional investor fund transactions can only be realized in the form of offline, manual, paper and point-to-point.
At that time, the proportion of institutional investors in the market value of A-Shares in the Chinese market was still very low, and a large number of institutional investors were still buying non-standard financial products. However, in Wang Xiang's view, the non-standard tide will surely fade. No large economy in the world can maintain the illusory "risk-free rate of return" of non-standard at the level of 6% - 8% for a long time.
In the development stage from 0 to 1, in order to ensure the stable operation of the platform, Ji Yu took out his own funds to do thousands of tests and test various transaction scenarios. This habit has been retained until now. Every time Jiyu has a new product, it will test the transaction security with its own funds.
On December 16, 2016, "jigutong" was officially launched, and then there was a difficult market cultivation period. It takes time for new things to be accepted by the market, not to mention facing professional and strong institutional investors. As an independent third party, institutional customers will take a "magnifying glass" to look at the credibility of the platform, "can you ensure the safety of funds? What if the system crashes? Will the platform run away with money?..." the initial market development needs to face all kinds of questions from customers and emphasize the license qualification of the platform and the safety of funds under supervision with customers, which is at the upstream end.
At the downstream end, some fund companies do not understand this new model and look at Jiyu from the perspective of "competitors". They mistakenly think that Jiyu wants to compete with the fund company for institutional business and needs to constantly explain to the fund company that both sides serve different scenarios. At the beginning of the platform operation, although Wang Xiang firmly believed that the general direction was right, there was a period of suffering in his heart.
Two years later, the introduction of the new regulations on asset management is the beta entrusted to Ji Yu by the times. "We judged that after the non-standard tide faded, it was public funds to fill the market, but we didn't know how long it would take. We thought it would take five or 10 years. We didn't expect that the new asset management regulations would be issued two years later. We were lucky." Said Wang Xiang.
After that, bank financial management subsidiaries were established one after another, hundreds of financial products were operated at the same time, and the workload of account management, investment transaction, risk management and other links increased significantly. Higher requirements were put forward for transaction efficiency, information and data screening research, risk control and compliance process, and the improvement of relevant supporting facilities and digital transformation and upgrading were urgently needed.
The direction of constant investment and development is to be firm. In the past, the R & D expenses of Jiyu fund accounted for more than 30% of the company's total revenue every year, even in the loss period of previous years. Jiyu has never been lax in optimizing and improving the functions of the platform.
how to become a "leader"
What is the difference between to B and to C business logic?
Wang Xiang believes that there are great differences between the two. "The number of individual users is huge, the group is relatively single, the business scenario and logic are simple, the process is more standardized, and customers pay more attention to interactive experience, which is the characteristics of to C. There are not so many institutional customers, but there are many highly complex and personalized scenarios in the transaction process, many decision-makers and long decision-making cycle. The requirements for service stability, security and timeliness are much higher than to C, and to B pays more attention to customers Actual needs of customers. China's institutional customers also have a feature. Many of them are still in the period of rapid development, the internal organizational structure and process have not been finalized, and the customers themselves are constantly optimized, so the complexity of the trading system is much higher than to C. "
According to Ji Yu's statistics, to B platform institutional customers only place orders for transactions, which includes 28 scenarios, while in the verification link, it includes 38 scenarios, which must be met one by one in the system to ensure the stability of transactions.
Last year, based on full research, Ji Yu launched more than 500 iterations of large and small requirements, which were obtained directly from customers. The complexity of to B can be seen.
Everything takes "customers first", polishes products with the spirit of craftsman, and is committed to "empowering and managing resources with science and technology and achieving customers with one heart", which is Jiyu's market positioning and mission. Jiyu took the lead in solving many pain points of institutional investor fund trading in the industry, and tried its best to achieve the best service.
With the first "intelligent order splitting" function in the industry, "jigoutong" can split the subscription of large monetary funds into dozens of small orders and distribute them to different fund companies. The portfolio yield is generally higher than the market average, which solves the workload of one person a day under the customer line and avoids the liquidity impact on a single fund company.
some financial subsidiaries open dozens of trading accounts a day "infrastructure link" promotes the upgrading of the function of fast account opening, shortens the time of opening a single account to a few minutes, uses the leading OCR technology to improve the recognition accuracy and promote batch account opening, so as to ensure that institutional investors can realize transactions on the day of account opening; The investment manager of the bank's financial management subsidiary often manages dozens of product accounts alone, and many of them may have to trade one or a batch of funds at the same time. Jigutong has developed the multi account trading function and the corresponding data import, export and verification system.
There are strict procedures for institutional investors to apply for redemption funds, and the pool entry report is an important part. The Siasun Robot&Automation Co.Ltd(300024) research and reporting system has been developed by the research team of "jigutong". It will take about 30 minutes for this institution to import a set of reports into the pool system, and it will take about 30 minutes for this institution to import a set of reports into the pool system.
"The devil is in the details". At present, the number of fund products in the whole market is as high as more than 9000. The traditional fund classification standards can not meet the needs of institutional investment. Customers will put forward various personalized demands, such as "can we find some funds that invest in low volatility and High Dividend Stocks", which requires a more detailed labeling system to classify more than 9000 funds, so Jiyu developed the fund labeling system.
Risk control is an important issue of concern to financial institutions, and the division of authority of trading posts in different financial institutions varies greatly. For example, transaction, authorization, review, E-contract signing, fund white list setting, different institutions are completed by different posts, and the division of labor is also different, which makes the traditional role permissions unable to be met. Jigoutong has developed a set of flexible and customizable permission system. Different institutions can customize role names and corresponding function permissions. At present, hundreds of financial institutions have customized more than 1300 roles, It has solved the demands of different posts for function operation and authority... There are many such cases.
"It's good luck to take the lead temporarily. It's only a few years earlier. From the long history, no enterprise will take the lead for a long time. We just want to be a reliable company with a deep understanding of customer needs. We not only have industrial ideals, but also want to do things well on the ground. Self-improvement is strong." Said Wang Xiang. In Jiyu, Wang Xiang's requirement for employees is to maintain awe of customers and compliance, never praise his leadership in person, never make excuses or lie, and achieve the upper limit of his ability.
To sum up Ji Yu's phased achievements, Wang Xiang only summarized them in two sentences: first, he developed China's first to B fund trading platform to serve institutional investors; Second, the "jigutong" product is reliable and efficient, and is the most selected platform by China's head asset management institutions.
In January this year, the Fund Industry Association released the top 100 list of public funds held by fund consignment agencies in the fourth quarter of 2021, Jiyu ranked ninth in the industry with a non goods holding scale of 186.9 billion, and the top eight were ant, China Merchants Bank, Tiantian, ICBC, Bank of China, China Construction Bank, Bank of communications and Agricultural Bank of China.
"Among the world's top 50 asset management institutions, there are only 2 or 3 in China. I hope there will be more world-class asset management institutions in China in the future. Ji Yu hopes to do a good job as a stepping stone for these future world-class Chinese asset management institutions to help them improve efficiency and increase management bandwidth." Wang Xiang expressed his vision for Ji Yu in this way. In the future, Jiyu will realize content specialization, intelligent tools and online process through transaction operation + investment and research.
"China's asset management institutions are in the first stage of digital and intelligent construction, and there are various possibilities in the future. We will continue to aim to meet the actual needs of customers and grow with customers." This is the persistence and ideal of Jiyu.
