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金融“反内卷” 反的是劣质低价竞争
Bei Jing Shang Bao·2025-07-31 00:58

Core Viewpoint - The financial industry is experiencing a wave of "anti-involution," prompting reflection on unhealthy competition practices that undermine market integrity [2][3]. Group 1: Industry Challenges - Regions like Guangdong and Ningxia are promoting "anti-involution" through self-regulatory agreements, addressing issues of excessive competition [2]. - Banks have engaged in practices such as high-interest deposits and substantial rebates on mortgages to capture market share, often at the expense of profitability [2]. - The insurance sector has faced prolonged "involution," with companies focusing solely on yield, leading to chaotic commission competition and risks [2]. - Brokerage firms are also involved in price wars, with bond underwriting fees dropping to as low as 700 yuan, prompting regulatory investigations [2][3]. Group 2: Consequences of Malpractice - The prevalence of low-price competition is damaging the financial ecosystem, leading to a decline in service quality and increased systemic risk [2][3]. - The "prisoner's dilemma" in the industry results in a scenario where compliance-oriented firms struggle to compete against low-cost disruptors, potentially leading to a loss of innovation and market differentiation [3]. Group 3: Regulatory and Institutional Responses - There is a need for regulatory intervention to shift the focus from zero-sum competition to collaborative growth, emphasizing the importance of value over price [3]. - Strengthening regulations against "low-price dumping" and "false advertising" is essential, alongside improving service standards and information disclosure [3]. - Financial institutions should refocus their competitive strategies from price wars to value-based competition, enhancing service quality and consumer trust [4]. Group 4: Future Directions - The industry must embrace a "quality over price" philosophy, where consumers are willing to pay for professional services, allowing financial institutions to escape the cycle of involution [4]. - The essence of financial services lies in risk identification, resource allocation, and wealth management, which should not be compromised by low-price strategies [3][4].