Another big line to stop this service! These banks have already taken action, why? More banks will follow up in the future
Yan Ziyou
On May 31, the customer service of Agricultural Bank of China told a Chinese reporter from a brokerage that due to the large number of subscriptions for this product recently and the scale is close to saturation, customers who subscribed through the automatic financial management service are likely to fail in subscription, so the bank decided to suspend this service.
Automatic wealth management service means that when the customer's bank current account balance is greater than the set reserve amount, the excess part will be automatically subscribed for wealth management products through the banking system, so as to help the customer's idle funds to obtain returns higher than the current deposit interest rate.
The brokerage Chinese reporter learned that in addition to Agricultural Bank, the automatic financial management services of Industrial and Commercial Bank of China, China Everbright Bank and Qilu Bank have also been stopped.
"In the years when capital-guaranteed wealth management products became popular, automatic wealth management services once became a powerful tool for banks to cope with the competition of Internet financial platforms and enhance customer stickiness." Wang Shuo, director of Everbright Technology Innovation and a specially invited researcher of the Academy of Social Sciences, said that the new regulations on asset management have been implemented. Later, as the number of adaptable products decreased, coupled with the need for investor protection under the guidance of "buyers are conceited and sellers are responsible", banks began to gradually stop or reduce the scale of self-service wealth management.
Another major bank stops automatic banking services
On May 24, the Agricultural Bank of China issued an announcement on the suspension of automatic wealth management services.
The announcement shows that in accordance with the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" and the "Notice on Further Clarifying Matters Concerning the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" and other regulatory regulations, the Agricultural Bank of China will stop the "golden key" from May 30. ·The automatic financial management service of the open-end RMB wealth management product in the second phase of "Anxin Express", the subscription, redemption and other services of this product will not be affected, and can still be handled normally.
The Agricultural Bank of China only provides automatic financial management services for the open net worth fixed income product mentioned in the above announcement, which means that the bank's automatic financial management services have all stopped.
"The main reason for stopping the automatic financial management service is that this product is relatively saturated. If users continue to use the system to automatically subscribe, it is very likely that the subscription will fail." Agricultural Bank customer service said.
It is understood that after the customer signs the automatic wealth management service with the bank, he or she can set the reserved amount of the account. When the account balance exceeds the reserved amount, the banking system will automatically subscribe for the wealth management product linked to the automatic wealth management service; when the account balance is lower than the reserved amount, The banking system automatically redeems to maintain stable liquidity in the account, and at the same time, the excess idle funds are invested in wealth management to obtain higher returns.
Wang Shuo told a Chinese reporter from a brokerage firm that in the past few years when capital-guaranteed wealth management products became popular, automatic wealth management has the characteristics of low threshold, automatic and flexible application and redemption, and higher income than current accounts, taking into account the stability of income and the convenience of investment. It has become a powerful tool for banks to cope with competition from Internet financial platforms and enhance customer stickiness. Many state-owned banks, joint-stock banks and small and medium-sized banks have launched related products, and a large number of payroll customers and long-tail customer groups have signed up to enjoy dividends.
"However, with market changes and regulatory orientation, some banks have also begun to gradually stop or reduce the scale of self-service wealth management." He said, "With the end of the transition period for new asset management regulations and the introduction of various strong regulatory policies, expected returns will increase. Capital-guaranteed wealth management products have been gradually withdrawn from the market, and cash management wealth management products have also been subject to stricter regulations. In addition to monetary funds, call deposits and other products, there are fewer and fewer products suitable for automatic wealth management services, and the rate of return has gradually declined. It is also a general trend for banks to take the initiative to adjust.”
Secondly, Wang Shuo said that with the acceleration of interest rate liberalization and the volatility of the capital market, the recent fluctuations in the net value of bank wealth management products have increased, and some products have even fallen below the net value, and some low-risk products are also facing increased volatility.
In this context, automatic financial management with the characteristics of one-time signing and automatic subscription also faces certain risks, especially the dynamic changes in investors' risk preferences and the dynamic fluctuations in the risk level of financial products, which require optimization and adjustment of products to achieve convenient investment. while avoiding possible risks.
There are many precedents in the industry
A Chinese reporter from a brokerage company learned that, in addition to Agricultural Bank, the automatic wealth management services of Industrial and Commercial Bank of China, China Everbright Bank, and Qilu Bank have also been stopped, but the product design of different banks is different, and the reasons for the suspension of services are also different.
Taking Qilu Bank as an example, the bank announced that according to the relevant regulations of the People's Bank of China on deposit interest rate and interest calculation and settlement management, the automatic financial management function of the existing Qilu card will be cancelled from March 1, 2022, and all the funds in the Qilu card will be cancelled. Adjusted to be calculated and settled at the listed interest rate of demand deposits.
Previously, all Qilu cards opened by the bank before May 14, 2020 had the automatic financial management function enabled by default, that is, if the deposit in the card exceeds the integer multiple of 100 yuan over 500 yuan, if the deposit is full for 3 months and 6 months, when withdrawing, The interest is settled at the corresponding regular interest rate, with a maximum period of one year. If there is no withdrawal within one year, the system will automatically settle the one-year interest at the one-year fixed interest rate.
In order to maximize the interest income of customers, the funds from the automatic wealth management account are withdrawn according to the principle of last-in, first-out. Therefore, the interest is settled after the funds are withdrawn or after a one-year deposit period.
According to the automatic wealth management function of Qilu Card, the card provides intelligent deposit products with interest-bearing files, which is different from the automatic wealth management service that Agricultural Bank stopped this time. This type of deposit product has been suspended.
ICBC's "Ri Tian Li" account wealth management service and China Everbright Bank's "Fixing Deposit" wealth management service are the same as the Agricultural Bank's automatic wealth management service, both are products that automatically subscribe for idle funds exceeding the amount set by the customer.
The brokerage Chinese reporter learned from the bank customer service that such services of the two banks have also been stopped.
"Looking forward to the future, it is expected that more banking institutions will adjust the automatic wealth management products." Wang Shuo believes, "On the one hand, the bank's monetary funds, call deposits and other products can replace such products to meet the needs of customer asset preservation and To meet the needs of convenient investment and financial management, and at the same time realize 'buyers are conceited and sellers are responsible'; on the other hand, through technology empowerment, product innovation and research and other methods, it will better support the needs of the people to maintain and increase the value of assets." (brokerage company China)