ultra-long standby, can be purchased after get off work, the bank's "wealth management night market" has reached a new height in the low interest rate era
2024-09-04
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wang ling (pseudonym), who works in guangdong, recently discovered that the bank financial management app he often uses has launched a "night market financial management" function, and the latest purchase time has been extended from 3 pm to 12 am.
wang ling usually pays wages before get off work ends on the 5th of each month, but if he waits until after get off work to "take care of wages", he will miss one day's income. "once it happened to be a holiday, and i lost 7 days of income in vain." he mentioned that "night market financial management" provided him with a new tool for careful budgeting.
in fact, recently, many banks have opened "financial night markets" for the first time, launching financial products that support night-time subscription and redemption. companies that have already laid out "financial night markets" are also unwilling to lag behind, and are intensively expanding the scope of their "night market" services.
the industry believes that in the context of declining yields and highly similar products, extending the trading time will help the product break through the circle to a certain extent and increase the money-making effect, and it is expected to become a market standard in the future. however, it should also be noted that "night market financial management" itself requires a strong level of liquidity management. if you do not have the corresponding ability and turn to cashing out through misappropriation of income, you will face product compliance risks.
the "financial night market" has expanded its stalls
"wealth management with extra-long standby time" and "you can buy even after get off work"... in recent promotional posters, industrial and commercial bank of china is promoting a new "night market wealth management" service. the trading hours of three xintianyi series fixed-income products under icbc wealth management have been extended from 17:00 to 20:00.
(statistics of some banks' night market financial management. first financial daily compiled based on public data and bank official website information.)
yicai.com reporter noted that after everbright wealth management, cmb wealth management and other joint-stock banks and city commercial banks’ wealth management subsidiaries tried out their services at the beginning of the year, the wealth management subsidiaries of large state-owned banks have also started to join the camp recently. icbc wealth management and bank of china wealth management have launched “wealth management night market” services.
according to the reporter's analysis, most of these night market products support extending the purchase time to 20:00 or 24:00 on the trading day or working day (t day). take a product recently updated by bank of china wealth management as an example. if the product is bought before 24:00 on the trading day, the profit can be calculated on t+1 day.
an account manager of a branch of a large state-owned bank gave an example to the reporter. previously, if you bought before 17:00 on the same day, you could confirm it the next day. but if you bought after 17:00, you had to wait another day. now, the extension of the subscription time has broken through this limitation. if you subscribe between 15:00 and 24:00 on thursday, you can get the benefits 3 days in advance (starting from friday).
(source: pwc standard.)
in addition to the subscription time, the redemption time limit for this type of wealth management products has also been relaxed. for example, the redemption time of the above-mentioned boc wealth management yixiang tiantian product has been extended to 24:00 on the trading day. if you apply for redemption before this time point, it will be confirmed t+1 exchange working day.
as new players enter the market, banks and financial subsidiaries that have already set up "wealth management night markets" have also begun to expand or upgrade their products. for example, china post wealth management opened night market services for some wealth management products in june this year, and announced in august that the "kaixinbao" product officially joined the "wealth management night market", with the subscription time extended to 24:00 at night. in a tweet in mid-to-late june, china merchants bank wealth management said that it has launched the third batch of wealth management night market products this year, with 7 products and 9 shares in reserve, all of which have switched to 24-hour operation.
in addition to the extension of the service time limit for the internal "night market", there are also wealth management subsidiaries promoting "weekend wealth management". in a recent tweet, pudong development bank stated that if you buy during the trading hours on friday (if it is a working day), you can confirm it according to the net value on friday on the next working day, which means that customers can enjoy weekend income opportunities.
involutionary services in the era of low interest rates
the reporter from china business news also noticed that most of the products connected to such "wealth management night market" and "weekend wealth management" services are cash management products. for example, all 30 cash wealth management products connected to the huolingbao service under ping an wealth management support "night market wealth management"; sunshine bi le huo 21 a launched by everbright wealth management is also a cash management product.
there are also a small number of fixed-income wealth management products with r2 risk that are included in the night market service. for example, the three xintianyi products recently launched by icbc wealth management in the "night market service" are all fixed-income open-end wealth management products, with annualized returns ranging from 2.69% to 2.96%.
it is worth noting that providing a "financial management night market" poses greater challenges to banks' operational capabilities and financial technology strengths.
