Linghe-Deputy Editor: Hello netizens! Today we have an exclusive interview with Mr. Yang Chao, the director of Yidai.com. This is the exclusive interview room for the China e-commerce webmaster of Linghe Information. The great value of the Internet lies in commercial applications. E-commerce has developed by leaps and bounds in China in the past decade. The market has been very hot in the past two years, and a large number of new e-commerce websites have emerged with various business models and transaction types. Everything is included. Therefore, we also hope that through the platform of Linghe Information, we can give everyone an opportunity to display as a whole and develop the entire e-commerce market.
Hello Mr. Yang, today I am conducting an exclusive interview with you on behalf of Linghe Information. I hope the cooperation will be pleasant. First, please introduce yourself and your website. Netizens who have questions can continue to ask Director Yang questions after completion. Thank you all.
Yidai.com-COO-Yang Chao: Hello host! Hello netizens! Let’s talk about the website first. Before introducing the website, I would like to ask the host: If you want to buy food, should you go to the vegetable market? If you want to buy clothes, should you go there? shopping mall?
Linghe-Deputy Editor: When buying food, you must go to the wet market, but when buying clothes, most of them are bought online, which is also done in online malls.
Yidai.com-COO-Yang Chao: Well, you can go to Taobao or other malls. So where would you go if you needed a loan?
Zero Sum - Deputy Editor: Bank.
Yidai.com-COO-Yang Chao: Like you, most people think of going to the bank. But if you really want to go to the bank for a loan, you will face the following problems:
1. You don’t know which bank to go to for a loan.
China currently has nearly 200 banks, large and small, and the market is opening up rapidly. Foreign banks will enter China in large numbers, so it is difficult for you to choose which bank is better.
2. You don’t know which loan product to choose.
Hundreds of banks have thousands of loan products, and different loan products have different requirements for users. You don’t know which product is more suitable for you and saves more interest, cost and time.
3. Waste a lot of time
For example, real estate mortgage loans involve many departments, such as banks, housing bureaus, notary offices, appraisal companies, civil affairs bureaus, and even law firms, accounting firms, etc. If you have to do everything yourself, think about it. How long does it take?
Even if you choose a certain product, your conditions may not meet the bank's requirements and you will have to choose again.
Loans are no better than buying groceries or clothes:
First, most people don’t know how to get a loan.
Second, you don’t need a loan at any time, but only consider it when you really need money. It would be a waste of time to research thousands of loan products by yourself. Based on the above reasons, what problems can we see? China currently lacks such a platform. When people need loans, they don’t know where to go for consultation. For example, if we want to shop, we go to Taobao; if we want to travel, we go to Ctrip; if we want a loan, Chinese people really don’t know where to go. This is the mission of Yidai.com, which uses thousands of loan practitioners across the country to help loan seekers solve their problems.
Linghe-Deputy Editor: I really don’t know how to get a loan, so Yidai.com shouldn’t just be a loan consultation platform, right?
Yidai.com-COO-Yang Chao: For loan seekers, it is a consulting platform. But for the provider, he is also gaining customers while helping the consultant solve the problem.
Zero Sum - Deputy Editor: Aren't all loan providers banks? Moreover, loan profits are a large source of bank income.
Yidai.com-COO-Yang Chao: What banks really need are big customers, such as those who need loans in the millions or more. But for most demanders, they often only need hundreds of thousands or tens of thousands. Small loan banks also do it, but they package these businesses to third-party institutions, such as guarantee companies, loan intermediaries, etc.
For example, if you go to buy a house now and the bank says it needs a guarantee company, it will transfer your business to the guarantee company. Because you can’t borrow much money to buy a house, and the guarantee company and the bank are mutually beneficial. Why?
1. The guarantee company can collect guarantee fees;
2. Guarantee companies can act as guarantees, thereby reducing bank risks;
Financial News - Editor - Xiaoying: Aren't many private loan companies illegal? How to distinguish this from so-called intermediaries?
Yidai.com-COO-Yang Chao: This thing has actually always been in a legal gray area. The reason why private lending can exist is because it has a market. Why is there a market? Because banks cannot meet the needs of some people. Why can't the demand be met? For example, I need 50,000 yuan for emergency needs today. It may be for business or illness, but it usually takes half a month from bank application to mortgage loan. Private capital can get money as soon as the same day.
Linghe-Deputy Editor: So what is the country’s attitude towards this? It can indeed provide emergency relief, which is very convenient for the people.
Yidai.com-COO-Yang Chao: The state's attitude is still gradually regulating, because private capital plays a big role in market funds, and the state cannot ban it. At the same time, we must find ways to regulate him. That's what a market economy is.
