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首页> 外文期刊>E3S Web of Conferences >The rise of tech giants in the fund sales industry: an example of how information and digital technology rebuild platform economy
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The rise of tech giants in the fund sales industry: an example of how information and digital technology rebuild platform economy

机译：基金销售行业技术巨头的兴起：信息和数字技术如何重建平台经济的示例

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摘要

Unlike its American counterpart, the Chinese financial industry has been challenged by tech giants through their digital platforms. As the entrance of the asset management industry, the fund sales industry is at the center of the revolution, with commercial banks and tech giants fighting for its control. Some scholars have discussed the competition, but none of them discussed the competition by comparing their common features as platforms. Moreover, the competition is in a two-sided multihoming market that has long been ignored by scholars but will prevail in the future. With similar coverage rates for both fund managers and investors, how do fintechs use information and digital technology gobbling a big chunk of commercial banks’ profit. This article filled the gap by examining the common features of commercial banks and tech giants as platforms, including membership externality, usage externality, and multihoming behavior. Usage externality is crucial in this competition. It promoted market efficiency by unlocking the scale effect and using big data analysis. However, unlike the competition between other platforms, membership externality has little impact on the competition among commercial banks and tech giants. With prevailing multihoming behaviors to a high degree, newly entered platforms provided almost no additional membership externality.
机译：不像它的美国同行，中国金融业已经通过他们的数字化平台的挑战由科技巨头。作为资产管理行业的入口，基金销售业处于革命的中心，商业银行和科技巨头为其控制而战。有些学者讨论了竞争，但他们都不是通过将其共同特征与平台进行比较来讨论竞争。此外，竞争在一个双面多层市场，长期以来一直被学者忽视，但将来会占上风。随着类似的覆盖率两个基金经理和投资者，怎么办fintechs利用信息技术和数字技术吞噬商业银行利润的一大块。本文通过将商业银行和科技巨头作为平台的共同特征填补了差距，包括会员外部性，使用外部性和多宿主行为。使用外部性在这场比赛中至关重要。它通过解锁规模效应和使用大数据分析来促进市场效率。但是，与其他平台之间的竞争不同，会员外部性对商业银行和科技巨头之间的竞争几乎没有影响。通行的多宿主行为的高度，新进入的平台提供了几乎没有增加的成员外部性。

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