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Characteristics of IT solution industry and development trend of technical level of banks main barrier composition

Time : 10/07/2021 Author : rjowlv Click : + -
        In the context of the rapid development of communication networks, the wide spread of smart phones, and the continuous warming of Internet finance, the demand for diversified business channels in the banking industry is growing, and the scope of technology involved in China's banking IT solution industry is also becoming wider and expanding. The bank's IT system is in a process of continuous development, upgrading and transformation. Previously isolated IT systems need to be continuously integrated. Multiple systems developed in different ages and technologies must be able to provide services at the same time, which puts forward higher requirements for the integration of technology. In addition, the bank's IT system manages a large number of funds and customer information, which has high requirements for the security, reliability and confidentiality of the bank's IT solution providers.
        At present, bank IT solutions are not only customized and developed according to the needs of banking business, the wide application of distributed architecture in the information technology industry, and the development of new generation information technologies such as cloud computing, big data, artificial intelligence, blockchain, 5g, etc. continue to stimulate the renewal and iteration of Bank IT solutions, but also act on the promotion of banking business and promote the diversification of banking business types and service channels. As the largest segment of the financial industry, banks' it needs will also be constantly driven by changes in policies and business scenarios. In recent years, the state has attached great importance to the construction of Bank Informatization capacity and issued a number of policies to continue to promote the digital transformation and upgrading of banks.
        In 2017, China issued the "development plan for a new generation of artificial intelligence", pointing out the need to innovate intelligent financial products and services, and encourage the financial industry to apply intelligent customer service and other technologies. The 2019 "fintech development plan (2019-2021)" proposed that banks should actively adapt to the rapid changes in market demand in the digital economy environment, and create differentiated, situational and intelligent financial service products with the help of machine learning, biometrics, natural language processing and other new generation artificial intelligence technologies. In 2020, China issued the guiding opinions on Further Strengthening the financial services of small, medium-sized and micro enterprises, encouraging commercial banks to use big data, cloud computing and other technologies to establish risk pricing and control models and transform the credit approval and issuance process.
        The customized development of bank IT solutions is reflected in two aspects. On the one hand, there are differences in the business scope, business volume and investment capacity in IT solutions of large commercial banks, joint-stock commercial banks, urban commercial banks, rural credit cooperatives and other different banks, and there are obvious differences in the demand for it solutions; On the other hand, the operation and business management of a bank will constantly change with the development of the market and the change of its own strategy, so its corresponding IT solutions also need to be changed in time to meet the needs of banking business. With the increasing demand of banks for information technology, China's banking IT solution industry has maintained a sustained high-speed growth, and the huge market space has attracted the investment of many software enterprises.
        According to the "2021 China banking IT solutions market analysis report", the overall size of China's banking IT solutions market in 2021 reached 47.959 billion yuan, an increase of 24.7% over 2020. Showing a vigorous growth trend. It is predicted that by 2026, the market scale of IT solutions in China's banking industry will reach 139.011 billion yuan, with an average annual compound growth rate of 23.55% from 2022 to 2026. The future incremental market of IT solutions for China's banking industry is expected, accompanied by increasingly fierce market competition. In the market, there are not only traditional advantageous manufacturers with rich experience, but also new players who actively expand their business scope and cross-border entry.
        At present, the market-oriented competition in this industry is relatively sufficient, the enterprises in the industry are relatively scattered, and the market concentration is low. Due to the high segmentation of the industry, the products and services provided by various suppliers are focused on, which has weakened the intensity of market competition to a certain extent, and service specialization has become the main development trend of the industry in the future. The number of domestic small and medium-sized banks is large, geographically dispersed, with the characteristics of uneven development level and frequent demand changes. Under this current situation, it is difficult for a single manufacturer in the field of banking IT solutions in China to provide products or services of banks in different regions in a short time, and deploy enough personnel to provide services to occupy the market, so the whole industry is still difficult to form a monopoly pattern.
        Among domestic manufacturers, excellent enterprises such as Yicheng interaction, Yuxin technology and Kelan software have strong competitiveness in specific segments and occupy a high market share. The rapid development of new technologies such as big data, cloud computing, blockchain and artificial intelligence and their deep integration with financial business have released the vitality of financial innovation and application potential, greatly promoted the transformation and upgrading of China's financial industry, helped finance better serve the real economy, and effectively promoted the overall development of the financial industry. From the perspective of the characteristics and trends of new technology development, Cloud Computing mainly relies on the rapid construction and landing of the "financial cloud" platform in the bank to complete the comprehensive upgrading of the bank's technical architecture infrastructure.
