Interview with Shi Haidong, CEO of Feihu Interactive: After the “unmanned bank” and APP, what is the next innovation in the bank’s To C business?


In the autumn of 2016, short videos began to appear in the streets, and the signs of popularity loomed. It is also this year that domestic audio and video technology has developed to a mature stage, and more and more supports people’s “online daily life” – things that used to require a trip offline can now be done at home. can be completed.

Banking business, which is closely related to people’s daily life, is no exception. In the past, when going to a bank to do business, not only did you need to ask for leave on working days, but you also needed to get a number and queue up at the branch, which was time-consuming and labor-intensive. Especially during the past two years at home, offline processing is more inconvenient.

How to do? Remote video banking, born on demand.

Video banking, or virtual business hall, is not a new thing that has just emerged, but it has only come into the public eye in the past year or two. Whether it is through video connection with tellers to handle business, or video due diligence, face-to-face signing during large loans or financial management, or video classroom and live broadcast of financial management, they are becoming more and more familiar.

On the surface, the contactless management advocated during home office is undoubtedly an accelerator, but in fact, there are deeper reasons behind it.

Shi Haidong, founder and CEO of Feihu Interactive, told that there are currently more than 200,000 offline bank branches in China. The cost of rent, security, equipment, and personnel combined is very large, and the average annual consumption cost of a single branch is as much as Millions, and the entire banking industry costs as much as one trillion yuan a year.

Among them, “a large part of the cost can actually be saved” .

Specifically, on the one hand, the production capacity of many bank offline outlets is not very high. On weekdays, the daily peak flow of people is often only 1 to 2 hours, but fixed costs such as rent and security have been consumed; on the other hand, The business volume of outlets also fluctuates every month. With a completely fixed distribution of outlets and the number of tellers, it will inevitably be stretched when dealing with dynamic customer service demands.

By creating a flexible and convenient video bank, some customer service resources can be centralized and coordinated, reducing overall costs and improving service efficiency. At the same time, some offline outlets can be reduced, and the average production capacity of a single outlet can also be improved. At the same time, it facilitates the two main bodies of C-end and B-end, killing two birds with one stone.

In fact, the banking industry has always been at the forefront of informatization and digitization because it is inherently associated with transactions and data. Video banking is also a product of natural evolution in customer service scenarios.

More than 20 years ago, when Shi Haidong was the vice president of Digital China Group, he was in charge of the first-generation technology platform for the computerization of bank branches. The current virtual business hall is more like the “video version” of the offline network technology platform.

With years of experience in financial IT construction, Shi Haidong has a deep understanding of the bank branch channel system and other aspects, and also gave him an early insight into the general trend of digital transformation and video-based banking.

Therefore, when mobile video applications ushered in an explosive period in 2015, mobile data rates became cheaper, and video security technology and 5G developed rapidly, Shi Haidong and his team judged that financial customer channels will also undergo major changes, and video banking has a bright future. In July of that year, Shi Haidong founded Feihu Interactive and began to focus on video applications in the banking industry, helping banks to digitally transform their outlets.

Will video bank be another “unmanned bank”?

In fact, the most popular transformation of the bank’s offline outlets was four or five years ago, when “unmanned banks” were all the rage. Looking at it now, it is more like a conceptual enlightenment. The development has also gradually entered the stage of integration and contraction. Digital transformation has never been easy, and now, the baton has been handed over to the “video bank” that is in the limelight.

To use video technology to transform offline bank outlets, we must first sort out clearly: what can be changed? Which can’t be changed?

Broadly speaking, the customer service of banks can be divided into two categories: self-service and non-self-service.

The former, such as deposits and withdrawals on ATM machines, transfers, inquiries, and purchases of small-amount wealth management on mobile banking APPs, etc., such self-service transactions have a large volume, often accounting for about 80% of the total transaction volume of the bank. The remaining 20% ​​of non-self-service businesses are complex transactions, and banks often require face-to-face communication between people due to regulatory or risk control requirements.

For video banks, what they want to reshape is the 20% of non-self-service businesses. According to Shi Haidong, video banking at this stage mainly replaces three major scenarios in non-self-service businesses:

One is the more complex business, which is usually difficult to complete on the APP alone;

The second is the business that requires manual intervention from the perspective of banking business security and compliance.

The third is the business that requires interaction, consultation and guidance.

“These are the three most suitable scenarios for video banking at present.”

“Essentially, video banking is a new and warm channel business system .” In Shi Haidong’s view, online is not uncommon, but compared with APP, text, telephone, etc., video brings face-to-face, temperature interaction. It is the innovative channel of video banking that perfectly integrates the convenience of the Internet and the high-quality experience of human services.

