The goal of finance is to improve the efficiency of allocation of funds in time and space，Need to solve the problem of information asymmetry。The medium of the Internet is information，The combination of the two can improve intermediary efficiency。After the first year of Internet finance in 2013，The industry has entered the stage of product penetration into vertical scenarios from business format innovation，“Internet + Finance + Scenario” launched。So cross-border cooperation、The phenomenon of land grabbing has become a spectacle in the current Internet financial industry。Operator、Retail、Real Estate、E-commerce、Internet Company、Traditional financial institutions、State-owned enterprise，One after another announced the launch of Internet financial services。

2015 became the year of explosive development of “Internet + Finance + Scenarios”。Ali、Tencent、Both Baidu and JD.com are Internet companies that entered the financial market earlier，In 2015，58 in the same city、Xiaomi releases Internet financial strategy in May。LeTV, a capital operation master who can be called the dark horse of the stock market, will not be absent，Former Vice President of Bank of China、Senior researcher Wang Yongli left the Bank of China in early August，Join LeTV and may become the vice president in charge of Internet finance；Even Zhou Hongyi, who vowed not to engage in Internet finance, immediately changed his decision to establish a 360 financial department，Start applying for the central bank’s third-party payment license immediately，“Your Wealth” was officially launched in August last year。

Outside of Internet companies，Heavyweight players CITIC Bank and Haier Group have cooperated to launch a supply chain network finance platform；September last year，Vanke joins forces with SouFun to launch the country’s first real estate crowdfunding，In October, Vanke and Tencent Wealth Management launched a real estate Internet financial product-Vanke Wealth Management；Suning Cloud Business、Lenovo、Sohu followed closely。Since 2015，At least 26 listed companies are about to enter or have already entered the Internet financial industry through cooperation and other channels。

“Travel +” Era，The tourism industry has also launched its own financial strategic concepts and financial services。

The above are some layouts of some domestic tourism companies in the financial field。

Exploration on the business logic of “Internet + Finance + Scenario” of tourism enterprises，In order to deeply understand the logic of tourism companies’ layout of financial services business，This article will take the financial services of typical tourism companies in the industry as a case study，further explore and analyze。

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Compared to the small-scale attempts of other OTA companies，Tuniu is undoubtedly quite radical on the road to Internet finance，First September 16, 2015，Officially announced that two of its commercial factoring companies have been approved，Total registered capital is RMB 1.3 billion，Tuniu has thus become the first domestic online travel company to enter the tourism commercial factoring market。Next，September 18，Tuniu officially announced that it has been approved for an independent fund sales license，And thus became the first online travel company with fund sales business qualification，Officially enters the field of fund sales。

The factoring business provided by Tuniu’s two commercial factoring companies can provide Tuniu’s existing partners and related enterprises in the tourism industry with commercial factoring needs，Provide commercial factoring lines of more than 1 billion yuan。

After obtaining the independent fund sales license，Its financial management platform has the service capability to meet users’ one-stop asset allocation needs，Open up the scenario-based integration of tourism and financial management from multiple angles。You can see it from its official website，Tuniu Financial Services is a “one-stop” Internet financial service provided by Tuniu to consumers and suppliers，Relying on its own tourism resources and financial resources，Provide a full range of financial products for individuals and businesses through Internet technology；For personal financial services: Tuniubao、Regular financial management、Appointment for financial management；Financial services for personal travel: deposit、Tuniubao guarantee、Cattle installment；Outbound financial services for individuals: Cow exchange-foreign currency exchange、Shopping tax refund；Financial services for personal gifts: gift cards；Investment and financing services for suppliers: corporate financial management、Advance payment。

Commercial factoring business and independent fund sales license，All require strict approval from the government’s financial department，So now Tuniu is in addition to tourism business，So much effort has been put into Internet finance this time，Its financial business will definitely be its focus in the future。