Linghe-Deputy Editor: Just now some netizens mentioned the problem of some people being cheated. Can Yidai.com solve this problem?
Yidai.com-COO-Yang Chao: In fact, scammers exist in all walks of life. Taobao is so big, but there are still scammers. We can only find ways to compress the activity space of scammers as much as possible. For example, users are reminded at any time, reviewed by professional auditors, and reported by users.
There are formal small loan companies, consumer finance companies and guarantee companies everywhere. They are all allowed and encouraged by the government. Of course, some people are fishing in troubled waters. Nowadays, advertisements about the supply of funds are flying all over the place. Lenders don’t know which ones are real and which ones are fake, which ones have good services and which ones are more professional. Therefore, we introduce loan industry practitioners across the country to the Yidai platform, use their professional knowledge and resources, and combine the interactive characteristics of the Internet to solve financing problems in a timely manner for loan demanders.
Linghe-Deputy Editor: Well, having a standardized platform for everyone can also eliminate more scammers and regulate the market. When was Yidai.com established? What achievements has it made so far?
Yidai.com-COO-Yang Chao: Yidai.com was officially established in January 2009, and it has been exactly one and a half years so far. Through the monitoring of data such as visits, attention, and registered users, it is now the most comprehensive loan website in the country. At present, 376 city branches across the country have been opened. In first-tier cities such as Beijing, Shanghai, Shenzhen and other branches, hundreds of loan consultants are online every day to meet the needs of all types of loan users.
Linghe-Deputy Editor: Well, I saw that Yidai.com operates on a city-by-city basis, so in what form do these cities join? Because the amount of national information is very large.
Yidai.com-COO-Yang Chao: Operating in a city is based on the characteristics of the loan industry. Generally, loan service companies can only serve people in this city. If there is a company in Beijing that claims to be able to provide nationwide loans, beware that it is a liar. Currently we are all directly managed. The next step in the operation of the branch will be implemented, which may be franchising or other forms.
Linghe-Deputy Editor: Well, where are the most popular regions? Is there any relationship between this loan and the region? Which kind of loans are more common?
Yidai.com-COO-Yang Chao: Loans are definitely related to the degree of local economic development. The most popular ones are Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, etc.
Linghe-Deputy Editor: When there is a transaction, there will be disputes. If there are disputes, how will the website handle it? Is there a complete processing process similar to Taobao's grievance arbitration system.
Yidai.com-COO-Yang Chao: Unlike other e-commerce websites, Yidai.com focuses on business rather than transactions. Because they will not trade through Yidai.com and cannot trade. For example, taking a real estate mortgage loan, the lender needs to go to see the house offline, have it notarized by a notary, evaluated by an appraisal company, etc. This cannot be achieved online. Therefore, the dispute they had was between the company and the customer, and Yidai.com only helped them find a suitable partner and did not participate in the transaction.
Linghe-Deputy Editor: Oh, then Yidai.com plays a role in transmitting information, similar to an intermediary.
Yidai.com-COO-Yang Chao: We will rate loan service institutions based on user feedback for borrowers’ reference.
Linghe-Deputy Editor: In the one and a half years since Yidai.com was established, what difficulties and questions have you encountered during this period? What do you think is the most difficult?
Yidai.com-COO-Yang Chao: Any industry website will face a problem, which is how to combine traditional industries with the Internet; for example, Ctrip is the combination of tourism and the Internet, and Taobao is the combination of retail and the Internet; then Yidai The Internet is a combination of loans and the Internet; whether such a website can succeed depends largely on the understanding and knowledge of traditional industries. I used to work on the Internet and didn’t understand this industry. To make this website well, for example, to study this industry in depth, so I have been studying during this time, which is perhaps the most difficult.
Linghe-Deputy Editor: Well, it is indeed! Yidai.com is a novel idea and model in today's e-commerce wave. After talking about it for so long, you haven't introduced yourself yet.
Yidai.com-COO-Yang Chao: Haha, I have nothing to introduce. I am an "atypical" post-80s generation, because sometimes I feel more like a post-70s generation. I have an IT background, but I don't play games, don't love football, and don't read novels. Unlike many people born in the 1980s.
During the recent World Cup, I sometimes envy those crazy fans. There is at least one thing that can make them crazy. I don’t know if it’s career-oriented or not. My philosophy is that life is work and work is life. I'm confused sometimes, and I don't work for money.
Editor of Yidai: Mr. Yang is a typical person who finds pleasure in his work. People who really feel that work is a fun thing will not feel that work is a hard thing.
