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Unveiling the latest fintech strategies of the six major banks in 2022

Time : 30/11/2021 Author : fn8wam Click : + -
        In the future, the innovation and transformation of new ICT technologies represented by 5g, artificial intelligence, big data, cloud computing, etc. are changing with each passing day. The rapid development of emerging technologies is leading and enabling the integration and innovation of science and technology and finance, promoting the reconstruction and transformation of the business philosophy and service mode of the financial industry. Financial technology innovation continues to make new breakthroughs, new financial service modes emerge in endlessly, and the construction of the industry ecosystem is accelerated, "Innovative development" has become the main melody of the evolution of banking information technology in the financial technology era, "digitalization, intelligence, lightness and inclusiveness" have become the target characteristics of the current banking transformation. With the continuous emergence of the driving effect of fintech, financial institutions actively adjust the IT innovation mechanism, prepare to build fintech innovation laboratories, establish fintech companies, plan and reconstruct the IT governance system, continue to improve the level of intelligent operation, and accelerate the pace of information and innovation construction &hellip& hellip; Comprehensively reconstruct the foundation and mechanism of financial technology innovation in the era of digital economy, and take the innovative application of emerging technologies as an opportunity to improve the quality and efficiency of financial services, layout the commanding heights of industry competition, promote the transformation of technological research into practical business value, and promote the implementation of its own digital and intelligent transformation strategy.
        In this context, as the wind vane of China's financial technology development, the six major banks' transformation strategy, development planning and future layout will have a profound impact on the evolution direction of China's banking industry's financial technology. Therefore, this paper focuses on analyzing the current fintech layout of the six major banks from the five elements of "overall strategic objectives, fintech organizational structure, proportion of scientific and technological personnel, proportion of scientific and technological investment, and key layout of new technologies". In 2021, ICBC took the lead in proposing the five-dimensional layout of "digital ecology, digital assets, digital technology, digital infrastructure and digital gene", and planned to launch the future oriented digital brand "digital ICBC" (d-icbc). At the same time, relying on the group's financial technology and data advantages, taking customers as the center and driven by the dual elements of "data + technology", ICBC deepened the construction of digital ICBC and actively integrated into the overall situation of Digital China construction, We have helped the healthy development of the digital economy, promoted profound changes in business models and service models, improved quality and efficiency of product innovation, and significantly improved customer experience, business efficiency and business value.
        At the same time, ICBC has always adhered to the road of digital development. In the process of developing from "bank informatization" to "information bank", it has comprehensively led the digital 1.0 stage of digital technology promoting business development, keenly grasped the trend of a new round of scientific and technological revolution and industrial reform, comprehensively arranged the transformation of IT architecture and the construction of "smart bank ecosystem eCos" project, and launched Digital 2.0, which leads the overall change. ICBC fintech closely focuses on the fintech development plan (2021-2023), practices self-reliance and self-improvement in science and technology, strengthens the "two wheel drive" of scientific and technological innovation and mechanism reform, shapes new advantages in fintech development, forcibly empowers the construction of "digital ICBC" with science and technology, helps the bank's high-quality development, better serves and constructs a new development pattern.
        According to ICBC's 2021 annual report, the bank's strategic deployment in the field of financial technology mainly includes the following aspects:. Since 2015, ICBC has promoted the eco construction project of smart banking (eCos), independently developed two core technology basic platforms, cloud computing and distributed, comprehensively carried the core business of ICBC, and continuously provided safe and stable financial services for more than 700million individual customers and nearly 9.7 million corporate customers. The system availability has always remained above 99.99%. Adhere to self-reliance and self-improvement in science and technology, promote technological breakthroughs in key core areas of infrastructure, strengthen research and application of cutting-edge technologies, and build a series of enterprise level new technology platforms with strong service capabilities and industry leading advantages around 5g+abcdi.