Tuniu Financial Services has become a financial management supermarket platform，As an OTA company, why does Tuniu value Internet finance so much，Bold bet on fund sales business？

Judging from the current hot market of Internet finance，Internet companies mostly want to rely on the huge traffic they control when deploying financial services、Monetizing massive users and big data，And further improve user stickiness，Improving the Internet ecological closed loop，The more typical one is Baidu、Tencent、360、Internet companies such as Zhaopin Recruitment。There is another kind of huge traffic in the above、Based on user base，I also master a large amount of cash flow transaction business，Various e-commerce companies are typical，For example, Alibaba’s Ant Financial，JD Finance，Meituan Finance，Internet companies such as Tuniu Finance。

1、my country’s current fund sales market is changing，Independent fund sales agencies have opportunities to rise

The gradual expansion of the team of independent fund sales institutions will promote changes in the entire fund sales industry，Sales channels and service 188bet app download methods will be more perfect，It will also improve the entire ecological chain of the fund industry。At the same time，This open application for a fund sales license is also encouraged by the regulatory agency，There are favorable policies。

China Asset Management Association data display，As of the end of 2014，There are 1897 public funds in my country’s market，345 more than the end of 2013。Since 2015，As of March 8, 80 new funds have been established。With the continuous expansion of the fund market，The market space for fund sales is also growing，There are more and more organizations that want to share the cake。

The latest data released by the China Securities Regulatory Commission，As of the end of 2014，There are 265 fund sales agencies in my country，40 more than the end of 2013。Look in detail，Banks and securities companies are still the dominant forces in the fund sales market，There are currently 108 banks qualified to sell funds，A total of 98 securities companies have obtained fund sales qualifications；Also，There are 49 independent fund sales agencies in the fund sales market、6 securities investment consulting agencies、5 futures companies、4 insurance companies and 2 insurance agencies、Insurance Brokerage Company。These institutions all had new members who obtained fund sales qualifications last year。

It’s worth noting，Independent fund sales agencies were the category with the strongest growth among fund sales agencies last year。Data display，A total of 21 independent fund sales agencies were approved in 2014，Compared to 28 at the end of 2013，Number nearly doubled。Independent fund sales agencies have thus become the next independent fund sales agency after banks and securities companies，The category of fund sales institutions with the largest number of members。Always，The sales channels of domestic securities investment funds are narrow，Mainly commercial banks、Direct sales by securities companies and fund companies。The single and monopolized fund sales channel in my country，A lot of questions arise，If fund sales are task-oriented rather than customer-oriented，Serious lack of fund after-sales service, etc.。Independent fund sales agencies, which are known for their professional services, are considered to be able to effectively improve the above problems。Obviously Tuniu has been approved for independent fund sales license，Relying on its own tourism business and huge traffic、User advantage also wants to take a share of the financial product sales market。

2、Scenario of building link assets，The need to connect the capital side and the asset side

In reality，The Internet itself has aggregate funds、The role of user and transaction data，The transaction data can price the risk of assets，But the assets required for Internet finance are usually dispersed，It is difficult to implement aggregation directly。

Therefore，Only if certain conditions are met，And build scenarios that touch these assets，Only through data can the pricing of risky assets be completed，Thus forming a complete Internet financial business chain，To some extent，The basis of Internet financial competition is to create as many financial asset scenarios as possible，In order to better leverage the huge synergistic value of finance and Internet business。Personal lending business is easy to standardize、Scale，The core is access to consumption scenarios。It is difficult to standardize corporate lending，The data mainly relies on transaction flow，Slow market development。

For example, lending business，Retail e-commerce platform JD.com can simultaneously obtain the consumer loan needs of buyers and the financing needs of suppliers in commodity trading scenarios。Lianjia can get renters、The financing needs of home sellers and home buyers in different aspects of the transaction。The difficulty in these lending businesses is not to obtain investors，It’s about getting the transaction scenario，Get these high-quality assets with controllable risks。

