Research On The Development Path Of Consumer Finance In China Under The Background Of Fintech

As in recent years financial technology(Fintech)rise and development,with its large customer base and technical advantages of large data,a variety of consumer financial services began to be innovated.In the face of the impact of financial technology,the traditional consumer financial institutions business philosophy and business model is also changing,consumer finance products and services have been greatly enriched,the threshold significantly reduced,consumer groups expanded,is moving towards inclusive financial direction.Innovative consumer finance development will inevitably have a profound impact on China's consumer financial market.As China's per capita disposable income continual growing,the concept of social consumption changes,consumer demand,a series of incentives and support policies and other factors.Since 2015,consumer finance has been more and more groups of acceptance and love,promoting the rapid growth of consumer finance scale.In addition to purchase loans,2016 China's consumer credit scale reached 7.22 trillion,an increase of 38.1%.Currently,consumer finance showed a substantial expansion of the development trend,this hot market is also triggering a large number of participants in the financial institutions,and other Internet giants join to competing for this market.Thus,by studying consumer finance development path under China's financial technology background,either deepen our understanding of consumer finance,but also provide reference suggestions for consumers,consumer finance institutions and regulators.This paper combines the methods of literature research,theoretical and practical analysis,case analysis and comparative study method.Firstly,it introduces the connotation and development of financial technology,consumer finance,emphasizing the influence of financial technology on the development of consumer finance;Secondly,using the Hamiltonian tool of optimal control theory to analyze the consumption behavior of rational consumers,it embodies the existence and development inevitability of consumer finance;And then through SWOT-PEST integrated model to analyze China's consumer finance advantages,weaknesses,opportunities and threats from eight dimensions;Then combining with the previous analysis model,this paper analyzes the development situation of "Ant Check Later" and the constraints,problems.Finally,learning from foreign experience in consumer finance development model to perfect the system,to innovate products and services,to prevent and to control risk as three levels of development path,from the political(P),economic(E),social(S),technological(T)four angles.And the development path of consumer finance policy in China are put forward.Conclusions are as follows:First of all,under the background of financial technology,China's consumer finance is facing new constraints and problems in addition to the new development.Policy: electronic business platform consumer finance industry regulatory loopholes exist,the new Internet consumer credit product regulations are imperfect and not familiar with people,which easily can be used by lawless elements;Economically:increased bad debts risk leading to rising credit costs,fiecer industry competition;Social factors: the industry information sharing mechanism is not fully established and the credit system needs to be established and improved,bad credit records may affect future work and life;Technical factors: information technology and computer intelligent processing defects still exist,consumer finance is facing more complex types of risk.Secondly,combined with the analysis of the model and the case,China's consumer finance development path policy recommendations are put forward.Policy:improve the system,strengthen the supervision system and the construction of the personal credit system;Economically: products innovation,enrich consumer finance loans and consumer credit models;Social factors: services innovation,tap into potential customers and credit markets;Technical factors: control risk,financial technology is an important means of consumer financial risk control.Finally,proposed consumer finance outlook: participants richer,and expand to providing differentiated services based on consumer financial services target;Credit system will further improved and risk control capacity enhanced;Competitive consumer finance under more intense financial technology background,leading technology to promote industry upgrades.