What Is a Financial Supermarket?

Financial supermarket (FinSupermarket) is a financial institution that integrates the products and services it operates, and through business cooperation with peer institutions such as insurance companies, securities companies, real estate companies, etc., it provides customers with a variety of financial services Integrated management of products and value-added services. At present, it is quietly rising in China and is expected to become a new trend in the development of commercial banks. Financial supermarkets have been established in Beijing, Shanghai, Zhejiang, Dalian and other places.

Financial supermarket

Financial supermarket (FinSupermarket) is a financial institution that integrates the products and services it operates, and through business cooperation with peer institutions such as insurance companies, securities companies, real estate companies, etc., it provides customers with a variety of financial services Integrated management of products and value-added services. At present, it is quietly rising in China and is expected to become a new trend in the development of commercial banks. Financial supermarkets have been established in Beijing, Shanghai, Zhejiang, Dalian and other places.

Chinese name

Financial supermarket

Foreign name

Finance Supermarket or often abbreviated as FinSupermarket

Form

Integrated financial services

provider

Financial Institutions

Since the establishment of the first financial supermarket in 2007, financial supermarkets have quietly emerged in China and are expected to become

"Financial supermarkets" are not uncommon in developed countries. In many countries and regions, the concept of "bank savings" is not available. Financial outlets scattered on the street can undertake almost all conventional financial services. When foreign consumers enter a multifunctional financial supermarket, it is like entering a super mall. Financial needs ranging from credit cards, foreign exchange, cars, home loans to insurance, bonds and even taxes can be met.

In Japan, many banks provide consumers with one-stop financial services that integrate banking, life insurance, and other agency services.

In the United States, ordinary people can purchase open-ended securities investment funds as long as they come to a commercial bank. Stock market and foreign exchange market prices can also be seen in the bank. If transactions are to be conducted, all settlements can be done here at one time. Not only does it affect personal consumption to a certain extent, but it also becomes a sign of a bank's image. Its economic and social benefits are very good. According to statistics, in the United States, consumer credit accounts for 20% of total bank loans. In Canada, one third of the bank's ordinary loans are provided to individuals, and the world-renowned Citibank and Hongkong and Shanghai Banking's financial supermarkets have become the bank's main business.

In China, due to the closure of the bank's property rights structure and the impact of local protectionism, there are fewer mergers and reorganizations between banks. In March 1999, China Everbright Bank, as a whole, accepted the creditor's rights, debts, and same-city business outlets of the former China Investment Bank, and took the first step in China's banking industry to restructure assets in accordance with market principles. As the scale benefits of the acquisition of the former investment bank by China Everbright Bank gradually appear, more commercial banks will embark on the road of merger and reorganization, resulting in a number of large banks with sufficient capital, strong assets and wide business scope.

Financial supermarket is a people-oriented business process, that is, it emphasizes service. The service method of the existing banks in our country is to achieve the "come to come" approach, and the bank near ICBC to buy a house to CCB is "come to come", in fact, it is "looking for" Find out which of my customers are the target of my service and which are my loyal customers. Develop it. In this way, insurance performance is the best. Insurance performance is the best in China. They are Use the search method, although you are very disgusted at knocking on your door, in fact it is a good change of a business model and service mode.

Financial supermarkets rely on computer and network technologies to ensure business security, co-operate with notarization, insurance, mortgage registration agencies and dealers, open business transactions, and narrow the distance with consumers; by adjusting internal business processes , Compliance and orderly complete the entire process of business consulting, investigation, review, approval and post-loan management, provide customers with one-stop full-process services, and improve efficiency while effectively preventing risks; not only provide consulting, For traditional businesses such as deposit and withdrawal, and consumer credit as the lead, personal intermediary businesses such as personal wealth management and open-end funds should be promoted; corresponding professionals should be provided to provide specialized financial services; financial supermarkets should have special features , Launched a number of professional models such as housing, automobiles and comprehensive consumer loan boutiques. In addition, conditional financial supermarkets can also start corporate and institutional businesses that are closely related to personal business.

Unlike foreign financial supermarkets, which can provide almost any financial product to customers under the condition of foreign financial mixed operations, China's financial supermarkets are restricted by the separate business model and generally cannot directly handle insurance and securities business. The main function is to comprehensively handle the debt business mainly based on personal deposits and withdrawals, the asset business mainly based on housing, automobiles, and comprehensive consumer loans and the more complex system of collection and payment, RMB settlement, bank cards, personal financial consulting, financial consultant,

In order to achieve the ability to improve the level of credit management, appropriately raise the level of operations, prevent credit risks, and be close to customers, it is convenient and quick to handle business. As a new type of organizational carrier for new business operations, financial supermarkets generally adopt grafting or transformation of existing assets. Urban sub-branches with reasonable debt ratios, good credit asset quality, two consecutive years of profitability, and high levels of credit management were formed. The president of the branch or the authorized approver approves the loan, the person in charge of the business (department) organization is the supermarket manager, and the branch manager is authorized to undertake the review responsibilities. There are 3-5 client managers who are engaged in field surveys. There are counter consultation and business acceptance staff 5-people. In accordance with the principle of full service of business acceptance personnel, it will coordinate the personnel in different positions to handle business for customers.

As a new type of organizational carrier, financial supermarkets must have market access conditions such as organizational system innovation, business system innovation, policy system innovation, and product system innovation. In addition to the access requirements for organizational system innovations, in addition to the relevant indicator requirements mentioned in the organizational settings, the focus is that financial supermarkets need to be repositioned within the existing banking organization framework. It is not an isolated, independent professional business bank, but a bridge that directly communicates with commercial customers on behalf of the entire commercial bank within a certain financial region. The superior bank needs to coordinate and handle the division of labor and cooperation with other operating banks.

Business system and innovative access conditions are based on the operation requirements of financial supermarkets, scientifically adjusting internal business processes, designing effective business processing procedures, coordination and other processes to complete business consultation, investigation, review, approval and post-loan management, Efficient and convenient to provide customers with full-process services.

Effectively strengthen organizational leadership and work hard to run financial supermarkets.

Implement a moderately tilted policy to promote the rapid development of financial supermarket business.

Do a good job in marketing and increase publicity.

Strengthen management to ensure the orderly operation of financial supermarkets.

The development of world economic integration and financial globalization has caused the international financial industry to develop in a group, integrated, and diversified direction. In the context of this change and WTO entry, China's financial industry should adapt to the situation, construct a "financial supermarket" in a timely manner, and develop into a platform with comprehensive business and functions in order to be invincible in future competition.