Therefore, building a “tourism + finance” business scenario is key，Take the online travel company Tuniu as an example，Tuniu as a comprehensive OTA company，The total number of tourists in 2015 was 4.45 million，An increase of 103 from 2.18 million in 2014.9%，Has a huge number of users and partners。

Tuniu began to provide consumer credit services in December 2014，First departure，The total repayment installment price is equal to the original，No additional interest burden。

Relying on a huge number of users，Tuniu began to provide financial services in January 2015。The tourist customer base is white-collar workers、Mainly middle class，Tourism companies can more accurately identify such high-quality customer groups，And provide them with financial services，Increase the number of repeat purchases，To a certain extent, it makes up for the shortcomings of low repeat consumption of tourism products。Outbound insurance is a product designed based on travel scenarios，For countries with strong visas，Travel agencies increase credit to customers through guarantee deposits，But there is no return or very low return from these funds placed with the travel agency。Tuniu through financial products、Fund products，Provide asset packages to customers，According to customer’s deposit，You can also purchase high-yield financial products，Can also be used as travel guarantee，Even if there is a detention situation，Can be paid to Tuniu。

Tuniu has continuously strengthened direct procurement since 2015，Launched the peer distribution platform Diefeng，Its control over the supply chain continues to increase，Many suppliers are connected upstream，Resource，Many small agents are connected downstream、Travel agencies and large number of users，During the transaction process, the buyer’s consumer borrowing needs and the supplier’s financing needs can be obtained at the same time (similar to Alibaba’s Taobao loans)。

For example，The upstream is connected to countless small and medium-sized ground transportation companies，These local travel agencies require a large amount of cash flow to complete the rolling of funds during their operations。But their profits are lower，Light proportion of fixed assets，Lack of real estate that can be used as collateral，Financing ability is limited by the smaller company size and low credit level，Difficulty meeting the lending requirements of financial institutions。It is extremely difficult for general tourism companies to raise funds through financial institutions，High threshold、High cost、Need mortgage、Slow approval、Low limit、Inflexible。Tuniu began to provide supply chain financial services in September 2014，Is Tuniu’s most mature financial business at present。Tuniu has had frequent business cooperation with local transportation agencies in the past，Can its credit status、Have a relatively objective and true understanding of the business volume，188bet Online Sports Betting and Casino Launch its own investment and financing matching services to these local agencies based on this information，Solve their financing needs to a certain extent。

Overall view，Tuniu focuses on its main business，Promote the common development of the entire tourism industry chain through financial instruments，Enhance business fit with partners；At the same time，Improve the monetization ability of main business，Open up new revenue sources，Achieve diversified development in the fiercely competitive tourism market，Will enhance differentiated competitiveness and risk resistance。

3. The tourism O2O ecosystem is taking shape

With the development of tourism O2O，Information flow、Service flow and capital flow jointly form a tourism closed loop in the ecosystem，Information flow，Mobile Internet acquisition line、In line、Post-row data is possible，Big data analysis can help profile users，Carry out precision marketing；Service flow aspect，Companies begin to provide consumers with itinerary planning、Visa、Destination Services、Consumer loan、Financial Management、Outbound finance and other package services；Fund flow，Enterprises can develop financial services for B-side or C-side，Building a financial product supermarket，Connect investment and financing。

Relying on Tuniu’s travel services，Integrate fund management and tourism consumption into scenarios，Building an Internet Financial Supermarket Platform，Monetize platform traffic and massive user big data，Travel and financial management are both high-priced categories，Through the integration of “tourism + finance” scenarios，Tuniu Financial Services will increase customer stickiness，Promote repeat consumption by customers，Create long-term value for customers。

For example，Users subscribe for fund products on Tuniu Financial Services platform，In addition to being able to obtain the same income and asset appreciation as general funds，When the user chooses Tuniu Travel，Fund assets can also be used as a deposit for outbound travel、Used as proof of assets when applying for visa, etc.。