Yidai.com-COO-Yang Chao: I just want to do something big with the team. This thing can be influential, can help many people, and can be remembered by others.
Linghe-Deputy Editor: Mr. Yang, what do you think of e-commerce? Regarding the current Chinese e-commerce market.
Yidai.com-COO-Yang Chao: In my humble opinion, no matter how e-commerce exists, whether it is B2B, B2C or C2C, as a platform provider, there are two issues that need to be considered: First, how to provide demanders with more information. High-quality services help demanders solve problems; second, how to bring more customers to suppliers and gain more profits. The website is just a carrier, not a purpose. The purpose is service. The concept of service should be integrated into every detail of website operation. With the fierce market competition, future e-commerce must be the product of the combination of traditional industries and the Internet, and will penetrate deeper into market segments.
Linghe-Deputy Editor: The trend is indeed like this. For example, there are new group buying websites and community e-commerce. Do you know about these? Or do you pay much attention to them? E-commerce has segmented the market, and there are also cooperation and cross.
Yidai.com-COO-Yang Chao: Yes. In fact, the core idea of e-commerce is "people" and is user-centered. Whether it is the previous form or the current community e-commerce, it actually comes from that concept. Frankly speaking, I think there is a market for the recently popular group buying websites, but there are too many people muddying the waters and it is too difficult to succeed, haha.
And most of the current group buying websites in China are replicas of foreign ones. But there is no clear profit model. For simple copying, the threshold becomes very low. Now it has become a price war.
Linghe-Deputy Editor: I once did an exclusive interview and visited major group buying websites in Beijing. It is true that their teams are rough and the office environment is also very simple.
Yidai.com-COO-Yang Chao: I think this is a problem with the entire entrepreneurial environment. Everyone does whatever they hear is popular. I don’t even think about whether there is a market? Can I make a profit? More importantly, I don’t know whether I am suitable for it, and I don’t know what my advantages are.
Linghe-Deputy Editor: Does Yidai.com have strong competitors now? Or are there external factors that are not conducive to development?
Yidai.com-COO-Yang Chao: Six months ago, we were not the number one. The number one website was a website that had been in business for a long time. This industry is slowly starting to attract the attention of some people. For example, Jack Ma has just established a small loan company. At the same time, he has Internet advantages. Who knows whether he will do it? There are also some other giants. Of course, we are not afraid. We are just doing our best right now and accumulating experience.
Linghe-Deputy Editor: Well, Jack Ma has begun to pay attention to this field, and it seems that it is indeed an attractive market.
Yidai.com-COO-Yang Chao: But the threshold for this industry is much higher than other industries because the loan industry is very complex. This is our advantage in defeating our opponents.
Linghe-Deputy Editor: That means you have very senior employees in the loan field to support you, right?
Yidai.com-COO-Yang Chao: Our company was formerly one of the top three guarantee companies in Sichuan. With 14 years of experience in this industry, we understand banking policies better than banks.
Linghe-Deputy Editor: Where is the company’s headquarters now?
Yidai.com-COO-Yang Chao: The headquarters is in Chengdu. Once the foundation is laid, we will consider big cities such as Shanghai and Beijing.
Zero Sum-Deputy Editor: Oh. It seems that Yidai.com is also in the growth stage. Can you talk about your future vision for the company? Give your expectations for your website and your own career.
Yidai.com-COO-Yang Chao: Loan difficulty is a world-class problem that requires everyone to work together to solve it. Yidai.com feels a heavy responsibility. We hope that within 2-3 years, users across the country who need funds will be able to solve their problems through Yidai.com and build the "Yidai.com" brand; it will be available on the market in 3-5 years to help more people.
Linghe-Deputy Editor: Will Yidai.com cooperate with the government or be incorporated into the “national team” in the future?
Yidai.com-COO-Yang Chao: Haha, why do you say this?
Linghe-Deputy Editor: Alipay has become bigger, and Premier Wen just went to inspect it. I wonder if Yidai.com will one day become an official intermediary guarantee agency for national small loans?
Yidai.com-COO-Yang Chao: This also depends on the development of Yidai.com itself. No matter what, as long as we can serve more users is our only pursuit. Welcome everyone to pay attention to Edai.com www.edai.com , and welcome your comments and suggestions.
Linghe - Deputy Editor: Thank you Mr. Yang for accepting our exclusive interview with Linghe Information. I hope Yidai.com will get better and better, and as you said, serving the public is the only goal. Thank you all netizens for your participation. I will notify you in advance of the next Zero Sum Information interview.
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