        Financial cloud facilities have laid the foundation for the application of financial big data. The application of big data in banks is maturing. Artificial intelligence is becoming a new direction for the application of financial big data. The integration, sharing and opening of data in the financial industry is becoming a trend, which has brought new development opportunities and huge development momentum to the financial industry. Cloud computing is a mode that provides and manages scalable, elastic, shared and configurable computing resource sharing pools (including networks, servers, storage, application software and services) in a way of on-demand self-service, and provides network access. Through virtualization technology, cloud computing virtualizes physical IT equipment into an IT capability resource pool, which meets the computing and storage needs of financial institutions with the capacity of the entire resource pool, realizes the balanced load of IT equipment, improves the efficiency of unit IT equipment, and is much higher in cost performance than the traditional financial architecture with mainframe and minicomputer as infrastructure.
        Cloud Computing supports performance improvement by adding servers, storage and other IT equipment, quickly meeting the needs of the rising application scale of financial enterprises and the rapid growth of users, and shortening the application deployment time. In terms of reliability, cloud computing can effectively ensure the reliability of financial enterprise services through measures such as fault tolerance of multiple copies of data and isomorphism and interchangeability of computing nodes. In recent years, the cloud computing architecture layout of China's commercial banks has taken shape. Large state-owned banks, joint-stock banks and commercial banks in leading cities have implemented cloud computing architecture platforms. Cloud computing IAAs service providers and PAAS service providers continue to emerge, providing customized solutions for various financial institutions.
        With the construction and implementation of cloud computing architecture platform, bank related business systems and channel applications are gradually migrated to Cloud Architecture Platform in batches. Software applications based on distributed architecture pose new challenges to traditional financial IT service providers and product manufacturers. In addition to adapting to the new architecture design and technology development capabilities, the software development mode is also gradually changing to the R & D and operation integration mode. With the gradual application of 5g, big data, artificial intelligence, etc. in the financial field, it can be predicted that the construction speed of cloud computing architecture platform in China's banking industry will accelerate in the future. Many domestic banks have skillfully applied big data technology to drive business operations, and big data application has penetrated all major business sectors of banks, including corporate deposit and loan, inclusive finance, transaction banking, as well as personal deposit and loan, wealth management, credit card business, etc.
        Big data is mainly used in the following aspects:. Precision marketing is one of the main applications of big data technology. Apply massive customer data to establish a customer portrait label system, integrate with relevant business and scene data, track and analyze user behavior, preferences, needs, etc., distinguish customer groups, mine needs, operate hierarchically, formulate personalized marketing strategies, and realize real-time marketing, cross marketing and continuous service optimization with dynamic data tracking. Big data technology helps prevent and control financial risks. In terms of risk management and control, it includes consumer finance big data credit services, SME loan risk assessment and fraud transaction identification. In the field of consumer finance, big data applications cover three links: pre loan, in loan and post loan; Relying on data collection and analysis to establish a complete user profile can significantly improve efficiency in a series of risk control links such as identity verification, credit extension, loan pricing, in loan monitoring and post loan management.
        In the field of loan risk assessment for small and medium-sized enterprises, banks can conduct loan risk analysis through the production, circulation, sales, finance and other relevant information of enterprises combined with big data mining methods, quantify the credit limit of enterprises, and carry out loans for small and medium-sized enterprises more effectively. Big data technology can establish real-time fraud transaction identification and anti money laundering analysis. Banks can use cardholder basic information, card basic information, transaction history, customer historical behavior patterns, ongoing behavior patterns (such as payment or transfer), etc., combined with anti fraud behavior analysis model and rule engine to conduct real-time transaction anti fraud analysis. The digital operation optimization of banks increasingly depends on the application of big data technology.
        In terms of market and channel analysis and optimization, through big data, banks can monitor the quality of different marketing channels, especially online channels, so as to adjust and optimize cooperation channels; In terms of product and service optimization, banks can transform customer behavior into information flow, analyze customers' personality characteristics and risk preferences, understand customers' habits at a deeper level, intelligently analyze and predict customers' needs, so as to carry out product innovation and service optimization; In terms of public opinion analysis, banks can obtain relevant information about banks and bank products and services on communities, forums and microblogs through relevant technologies, and make positive and negative judgments through natural language processing technology, especially timely grasp the negative information of banks and bank products and services, timely find and deal with problems, and adjust their service strategies.
        In July 2017, the "development plan for a new generation of artificial intelligence" issued by China clearly pointed out that we should vigorously develop "intelligent finance", innovate intelligent financial products and services, develop new forms of finance, and encourage the financial industry to apply advanced technologies such as intelligent customer service. Intelligent finance is essentially a financial innovation driven by artificial intelligence technology. From the perspective of science and technology, the development of intelligent finance is the application of intelligent customer service, intelligent investment consulting, intelligent risk control, intelligent marketing and other solutions based on artificial intelligence technology, which makes artificial intelligence technology almost serve the whole financial business process, which is also one of the reasons why artificial intelligence can develop rapidly in the financial industry.
