In November 2017, People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission, and State Administration of Foreign Exchange jointly issued theGuiding Opinions about Regulating Asset Management Business of Financial Institutions (Exposure Draft), requiring elimination of stock risks, clampdown on supervisory arbitrage, absence of bailed-out trust, and decrease in risk-free return rate. This affected investment market and, to some degree, indirectly led to slight decline in the active users of the bookkeeping wealth management apps in the 4thquarter of 2017. Feidee ranked the first with 11.83 million active users, followed by U51.com and Cardniu.com. At present, leading bookkeeping apps have helped users develop habits and gained scale advantage. Weijizhang and KDJZ, which are classified under the third echelon, have realized huge growth in active users for two consecutive quarters as their user base was small.
More than half of the users of bookkeeping wealth management apps, which are geographically scattered, are aged 24 to 30. Aimed at the group, relevant companies launched marketing activities to expand user scale. Feidee.com launched Wealth Management Training School in May 2017 and set off bookkeeping fever among those missing exams. In January 2018, it launched a real-life activity (Have a Jump) and encouraged people to do some outdoor sports with cash. It thus completed brand marketing in a pleasant environment, and the subsequent top search in microblogs contributed to another chance for promotion. Wacai.com launched an activity themed as “Travel with Wacai” in cooperation with Tuniu, put forward the life concept of “abstinence and pursuit”, advocated incorporating travel into personal life and making travel consumption more reasonable, and encouraged everyone to record travel and life in account books.
As for daily active users, bookkeeping apps were significantly affected by holidays and festivals when active users were obviously lower. Bookkeepers had regular patterns of living consumption and strong self-discipline. They tended to record each sum after consumption. Therefore, for a day, the apps were frequently used from 8:00 am to 11:00 pm. On weekends, consumption was quite irregular and the factors driving use reduced. Therefore, online marketing activities should be avoided during days off.
As for use time, Feidee.com ranked the first with 7.947 million hours, followed by U51.com (3.537 million hours) and Cardniu.com (2.935 million hours).
To lengthen use time, the companies made corresponding optimization in the 4thquarter. Feidee improved the main part of the accounting book, supported search by classification name to help users manage account statement with ease. While adapting to iphone X, it also paid attention to memory slimming to ensure smooth operation. In addition, it optimized community posting to enhance the interaction between users. U51.com has supported credit management of 65 banks and automatic collection of partial statements, eliminating the trouble of manual update. Cardniu.com supported the information import by more than 100 online lending companies and optimized the import process of Alipay statements, which improved user experience.
Bookkeeping apps, as tool apps, require certain scale effects and R&D input in addition to satisfying rigid bookkeeping requirements. Feidee.com has become a comprehensive FinTech app integrating bookkeeping, wealth management, lending, card registration, and community. With continuously leading size of active users, it further strengthened the input in cutting-edge technology after receiving its Series C Round Investment, i.e. USD 200 million, from investors led by the world’s largest private equity enterprise, KKR. Therefore, the pattern of leading apps has been determined. The apps in the second echelon were catching up. On January 23, 2018, Wacai completed the strategic investment in personal bookkeeping platforms, “Quanzi” and “Beidd”, and acquired the smart phone app, “Weijizhang”, to further enhance strategic layout in personal finance management and service.
At present, bookkeeping apps are accelerating the layout in financial technology and further focusing on personal finance management, in an attempt to meet detailed requirements of different groups at different stages and to provide comprehensive financial & wealth management service with the core as bookkeeping. With the stable development of China’s economy and increasingly growing disposable income, individuals and families have higher requirements for the professionalism of financial management tools.
Description about Upgrading of Analysys Qianfan A3 Algorithm: Analysys Qianfan A3 Algorithm adopts machine learning approach to make its data more accurately reproduce the actual behaviors of the users and to render product valuation assessment more objective. The upgrading of the entire algorithm involves the overall process of data collection, cleaning and computation:
1、 Collection Side: The SDK is upgraded to adapt to the open API of Android 7.0 and higher; machine learning algorithm is adopted to upgrade the filtration algorithm of “Non-user Subjective Behavior”, which avoids mistakenly elimination while providing more accurate recognition.
2、 Data Processing Side: By machine learning algorithm, the data completion algorithm is enabled for fragmented behaviors of the users, the equipment uniqueness identification algorithm is upgraded, filtration algorithm of abnormal equipment behaviors is increased, etc.
3、 Algorithm Model: External data sources are introduced and integrated with Analysys’s owned data for mixed data sources, AI algorithm robots are trained and adjustments are made on algorithms of some indicators.