Do you dare to place an order? What are the risks?, Selling financial products in online live streaming rooms | Banks | Live streaming rooms
Recently, multiple banks have moved credit cards, funds and other products into live streaming rooms to sell and recommend financial products. This model not only facilitates consumers to understand the product content and rights, but also brings challenges to relevant supervision.
According to reports, regulatory authorities are investigating the risks of bank live streaming sales, and relevant departments have issued a notice on conducting research on online live streaming sales, focusing on the bank's online live streaming sales since 2021 and past complaints and disputes. Would you choose to apply for a credit card in a live broadcast room? What are the risks associated with live streaming sales of financial products?
01
Why are financial products entering live streaming rooms one after another?
The reporter searched for the keyword "financial live streaming" on short video platforms, and many banks appeared in their live streaming rooms, mainly promoting their issued credit cards.
Every bank has its flagship credit card products, and the focus of the live broadcast host's promotion is on the unique services of the products. For example, a credit card launched by a bank will have a certain amount of cashback when ordering takeout.
Another bank's live broadcast room has hung eight different IP co branded cards, and the most popular card is a collaboration with a certain game, with game graphics printed on the physical card. Click on the "Windmill" sign in the bottom right corner of the live broadcast room to directly enter the page for filling in personal information and applying for a card.
In addition to promoting credit cards in the live broadcast room of the short video platform, the reporter also saw introductions and discounts around some financial products on a certain platform's fund live broadcast channel. Although there is no entrance to purchase, the live broadcast room will display the name and code of the products.
Zhou Maohua, a financial researcher at a certain bank, believes that financial institutions have launched live sales services, reflecting fierce competition among peers in the market. Some financial institutions have opened up online sales channels through online live streaming, maximizing the promotion of business and customer acquisition ideas.
Unlike traditional product sales, live streaming is mainly achieved through live streaming platforms, which focus more on consumer experience, interactive communication, and intuitive product display. This helps to bridge the gap between financial institutions and consumers, without being limited by time and space, making it easier to promote and sell financial products. Meanwhile, for financial institutions, this sales promotion method is low-cost and easy to operate.
However, the reporter observed multiple financial institution live streaming rooms, which were very different from the popularity of live streaming rooms in categories such as daily necessities and food, which often have millions of views. After a period of broadcasting, the live streaming room of a bank only had a hundred viewers; The most popular bank live streaming room has a maximum online audience of 50000 to 60000 people.
02
What are the risks associated with live streaming sales of financial products?
A bank employee in Nanchang, Jiangxi believes that the sales of financial products in live streaming rooms are not mature enough in terms of risk control by financial institutions themselves, management by regulatory authorities, and protection of customer interests.
"There is no way to do process control and risk control. Offline purchasing of wealth management products, including credit card processing, requires a face-to-face signing process, and the process requires leaving traces, such as audio and video recordings, which need to be saved for a long time. However, it is difficult to achieve such a process when selling wealth management products online."
The Measures for the Administration of Online Marketing of Financial Products propose that the content of online marketing promotion should be consistent with the terms of financial product contracts, including key information such as product names, product providers, and seller names, and there should be no significant omissions; The content of online marketing promotion should be accurate and popular, advocating for correct investment concepts and healthy consumption views.
Pan Helin, co director of the Digital Economy and Financial Innovation Research Center at the International Business School of Zhejiang University, believes that selling financial products in live streaming rooms may also bring risks of non-compliance with the qualifications of the main body.
"From a policy planning perspective, promoting financial products must require relevant financial qualifications. For example, fund sales require fund managers' professional qualifications, and unfamiliar and unrelated financial products cannot be promoted, which is different from ordinary goods and services."
In the view of multiple experts, the introduction and disclosure of product information in live streaming rooms are often not clear enough. The reporter saw in a live broadcast room that some viewers were commenting and questioning the anchor for only introducing discounts. They avoided answering key questions such as "Do I still need a face-to-face interview to apply for a card", "Can I apply for a card with bad credit records", and "How much is the card limit?".
Some practitioners believe that some live streaming platforms may exaggerate the returns of financial investment products and downplay potential investment risks in order to promote and enhance product attractiveness; Or due to insufficient disclosure of product information, it may lead to mismatched investor risks and increase potential disputes.
03
How to manage and standardize?
Chen Yinjiang, Deputy Secretary General of the Consumer Rights Protection Law Research Association of the China Law Society, stated that financial products have stronger professionalism and higher risks, and operators should fulfill higher obligations of information disclosure and risk warning.
According to media reports, many banks have completed investigations and are preparing relevant materials in response to the notice issued by regulatory authorities on conducting research on online live streaming sales. Both banking practitioners and industry experts believe that regulatory authorities should come up with management measures as soon as possible.
Zhou Maohua, a financial researcher of a bank, said that the subsequent financial supervision departments should jointly maintain the normal competition order of the financial market, better protect the legitimate rights and interests of consumers, improve relevant systems and norms, and clarify the relevant standards of the financial live broadcast market; Establish a live streaming platform and host qualification certification for financial live streaming; Clarify the responsibility boundary between financial institutions and live streaming platforms, and increase the cost of related violations.