Introduction to this issue
The Guiding Opinions on the Digital Transformation of the Banking and Insurance Industry (hereinafter referred to as the Guiding Opinions) issued by the China Banking and Insurance Regulatory Commission require that by 2025, the digital transformation of the banking and insurance industry will achieve significant results. The digital operation management system has been basically completed, the data governance has been more sound, the scientific and technological capabilities have been greatly improved, and the level of network security, data security and risk management has been comprehensively improved.
The digital transformation of the banking and insurance industry is a practical need to build a new development pattern of the banking and insurance industry and create a new engine for high-quality development. However, at present, banking and insurance institutions still face many challenges in the process of digital transformation, and they need to strengthen the top-level design. In order to strengthen policy norms, the CBRC has formulated the Guiding Opinions, which mainly include the following aspects:
1
"Strategic Planning and Organizational Process Building"
Banking and insurance institutions are required to strengthen top-level design and overall planning, and improve organizational structure and mechanism processes.
2
"Digitalization of Business Management"
Banking and insurance institutions are required to actively develop industrial digital finance, vigorously promote the digital transformation of personal financial services, improve the digital level of financial market transaction business, build a digital operation service system, build a safe, efficient, win-win financial service ecosystem, and strive to strengthen digital risk control capacity building.
3
"Data Capacity Building"
Banking and insurance institutions are required to improve the data governance system, enhance data management capabilities, strengthen data quality control, and improve data application capabilities.
4
"Scientific and Technological Capacity Building"
Banking and insurance institutions are required to increase the elastic supply of data center infrastructure, improve the support capacity of scientific and technological architecture, promote the agile transformation of scientific and technological management, and improve the application of new technologies and the ability to control independently.
5
"Risk Prevention"
Banking and insurance institutions are required to strengthen the management of strategic risks, compliance of innovative businesses, liquidity risks, operational risks and outsourcing risks, while preventing model and algorithm risks, strengthening network security protection, and strengthening data security and privacy protection.
In the face of internal and external pressure of change, digital transformation has become the trend of the times, in the specific transformation plan, the "Guiding Opinions" put forward:
Actively develop industrial digital finance
Build a digital financial service platform, promote the construction of open banking, and strengthen scene aggregation and ecological docking.
Vigorously promote personal financial services
Digital transformation
Expand online channels, enrich service scenarios, improve the digital operation management system, improve the availability of financial products and services, and promote the solution of the "digital divide" problem.
Enhance trading operations in the financial markets
Digital level
Strengthen the construction of online trading platforms, and effectively improve the efficiency of investment transactions and the level of risk management.
Build a digital operation service system
Continuously improve service content operation, marketing activity operation and product operation capabilities.
Build safe and efficient
Win-win cooperation in financial services ecosystem
Strengthen system integration, strengthen the integration of internal and external resources, and establish and improve the security management mechanism for the open platform.
6
Strengthen digital risk control capacity building
Improve the intelligent level of risk monitoring and early warning.
In December last year, Liu Chunhang, director of the Unified Credit Department of the China Banking and Insurance Regulatory Commission, proposed four major problems in the digital transformation of the banking and insurance industry:
The traditional business philosophy and management system are not suitable for the needs of digital transformation;
Business architecture, data architecture, and technology architecture cannot meet the needs of digital transformation of institutions;
There are shortcomings in data governance, and it is difficult to effectively transform massive information into data elements;
There is a shortage of digital talent, especially compound talent.
In response to the above problems, the Guiding Opinions also give solutions, including improving the organizational structure and mechanism process, vigorously introducing and cultivating digital talents, improving the data governance system and improving data application capabilities. It can be expected that the landing of the Guiding Opinions will be a further refinement of the goal of empowering the innovative development of banking and insurance institutions through science and technology and improving the development quality of the banking and insurance industries.
WeChat typography: Shen Qingchu
WeChat review: Liu Sha
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