        Intelligent customer service application has been successfully implemented in many banks. Its core technology is mainly composed of speech recognition, natural language processing, speech synthesis, and some of it involves computer vision. However, due to the complexity of Chinese itself (such as word segmentation, ambiguity, lack of morphological changes, loose structure, etc.), the semantic understanding of Chinese has increased the technical difficulty. Whether to achieve high-quality human-computer interaction is the key. In this regard, the current cutting-edge approach is to abstract and reduce the dimension of the whole semantic understanding based on the traditional NLP technology, plus the linguistic structure, combined with new machine learning, deep learning, financial knowledge map and other methods, so as to achieve high-quality human-computer interaction.
        Intelligent investment adviser, that is, intelligent investment adviser, refers to the computer program system with artificial intelligence that builds data models through algorithms and products according to the different financial needs of investors, so as to complete the financial advisory services traditionally provided manually; Compared with traditional investment advisers, intelligent investment advisers have the advantages of low threshold, low cost, wide investment, high transparency, simple operation, personalized customization and so on. Intelligent risk control mainly relies on big data and artificial intelligence technology to identify, warn and prevent risks in a timely and effective manner, including four processes: data collection, behavior modeling, user portrait and risk pricing. To a certain extent, intelligent risk control breaks through the limitations of traditional risk control, uses more sufficient data to reduce human bias and reduce the cost of risk control.
        Based on big data, machine learning and other technologies, intelligent marketing analyzes the consumption patterns and characteristics of individual consumers on the basis of quantifiable data, divides customer groups, accurately finds target customers, and then carries out precision marketing and personalized recommendation. At the same time, real-time monitoring is carried out, which is used to optimize the strategic plan on the one hand, and feed back the data to the database system for subsequent customer analysis on the other hand. Blockchain is a new decentralized data storage and processing protocol, also known as distributed ledger. Through encryption technology, special storage structure and distributed processing mechanism, information can not be forged and tampered with. Blockchain technology is considered as a disruptive innovation of computing mode after mainframe, personal computer and Internet.
        The United Nations, the International Monetary Fund, the United States, Britain, Japan and other countries pay high attention to the development of blockchain, and actively explore and promote the application of blockchain. At present, the application of blockchain has been extended to the Internet of things, intelligent manufacturing, supply chain management, digital asset trading and other fields. Blockchain has the inherent advantage of optimizing the financial infrastructure. At the macro level, blockchain will have a positive impact on the financial system including currency issuance and circulation, financial instruments, financial markets, financial intermediaries, institutions and regulatory mechanisms. At the micro level, the decentralized, tamper proof and encryption protection characteristics of blockchain technology coincide with the financial industry's essential needs for information and data security, transaction data traceability and other financial services, and provide support for the financial industry to reduce risk control and regulatory costs, and improve data reliability, stability and security.
        In the banking industry, state-owned banks and joint-stock banks are still the main force in the practice of blockchain in the banking industry. At the same time, more and more urban commercial banks have begun to layout blockchain tracks and try to combine blockchain technology with actual business. Joint stock commercial banks are one of the most active forces in the practice of blockchain technology in China's banking industry. According to the market business activity, the blockchain practice head echelon of joint-stock commercial banks is gradually emerging. With the accumulation of early technology and business experience, Zheshang Bank, China CITIC Bank, Everbright Bank, China Merchants Bank and Ping An Bank have become the backbone of blockchain practice in China's joint-stock commercial banks, and many blockchain platforms or systems participated in or promoted by joint-stock banks have achieved application landing.
        Blockchain technology can solve the problem of isolated financial information in the supply chain, deliver core enterprise credit, enrich credible trade scenarios, use smart contracts to prevent performance risks, and achieve cost reduction and efficiency increase in financing. Compared with the traditional cross-border payment mode, the cross-border payment mode based on blockchain is more efficient, lower cost, more liquidity and more equal rights. In terms of credit risk control, blockchain technology and privacy computing are combined to use decentralized, independent and reliable third-party data outside the bank to solve the problem of data shortage under the condition of safety, legal compliance and full protection of privacy. Limited by the performance of blockchain technology itself and blockchain practice scenarios and other factors, China's banking blockchain practice is still in the early stage, but it can be predicted that with the continuous maturity of blockchain technology, and banks continue to increase scientific and technological investment, support the implementation of blockchain and other emerging technologies in more financial scenarios.
        The integration of blockchain with cloud computing, Internet of things, artificial intelligence and other technologies will usher in greater development opportunities. Technologies with big data, cloud computing, blockchain and artificial intelligence as the core will become more mature, and various technologies will accelerate the integration, giving birth to a number of business innovations based on "Ai + big data" and "blockchain + AI + Internet of things". The upstream and downstream application scenarios will continue to expand, the industrial chain connection and operation will be smoother, and the huge demand for innovation will further enhance the scientific and technological capacity of the financial industry. In the next two years, business application innovation will continue to explode and become a bright spot, and the main battlefield of channel business will gradually shift from mobile terminal to scene connection and embedding, online and offline service integration.
        The bank will further give play to its offline resource advantages,
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