        By the end of 2021, the number of new and accumulated patent authorizations of the bank had ranked first in the domestic banking industry. In addition, accelerate the construction of new digital infrastructure. In 2021, industrial and Commercial Bank of China was rated as the first five-level highest rating of data management capability maturity in the financial industry. The bank thoroughly implemented the development concept of "green water and green mountains are golden mountains and silver mountains", built a world-class green data center, with a daily peak of 868million transactions, reduced carbon dioxide emissions by nearly 6000 tons per year, and was rated as the "national green data center". Actively respond to the complex and volatile external situation and new challenges brought by technological innovation, adhere to the bottom line of safe production, further promote the transformation of production operation and maintenance, upgrade and build an information security defense system for the whole group and the whole process, and the safe production of the whole group continues to maintain a high level.
        Strengthen the technical support ability, and realize the highly available architecture deployment optimization of key business lines such as mobile banking, online banking, fast payment, financial market, etc. based on the distributed system framework. Improve the emergency response capability, complete the overall handover drill of cloud platform for the first time in the industry, successfully simulate the rapid emergency handover of 10000 nodes across the park under large-scale complex fault scenarios, and verify the high availability level of key technology infrastructure with actual combat; Optimize the business operation monitoring system, focus on the application of full link applications and integrated monitoring of equipment, and form the correlation analysis and full link tracking capabilities of cross application transactions. Promote the implementation of network security level protection system 2.0, complete the external evaluation of all level protection filing systems, and achieve the highest level of "excellent".
        Establish an integrated intelligent information security management sub center of the group to realize the automatic and visual management of Tier-1 (directly subordinate) branches to tier-2 branches within their jurisdiction. Closely focusing on the national strategic needs of serving the real economy, preventing and controlling financial risks, and deepening financial reform, relying on the eco construction project eCos of smart banks, we will deepen scientific and technological empowerment from the three dimensions of model innovation, product innovation, and ecological open innovation. Promote non-contact service innovation, and the industry took the lead in launching the "cloud ICBC" brand system. Through the integration and optimization of business cloud handling, emergency screen to screen, all-weather communication, service integration, open smart ecosystem and other multi service scenarios, customers can handle business "anytime, anywhere"; Promote the integration and innovation of digital intelligence, take the lead in building an enterprise level data platform in the industry, and be the first in the industry to achieve the full access of the whole group's data into the lake, precipitate the characteristics of 14 major categories of customers, provide more than 1000 enterprise level data services for the business system, covering customer marketing, product innovation, risk prevention and control, operation management and other fields, and comprehensively improve the liquidity of enterprise data value; Upgrade the marketing of "smart brain" and provide intelligent service solutions for 700million individual customers; Using interactive technologies such as digital people, intelligent Q & A and voice, we will increase the application of "machine replacement" in customer service front desk, business operation back desk and other fields, and land 600 + intelligent application scenarios with digital employee attributes.
        Upgrade the smart custody platform, launch the "corporate smart deposit" featured deposit product, realize ICBC e-payment, bank enterprise interconnection support digital RMB, and complete the industry's first corporate digital RMB payment with the State Grid e-commerce platform. Enable cross-border finance, establish the "southbound" business system of bond connect, and support the development of cross-border RMB business; Promote the innovative application of the smart trade finance platform. The industry was the first to join the cross-border financial blockchain platform of the State Administration of foreign exchange as an authentication node. The industry completed the launch of the people's Bank of China's e-credit Forfaiting system for the first time, and the industry's first L / C products were embedded in the customs single window platform. Innovate Inclusive Finance and launch the Trinity "ICBC inclusive" online channel brand of "personal mobile banking exclusive version + wechat applet + enterprise mobile banking zone"; Upgrade and build version 2.0 of the "global matchmaking" cross-border matchmaking platform to provide smart, closed-loop cross-border matchmaking services for small and medium-sized enterprises.
        Empowering rural revitalization, innovatively launching the rural service app of "ICBC xingnongtong", and building online channels for rural financial services around the functions of benefiting farmers such as people's livelihood, agency, universal benefits, and village affairs; We will innovate and build three service platforms, namely, the Rural Revitalization matching platform, the Rural Revitalization statistical monitoring platform and the digital rural comprehensive service platform, to help the digital transformation of rural finance. Create a "1+n" smart government product system, build a "one network" government service platform, and comprehensively empower government services; Comprehensively promote the integration of government data, and implement more than 300 government cooperation scenarios in 29 branches. Become the first batch of contracted data providers of Shanghai data exchange, reach the first transaction of Shanghai data exchange, reach the first financing based on data asset certificates, and enhance the cooperation and innovation of local data markets.