As an early pioneer in the field of video banking, Feihu Interactive has gained rich experience in the process of putting theory into practice.

In 2018, Feihu Interactive created a 7X24-hour video “mobile business hall” for Taizhou banks with many hometowns of overseas Chinese. Let the customers of Taizhou Bank stay at home, and let the overseas Chinese who live in the time difference abroad enjoy the warm and professional financial services of the bank anytime, anywhere. The 7*24-hour video “Mobile Business Hall” was well received as soon as it was launched, and the annual business volume increased year by year. The estimated business volume in 22 years will be close to one million.

“Of course, the epidemic is also a boost, especially at the regulatory level, encouraging remote contactless financial services to fight the epidemic.” Now, video services have become standard for banks, and video-based business scenarios are an important part of the digital transformation of banks. It is just the difference between doing it first and doing it later, and how to do it well.

Feihu currently has two core products: one is an enterprise-level audio and video service platform; the other is a “virtual business hall” application product based on the platform. The combination of these two products is called “one horizontal and one vertical” strategy by Shi Haidong.

He told that in the past, almost every bank purchased some video-related business systems, but most of them were bought in pieces. One video interview today, and one video double recording tomorrow, but as the video business becomes more and more extensive, almost All businesses require the support of video capabilities, and a large number of independent video systems purchased before are not only difficult to integrate, but also unable to support more and more extensive scenarios.

At this time, banks found that they needed a bank-wide audio and video infrastructure PaaS platform to uniformly support the remote videoization of their various business scenarios. And this is also the starting point for Feihu to launch an enterprise-level audio and video service platform.

After all, the real digital transformation is not a fragmented and fragmented step-by-step process, but a complete and long-term top-level plan from the very beginning. What banks need is not a “chimney-style” fragmented system, but A PaaS+SaaS integrated solution that connects the base.

Shi Haidong told that this is a new product category and track, which is due to the in-depth videoization of important industries, resulting in product demand. At present, Feihu’s enterprise-level audio and video service platform has taken the lead. After the rigorous test of the banking industry, it is continuously expanding horizontally to extend to pan-financial industries such as insurance and securities, and even to industries such as energy and medical care. It will be explored in the banking scene. The successful experience that comes out will be extended to more digital transformation industries.

In addition to the horizontal platform, Feihu focuses on the “virtual business hall” in the vertical direction, covering video banking, video wealth management, video loan due diligence signing, video compliance, video marketing, and empowering every field of banking business. Video of business.

The practice of China’s banking industry has already gained international influence. Feihu’s virtual business hall has also received good responses abroad, and has already achieved landing cases in Cambodia. The “one vertical” of Feihu is to deeply penetrate the banking industry and serve the world.

Under the strategy of “one horizontal and one vertical”, Feihu not only has platform-based products, but also deeply penetrates into the specific industry of banking to create products with excellent application scenarios. “It’s a bit like Microsoft, with not only the Windows operating system, but also the popular application product Office. ” Shi Haidong concluded.

Further, in his view, the platform and the application are “mutually synergistic”. If it is separated from the scene, the development of the platform will be impossible; and if there is no platform, the scene will also become passive water.

Doing both products, although it seems to be “a bit heavy”, can actually form a good synergy effect, which is a long-term and stable strategy of “fighting a tough battle and building a strong stronghold”.

But if you want to grasp both “platform” and “application”, both hands are hard, in addition to Feihu’s own deep understanding of the scene logic, it is also inseparable from the support of leading technology and good ecology . And these are also the competitive barriers that Feihu Interactive continues to build.

The story behind 99.99%

Moving offline face-to-face to online, how to “fidelity” has become a matter of success or failure. Compared with offline face-to-face interaction, there are many risks in video interaction, such as video freezing, black screen, etc., the authenticity of remote customer behavior, etc., which directly affect user experience and financial business compliance. Shi Haidong mentioned several interesting numbers:

For example, in a video business, after clicking the “Start” button, there will be a black screen time, also called the opening time. As long as the opening time exceeds 3 seconds, 12% of consumers will think that the system is broken. .

For another example, when banks develop video services, they have extremely high requirements for evidence retention in the video process. Usually in non-financial scenarios, the success rate of video recording is 99%, and no one goes into it. After all, the network is good and bad. But a 99% success rate means that 1 in 100 transactions is missing the chain of business evidence, which is simply unacceptable to banks.

For another example, if the client covers his face with his hands, it cannot be confirmed from the chain of evidence whether it is the true wishes of the client.

These nuances and sharp judgments on the industry are not solved by technology alone, but stem from in-depth research and understanding of the entire industry.