"previously, after a certain point in the afternoon of the original trading day, the wealth management company would no longer confirm the ownership." a wealth management subsidiary business person told reporters that now the closing time is extended to 24:00, which means that the wealth management subsidiary needs to complete the confirmation of ownership on the same day. this requires closer cooperation between the bank channel and the wealth management subsidiary, and also requires upgrading the operating system to improve the liquidation efficiency of the product.
recently, market factors are behind the continuous expansion of the "financial night market" and the internal circulation of financial subsidiaries.
recently, amid the volatility of the bond market, the yield of wealth management products has shown signs of decline. wang yifeng, chief financial analyst at everbright securities, believes that with the resonance of multiple factors such as the central bank's repeated warnings of long-term debt risks and the brokerage association's self-discipline investigation of four rural commercial banks, the bond market has adjusted more and more, especially credit bonds.
bank wealth management products hold a high proportion of credit bonds. according to calculations by the everbright securities team, as of august 23, the annualized yield of sample fixed-income wealth management products has dropped to 1.4% in the past month, with a relatively large decline in yield.
a wealth management subsidiary promotion business person believes that based on the current downward trend in wealth management yields, the attractiveness of wealth management subsidiaries to "attract customers" by relying solely on returns is gradually declining. therefore, the "battlefield" for the next stage of expansion has spread to aspects such as reducing fees and extending trading time periods.
"the 'wealth management night market' product can extend the effective subscription and redemption time to 24:00 on t-day, and all subscription and redemption applications submitted by customers after the original product day cut-off point will be counted as applications on that day." zhang jing, a bank wealth management analyst at huabao securities, believes that this type of product can significantly shorten the waiting period for investors' funds, allowing investors to avoid missing the pre-holiday trading period or having idle funds.
however, whether the opening of the "night market" can break out of the homogeneous cash management products and achieve "breakout" remains to be tested by the market.
the growth of some night market products launched at the beginning of the year has shown signs of slowing down. in a previous report, huang xiaoxu, a researcher at puyi standard, analyzed that in january this year, when the "night market trend" was popular, the overall growth rate of "night market products" was significantly higher than that of similar products in non-night markets, showing a clear advantage in attracting money. in the second half of february and early march, the growth rate of non-night market products fluctuated greatly. in comparison, the growth rate of "night market products" was relatively stable, but the overall trend was far less than that in early january.
among the many investors interviewed by the first financial reporter, most are not sensitive to the "financial night market" for the time being.
"i always want to try new things, but for now there is no obvious difference in experience." wang ling told the reporter of china business network that although he has purchased one or two financial products with night market services, he still puts most of his funds into financial products that he is familiar with. because compared with the income of one or two days, the yield and historical performance of the product itself are his focus.
another investor in guangdong, ms. li, also told the reporter that after purchasing a bank's "night market financial management" at the beginning of the year, she was not "grasped". in her opinion, most of the time she tends to look at the yield and underlying target first, and then examine the liquidity of the product. "having (night market service) is a plus, but not having it is not a big minus. unless it is before a major holiday." she told the reporter.
in the long run, in the era of low interest rates, will the "financial night market" further expand in scale and become the "standard" of the market?
huang xiaoxu believes that the "financial night market" product can indeed achieve a win-win situation for institutions and investors, and the current financial market is highly competitive. institutions that have not yet launched "financial night market" products will face greater market pressure, and the "financial night market" is expected to become a "standard feature" of various financial companies in the future.
however, she also believes that the current issuance of the "wealth management night market" requires certain strength support. it puts forward higher requirements on the system stability support of the issuing institution and the liquidity management level of the investment side. moreover, the ability of the subscription funds on the same day to be invested in the asset side in a timely manner and obtain income on the next day is the core competitiveness of each institution. if they do not have the corresponding ability and instead cash out through misappropriation of income, they will face product compliance risks. therefore, it is not recommended that institutions that do not have the corresponding ability blindly follow suit in order to compete for the market.
(this article comes from china business network)