        Build a smart industry ecosystem, create a series of platforms such as poly chain and poly finance, connect the upstream and downstream procurement, sales management and other supply chain scenarios of large enterprises, provide a personalized package of financial services, and enable the transformation and upgrading of digital supply chain. ICBC has built a data architecture with "one lake and two libraries" as the core, and built a big data intelligent cloud platform with independent, controllable and distributed architecture, which is the first in the industry, so as to realize the "all in Lake" of group data. ICBC deepened the layout of "one department, three centers, one company and one research institute" financial technology organization, and newly established the financial technology and digital development committee to deepen mechanism innovation, promote the penetration of scientific and technological genes, constantly improve the response efficiency and supply capacity of financial innovation, and activate and release the vitality of scientific and technological innovation of the whole bank.
        The number of financial technology talents of ICBC ranks first among the six major banks. According to ICBC's 2021 annual report, the bank had 35000 fintech personnel at the end of 2021, accounting for 8.1% of the bank's employees. (according to the analysis, the number of personnel in the bank's fintech institutions is about 17000, accounting for about 3.8% of the total number of employees.). In terms of talent training, ICBC implemented the financial technology talent development project, carried out the special training plan of "scientific and technological elites", actively introduced high-end socialized professional scientific and technological talents, and held the "ICBC Cup" National College Students' financial technology innovation competition for 12 consecutive years. In 2021, it attracted more than 40000 students from more than 700 colleges and universities across the country to sign up, forming more than 8000 effective entries.
        Comprehensively implement the talent pool mechanism of "scientific and technological training — business use", and continuously release the innovative vitality of talents through hierarchical and accurate incentives. We will establish a mechanism for innovation to tackle key problems, fully implement the agile R & D model, and establish more than 100 agile R & D flexible teams to effectively respond to market demand. Industrial and Commercial Bank of China (ICBC) also ranks first among the six major banks in terms of technology investment. According to the 2021 annual report of ICBC, the bank invested 25.987 billion yuan in fintech in 2021, accounting for about 2.76% of its operating revenue. ICBC comprehensively promoted the layout of new technologies. Focusing on cutting-edge technologies such as artificial intelligence, blockchain, cloud computing and big data, a series of new technology platforms such as ICBC Turing, ICBC seal chain and ICBC Nebula have been created in exploration and practice to strengthen core new infrastructure capabilities.
        Among them, ICBC Xi chain integrates the basic technical services of blockchain, intelligent operation and maintenance, and financial level security capabilities. It has made more than 150 breakthroughs in security prevention and control, performance capacity and other technologies, and was selected as one of Forbes' top 50 global blockchains in 2021. The financial technology innovation laboratory under the jurisdiction of the Financial Technology Research Institute of ICBC covers the technical fields of blockchain, big data, artificial intelligence, cloud computing, distribution, 5g, Internet of things, information security, etc., comprehensively arranges the cutting-edge technology fields such as "abcdi" (artificial intelligence, blockchain, cloud computing, big data, Internet of things), and deepens the integration and innovation of science and technology and business, promotes the construction of new infrastructure and achieves landmark results.
        The 2021 annual report of ICBC shows that the bank adheres to self-reliance and self-improvement in science and technology, actively promotes technological breakthroughs in key core areas of infrastructure, strengthens research and application of cutting-edge technologies, and builds a series of enterprise level new technology platforms with strong service capabilities and industry leading advantages around 5g+abcdi:. Build a financial cloud platform with the largest scale, the strongest technical capacity and full coverage of business scenarios in the global banking industry, implement automated and intensive management, and realize the supply of independent innovative cloud services. It is the first in the industry to meet the requirements of private cloud level 4 and ecological cloud Level 3 security capabilities, and has applied for more than 200 national invention patents in total; Build the most comprehensive and widely used distributed technology system in the industry, with an average daily service volume of more than 12billion.