As an industry veteran, Jiang Xukui, the co-founder and CTO of Feihu team, has developed ACE, a bank outlet business platform that occupies half of the domestic market, and realized this very early. The financial industry and the entertainment and social industry have completely different requirements for video and business processing on video. From the very beginning, Feihu has been committed to deeply integrating video technology with the characteristics of high security, compliance and reliability of banks.

In 2018, Feihu met Tencent again.

On September 30, 2018, Tencent announced a structural adjustment, adding a new cloud and smart industry business group (CSIG). Among them, Tencent Yunqi Innovation Ecology is CSIG’s incubation platform for entrepreneurs, providing enterprise service startups with the ability and resources to connect Tencent Cloud and smart retail, education, medical and other industries.

After the “930 Adjustment”, Tencent began to vigorously deploy SaaS, and Tencent Yunqi Innovation Ecology has contacted many startups. After a period of understanding, Feihu Interactive established a cooperation with Tencent in 2019, and after obtaining the blessing of Tencent Video’s underlying technical facilities, it further increased its own competitive barriers in audio and video technology.

Shi Haidong looks back on the in-depth cooperation process with Tencent Cloud in recent years. At the beginning of 2019, Feihu and Tencent Financial Cloud jointly developed a virtual business hall; in August 2019, they joined the first phase of Tencent SaaS accelerator launched by Tencent Yunqi. In addition to receiving technical support from Tencent and joint research on solutions, Tencent is also strong The ability of business resources, contacts and services to a number of major customers in the financial industry.

The cooperation between the two parties started from the video bank, which was complementary in terms of technical facilities and industry awareness, and then gradually expanded to the ecological level. The cooperation not only extends to ecological portals such as WeChat mini-programs and enterprise WeChat, but also Tencent Yunqi Ecology also helps Feihu to link to more opportunities to reach partners such as customers and ISVs.

Tencent Cloud has a strong audio and video infrastructure that supports the global application of WeChat video and Tencent video conferencing. Shi Haidong told that, as a partner of Tencent Cloud, Feihu finally reached a consensus with Tencent Cloud: the financial industry needs different For the audio and video capabilities of entertainment and social networking, Tencent Audio and Video and the financial FT team have jointly created a “financial-exclusive video cloud” for the financial industry, which is deeply integrated with Feihu’s enterprise-level audio and video service platform to promote the video transformation of financial services. .

Through two-way complementary cooperation, the two parties are constantly exploring and reshaping the production relationship in the industrial Internet era.

Be a “product company” in the To B track

In the past year, with the accelerated transformation of Tencent Cloud to “integrated”, Feihu has stepped into the foreground and faced increasingly fierce industry competition. learned that there are roughly two types of video banks on the market, one is an enterprise-level audio and video service platform, and the other is a vertical manufacturer specializing in SaaS applications in financial scenarios.

In the past two years, the demand for non-contact processing in financial institutions such as banks has surged, and encouraging policy documents and industry technical standards have been published. Coupled with the gradual saturation of mainstream video tracks such as the Internet, opening up new territories has become an unanimous choice for audio and video manufacturers, and the financial scene has gradually become a “sweet pastry”.

“Last year, video banking had a market size of several hundred million in China.” Shi Haidong told that although the market size is not huge, it is growing rapidly. “Feihu’s sales are expected to double this year.”

As the track takes off, as an “aboriginal” in the financial scene, Feihu will face more and more new challenges.

“It’s a challenge and an opportunity.” In Shi Haidong’s view, compared with audio and video manufacturers, Feihu’s relative advantage is that it has built an industry platform that can support complex financial services. Compared with vertical application manufacturers, such as video transaction, video customer service, video compliance and other special applications, Feihu’s advantage is that with the ecological advantages of Tencent Yunqi, it can build a richer product portfolio of “one horizontal and one vertical”, and jointly Partners in the ecosystem go earlier and faster in full-scene exploration.

Not only that, in the eyes of many Feihu employees, Feihu is still a company that is constantly running in the front-line business scenarios of customers. It can continue to explore more video-based scene innovations with customers. keen innovation”.

“Feihu is a product company, not a traditional IT service company.” The difference in business logic between the two is that the former uses higher product coverage to reach more scenarios and collide with customers to create more Many innovative ideas are expected to be polished to more To B explosive products, and then copied on a large scale and promoted to other customers and industries, thus forming a “flywheel” effect of a virtuous circle. Undoubtedly, this is a more Internet-like style of play.

“This is a promising market.” Shi Haidong told So far, Feihu has assisted more than 100 banks to realize the reform of their service models, with customers covering joint-stock, city commercial banks, rural commercial banks, and even village and town banks. And it is bringing these practical experiences and products and services to more industries and serving more customers. With the successful landing of overseas customers, “Feihu will be committed to global development, allowing global users to enjoy the new form of service born in China.”

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