二、“Internet + Finance + Tourism” Business Logic Analysis of Tourism Enterprises

Nowadays, the strong wind of Internet finance has blown into the tourism field，More and more tourism companies，In particular, OTA companies have launched various financial products on their own platforms，Someone is worried about whether the rights and interests of users who purchase financial products can be protected？Secondly，Tourism companies enter fund sales，As a latecomer，Compared to Tiantian Fund Network, which was launched earlier after obtaining independent fund sales qualification、Ant Jubao and Lufax，These three companies are far ahead in terms of product quantity and market size，How far can tourism finance go？

From the current point of view，Internet company doing finance，The business logic of each company is different，When Internet companies carrying out financial business choose their business entry point，There are three main considerations。These three ideas determine the different roles that finance plays in their business systems。

1、"Enhanced earnings"，Obtain direct income from the financial business itself。

Characteristics are the use of Internet resources to carry out financial business and obtain profits，New financial products may not be highly relevant to the company’s original business。The most typical one is to use Internet channels 188bet sports betting app download to sell financial products，Provide auxiliary services such as traffic import，Taobao Finance is a typical example。

Income-enhanced business is essentially the realization of Internet company resources，The original business capabilities are strong enough to support the financial business well。But the other way around，It is difficult for financial business to provide synergy to the original business。Business logic is simple and straightforward，But it’s hard to do 1+1>2。

2、"Business Enhancement"，The characteristic is that the income of financial business itself is not the most important goal，The key is to enhance the profitability of the original business system by providing financial services。

For example, online consumer credit、Instalment payment。Tuniu Bao Guarantee launched by Tuniu for personal financial services、Cattle installment；"Little Donkey Installment" launched by Donkey Mama；“Take the flowers” ​​from Qunar.com, etc.。

Business-enhancing products can directly promote current business expansion，The key is to find the convergence point between the "tool" characteristics of finance and the original business，That is, the usage scenarios of financial products。In addition to consumer credit that has been widely used，An example you can also refer to is the use of equity crowdfunding to expand capital，Rapidly expand business scale。For example, Wanda’s “Sure Earn No. 1” uses equity crowdfunding to develop a new Wanda Plaza，Solved the funding problem that limited the expansion speed of real estate companies。

3、"Ecological Enhancement"，This type of financial business is forward-looking to a certain extent、Strategic，Enterprises pay more attention to their future value in the ecosystem。

This type of business is either a basic resource within the ecosystem，Other businesses can be derived based on them，For example, the credit reporting of Alibaba and Tencent。Or it can be coordinated with other businesses，Get new big market opportunities，For example, Tuniu’s factoring business for corporate customers、Corporate financial management；Niu exchange-foreign currency exchange for outbound travel users、Shopping tax refund。These financial services will have a good auxiliary development effect on their main business，Obvious ecological value。Ecologically enhanced business has the most room for imagination，It is also the field that can produce the most systematic innovation。A good layout may change the company's position in the original market，For example, there are more things to talk about in the capital market。

Homogeneity of tourism products、Price wars come and go、The profit of the business is meager，But the upstream and downstream industry chain has abundant cash flow，In this case, tourism companies try financial services，Coordinated development with the main business，Diversified management，Nothing to complain about，But whether it is financial product innovation、Risk Control、Fund operation，The tourism industry does not have many advantages at all，The crisis caused by the "e-road peer" platform that broke out in 2015 and used "e-Pay" to keep and transfer funds to both parties to the transaction deserves the industry's vigilance，The tourism industry should take a warning。Tourism companies should still focus on their main business，Focus on improving products and services，Wading Finance，Many risks，Especially in the current financial 188bet app environment，In addition to strengthening risk control，You should also be cautious。

* This article is reprinted with permission from Zuoyu Capital，Copyright belongs to Zuoyu Capital，If you need to reprint, please be sure to indicate the source。Data source: Zhihui, Tencent Research Institute.