        Take the lead in completing the compatibility and adaptation of the cloud platform to the general open platform and independent innovation technology system, and have the large-scale supply capacity of the whole stack of independent innovation basic resources. Focusing on key areas such as cloud platforms, operating systems, databases, etc., we have carried out centralized research, broken through the key breakpoints in the transformation of independent innovation in the financial industry, built a package of complete, replicable and scalable technical solutions in office management, data analysis, risk prevention and control, business management, regulatory reporting and other fields, and established a demonstration model for the transformation, application and promotion of independent innovation in the financial industry. Build a big data platform that is first in the industry, reliable, efficient and easy to expand, and create a big data service ecosystem that integrates technology, data and services.
        Upgrading the artificial intelligence technology system, the industry took the lead in building an enterprise level robot process automation (RPA) technology platform, and the industry was the first to pass the RPA system and tool application maturity assessment of the Ministry of industry and information technology and the information and Communication Research Institute. Build a blockchain platform with independent intellectual property rights, integrate more than 150 technological breakthroughs, and pass the first five trusted blockchain technology assessments of the Ministry of industry and information technology and the information and Communication Research Institute, and be selected into the Forbes 2021 global blockchain top 50 list. Integrating satellite remote sensing technology and artificial intelligence technology, with the help of high-resolution satellite remote sensing data supporting intelligent monitoring model, carry out post loan intelligent monitoring of crop growth and large-scale engineering project construction; Take the lead in building a domestic intelligent POS terminal monitoring system with Beidou satellite navigation system as the only signal source; Realize the feasibility verification and pilot application breakthrough of quantum technology in important financial encryption scenarios; Apply privacy computing technology to innovate small and micro enterprises' post loan risk monitoring.
        Give full play to the scientific research capabilities of financial technology research institutes and laboratories, strengthen joint innovation and research, and build joint laboratories such as financial information infrastructure, 5g financial applications, AI around forward-looking technology fields such as multi-party secure computing, federated learning, quantum technology, blockchain, 5g technology applications, etc., to help China's independent scientific and technological innovation. The joint scientific research institutions and industry-leading enterprises focused on cutting-edge technology, and the industry took the lead in issuing the white paper on privacy computing promoting the construction of data ecology in the financial industry. A total of 12 projects were selected as pilot projects for financial technology innovation supervision, among which the "Internet of things based goods traceability certification management and supply chain finance" project is the first pilot project for the whole process of financial technology innovation supervision in China.
        The Agricultural Bank of China has taken "digital operation" as one of the three major strategies of the bank. In the face of the rapid changes brought about by the digital wave, the Agricultural Bank of China has increased its efforts in financial technology innovation, fully integrated into the construction process of Digital China, based on creating new competitive advantages in the digital era, and driven the changes in the working methods, service methods and governance methods of the whole group by digital transformation as a whole. In accordance with the principle of urgency first, it focuses on four key areas: scientific and technological support, smart channel construction, enterprise level architecture and big data application, Implement the "top ten projects" of digital transformation, and accelerate the formation of a new model of smart banking with science and technology leading, data enabling, and digital operation. In 2021, the Agricultural Bank of China continued to deepen the application of cutting-edge financial technology, further promote the implementation of information technology IABC strategy, and continue to improve the level of scientific and technological support and empowerment:.
        Set up a financial technology innovation center in xiong'an to create an innovation incubation center and an experimental field for innovation achievements. We should strengthen the basic capacity-building of financial technology, deepen the application of financial technology, and enable the high-quality development of business operations. Focus on the integration and innovation of cutting-edge technologies, strengthen the construction of basic financial technology capabilities, deepen the application of financial technology, and enable the high-quality development of business operations. Focus on the construction of disaster recovery system, improve the high availability of dual activities in the same city and the takeover scope of remote disaster recovery business, and improve the coverage and complexity of emergency drills
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