(Original title: Technology industry insiders hot discussion: How digital technology reshapes the financial industry territory)
"Financial opening is not terrible, and the final victory is digital." Recently, at the high-level summit of China's financial industry at Dell Ianxin, many participants will focus on the new round of opening time of the financial industry given by the central bank governor Yi Gang. With the road map. Faced with the challenges that may arise from the new round of opening up, most participants believe that the use of technology to enable digital transformation is an important transformation direction for the banking industry and the entire financial industry.
At present, the digital transformation of the traditional financial industry is accelerating. On April 9, the country's first “unmanned bank†– the construction bank's unmanned network in Shanghai Jiujiang Road opened; on April 18, the first large commercial bank established a financial technology company – Jianxin Financial Technology Co., Ltd. The responsible company was listed for opening. According to industry insiders, from “cross-border cooperation†to “independent R&D†and even “outboundâ€, traditional financial institutions are realizing the transition from “follow-up†to “leading†in the field of technological innovation.
Financial service model faces reshaping
The Financial Times reporter learned in an interview that in the digital age, the traditional financial service model faces enormous challenges. One of the reasons is that traditional financial services use a centralized transaction processing model. The huge centralized data transaction system has become the bottleneck of digital business innovation, resulting in inefficient use of data in traditional financial services and high data management costs. According to statistics, only about 3% of the data in financial institutions have been marked, and less than 0.5% of the data has been analyzed.
“Traditional financial institutions should shift to a new financial services architecture.†Yang Jie, general manager of the pre-sales systems engineering department of Greater China, said in an interview with the Financial Times, “The current trend is to use cloud computing architecture. Replacing the traditional centralized data center, replacing the traditional middle layer with API (application programming interface), changing the industrial chain of financial services, rapidly integrating high-quality resources of financial services, and accelerating the cycle from application to product. In addition, emerging financial technology passes the block. Chain technology can not only ensure the security of point-to-point business economically and efficiently, reduce business risk control expenses, but also further improve the response speed of traditional financial services to the market."
So, what is the difference between the reshaped financial service model and the traditional financial service model? Experts attending the conference believe that traditional financial services are dominated by “controlâ€, controlling every link in the financial process, forming a vertically integrated model from products to business outlets; and the financial service model that relies on technology to be reshaped is “ Integration is the main focus, more focused on the user experience, but also more focused on the market segment, through the reconstruction of the financial supply chain, to provide users with "for plug and play" services.
The industry believes that the transformation of the financial services model requires further investment. Wu Lianfeng, vice president and chief analyst of IDC China, believes that from the perspective of IT investment, there is still a big gap between China's financial industry and the foreign financial industry in terms of digitization. “In China, financial industry IT spending accounts for about 7% to 8% of total IT spending; in foreign countries, this ratio is around 12%, which shows that IT investment in China's financial industry needs to be improved.†Wu Lianfeng said .
The value of financial data needs to be tapped
On March 16 this year, the former China Banking Regulatory Commission issued the "Guidelines for Data Management of Banking Financial Institutions (Draft for Comment)", requiring banking financial institutions to incorporate data governance into corporate governance, and promote the efficiency of banking financial institutions' own management and management to achieve High quality development. Industry insiders expect that banking institutions will increase financial IT investment in the future and comprehensively improve data management capabilities.
However, it should be noted that at present, the ability of traditional financial institutions in China to mine and apply data is obviously insufficient. "Although the electronic industry in China started early in the electronic industry, IT investment is very large, many businesses have been electronically realized, and data has been online. However, the problem is that the data of each subsystem is not open, and the integration of each system must be unified. The organic whole can achieve data-driven and data mining," said Ningning, chief technology officer of Harvest Fund.
In fact, artificial intelligence products such as intelligent robots at bank outlets and smart wearable devices for convenient payment are inseparable from big data support. "The two fundamental needs of artificial intelligence for IT are data and computing." Liu Wei, global vice president of Dell Essence and general manager of China R&D Group, believes that "artificial intelligence is realized through machine learning. The premise of machine learning is to have a large amount of data." That is to say, the model is trained by a large amount of data, and then the trained algorithm model is used for analysis and reasoning to obtain the result. Therefore, artificial intelligence cannot be separated from data and calculation."
It is worth noting that in order to achieve digital transformation, last year, five large banks formed strategic alliances with Internet giants; at the beginning of the new year in 2018, CCB joined forces with Alibaba and Ant Financial to promote online channel business cooperation. Electronic payment business cooperation, communication system. "Cross-border cooperation" has become an important way of technology-enabled finance.
Yang Jie stressed that to explore the value of financial data, it is necessary to explore the use of new technologies and improve the existing IT infrastructure. And her team does not only recommend Dell Essence's products and technologies when communicating with financial customers, but instead looks at the entire Dell Technology Group and the entire IT industry, and designs solutions flexibly according to customer needs.
Wang Haiping, assistant general manager of Cinda Futures, expressed similar views to the Financial Times reporter. He is very much convinced that IT vendors are expanding their products and implementing end-to-end solutions. Wang Haiping said: "In the past few years, as Dell continues to expand its product line, more and more futures companies are adopting Dell's solutions, from servers, storage, networks, firewalls to software." Cinda Futures has adopted information systems over the years. Continuous optimization, currently able to provide customers with the industry's top IT services.
The cloud has become a trend
“In September last year, 16 financial institutions set up financial cloud companies to undertake the services of the banking industry's important information systems in batches, and the banking financial cloud strength gradually increased.†Recently, Wang Zhaoxing, vice chairman of the Bank of China Insurance Supervision and Management Committee, is in China. At the fourth meeting of the 7th General Assembly of the Banking Association, at present, more and more banks attach great importance to the construction of information technology, and infiltrate the application of financial technology into various business links, and even bring some business scenarios. Major changes.
In fact, as early as July 15, 2016, the former China Banking Regulatory Commission issued the “Guidelines for the Supervision and Development of the 13th Five-Year Plan for China’s Banking Information Technology (Consultation Draft)â€, requiring banking financial institutions to steadily develop cloud computing applications. Actively implement the transformation of the architecture. By the end of the “Thirteenth Five-Year Planâ€, all important information systems for the Internet scenario will be migrated to the cloud computing architecture platform, and the migration ratio of other systems is not less than 60%.
So, which banks have applied cloud computing to financial services so far? According to the incomplete statistics of the Financial Times reporter, China Merchants Bank took the lead in launching the new generation of DevOps application cloud project solution in 2015; Baidu Cloud provided a service for Minsheng Bank to pay attention to credit enterprise risk management and early warning; Alibaba is Nanjing The bank provides a full offline output of “Xinyun+†cloud solution; Xingye Digital has positioned itself as a financial information cloud service provider.
In the eyes of many industry experts, the cloud on the bank is now the trend of the times. “Cloud Bank is the cornerstone of future financial business innovation. Financial cloud can empower digital banking, realize transformational business results, and empower digital banking innovation and new business capabilities.†Intel Global Industry Solutions Group Financial Industry Manager Mike Blakelock said that the current layout of the bank in the financial cloud will profoundly affect the future development of the financial industry.
However, it should be noted that the application paths of cloud computing by different types of financial institutions are quite different and cannot be generalized. “Large banks generally choose to build private clouds and operate independently on their own, and for most small and medium-sized banks, choosing an industry cloud is an ideal and efficient deployment model for their transformation.†Expert Hou Dapeng said.
This article Source: Financial Times Author: Zhao Meng Editor: Zhong Qiming _NF5619
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