Recently, the Central Financial Work Conference, the Central Economic Work Conference and the State Council issued the "Several Opinions on Strengthening Supervision and Risk Prevention to Promote the High-quality Development of the Capital Market", which successively put forward requirements such as "strengthening the main position of enterprises in scientific and technological innovation and encouraging the development of venture capital and equity investment", which provides a fundamental basis for the securities industry to do a good job in the reform and development of the capital market.
Based on the vision of "promoting the high-quality development of digital finance and serving the high-level development of science and technology enterprises", the Guangdong Securities Regulatory Bureau and Dongguan Securities Co., Ltd. set up a research group, and successfully applied for and approved the annual key project of science and technology supervision of the China Securities Regulatory Commission, "Research on the Construction of Collaborative Service System for Key Customers in the Securities Industry", to study the development strategy and path of digital business of large institutions from the perspective of supervision and operation integration. In particular, focusing on the three major themes of collaborative development system and mechanism, business opportunity management and penetrating service, data security and circulation, combined with the actual situation and practice of Dongguan Securities, it analyzes and summarizes some experience and enlightenment, so as to provide ideas for small and medium-sized securities companies to build the core competitiveness of institutional business development and improve the comprehensive financial service capabilities of institutional customers.
Institutional business organization system
Optimization with service methods
With "enriching the bridge between Dongguan enterprises and the capital market" as the main entry point, based on the cost-sensitive and flexible mechanism positioning, and taking the construction of the system platform as the starting point, the research group developed and launched the "Tianditong" institutional business collaboration platform, reshaped the business governance concept and process with technical strength, fully integrated the business resources of "big brokerage + big investment + big investment bank", and formed a "investment, financing, insurance and research" linkage development model, which has produced good economic and social benefits.
(1) Organization and system. The Institutional Business Development Committee (Institutional Business Development Committee), a core body for formulating institutional business development strategies and policies, is composed of middle and senior managers from all lines of securities institutions, and the Institutional Business Operation Department is set up under the Committee, which is responsible for the daily operation of the institutional business, the matching of supply and demand, the timely discovery and distribution of business opportunities, and the overall planning of data and information services. This relatively independent organizational system helps to ensure the stable operation of the organization's business, and the normalized convergence and precise docking mode helps to improve the efficiency of business execution.
In terms of system, it innovatively adopts the integrated construction idea of "platform-inspired business", focuses on the full-cycle business development of high-frequency and key institutions, and optimizes the standardization of institutional service mechanisms and assessment measures. The first is to formulate the "Management Mechanism for Business Collaboration of All Units and Institutions" and the "Data Security Isolation and Sharing Mechanism", clarify the process of collaborative work and the division of responsibilities of each department, set up a collaborative protection period, emphasize information entry specifications, and clarify customer identification standards. The second is to establish the "Business Opportunity Management Mechanism", clarify the criteria for the allocation of business opportunities, improve the workflow of business opportunity discovery and processing and related evaluation and supervision systems, conduct assessment statistics around task follow-up (such as visit feedback), adjust the criteria for determining cross-selling bonuses, and increase the weight of management personnel collaborative index assessment. The third is to improve the "Measures for the Classification and Grading of Institutional Customers", classify and grade high-net-worth individuals, enterprises, institutional investors, governments, and interbank financial institutions according to their business development potential, and explore customer training pools and master account manager systems.
(2) Collaborative service methods. The research group proposes to set up an expert team model and platform operation mode that integrates agile collaboration, product design, operation and promotion, and continuously expand different collaborative forms such as investment research, investment, and investment banking, such as the synergy of derivatives, securities lending, technical services, and investment research services in private equity customer services, and the synergy of repurchase and holdings, institutional financial management, asset allocation, and cash management in the services of listed companies, and refine the specific promotion measures of various collaborative methods: First, deepen the research and collaborative empowerment of advanced manufacturing enterprises in Dongguan, and do a good job in corporate strategic planning. Research support in the field of enterprise risk prevention and control; the second is to strengthen cooperation with banks and government investment institutions in Dongguan to jointly establish a local support fund of a certain scale, and strengthen the linkage of "government platform investment + government promotion + Dongguan securities sponsorship"; Fourth, we will innovate and diversify platform operation methods, formulate a plan to improve the business service capability of the institution, publish an encyclopedia of the institution's business development, share excellent collaboration cases, and carry out training activities on a regular basis.
Accurate discovery of business opportunities
with reach algorithm applications
Combined with the development trend of financial technology, the research group takes "institutional business opportunity management as a link, throughout the whole process of discovery, circulation, utilization, assessment, and income distribution" as the main research direction, links the knowledge logic and indicators in the business field, constructs the judgment criteria of business opportunities, and regularly screens potential customer groups such as refinancing, mergers and acquisitions, equity investment, and capital guaranteed floating income certificates.
(1) Effective access to business opportunities. The first is to quantify the weight of the relationship and design the corresponding push rules by analyzing the diversified reach paths between potential customers and employees, such as the access of corporate executives to account in securities companies and the equity relationship of customers served. Second, in view of the problems of "incomprehension" of investment projects, a digital evaluation methodology system for enterprises' scientific and technological capabilities is proposed, and scientific and technological tools are fully introduced in the comprehensibility of professional texts to improve the reach experience from the perspective of comprehensibility. The third is to build an institutional customer network, introduce forward-looking technologies such as link prediction and other graph mining, and innovate scenario applications such as inferring the relationship between internal personnel of institutional customers and identifying key personnel, so as to improve the reach power from the perspective of target selection. The fourth is to further open up and link the construction of customer service and employee empowerment platform systems, such as investment advisory platforms, trading platforms, financial accounting platforms, etc., and extend the functions to the "comprehensive service system for institutional customers".
(2) Accurate discovery of business opportunities. On the basis of business opportunity discovery based on business rules, the research group explores the use of natural language processing, relationship graph and other technologies to expand the source of business opportunities from multiple perspectives such as enterprise announcement and customer similarity. The first is to build a heterogeneous network map by integrating data such as industrial chain, supply chain, industrial and commercial relations, customer service relationships, and visit relationships, and combine "specialized, special and new" and "strategic emerging" industry customers with Dongguan Securities customer system to help explore a wider range of business opportunities. The second is to propose a customer opportunity mining application model based on graph semi-supervised learning, which has achieved remarkable results in real-world A/B testing, and successfully solved the problems of missing positive and negative samples and insufficient effective features. The third is to explore the feasibility of the application of large models in the fields of customer visit record intent identification, knowledge base Q&A of various business developments, etc., so as to enrich the institutional customer service technology ecological chain. Fourthly, by constructing an event impact propagation model and applying it to business opportunity discovery, it can form decision-making support for complex issues in professional fields such as business opportunity discovery under the influence of events, such as analyzing the impact of the "new crown epidemic" event on listed companies, and then exploring business opportunities such as corporate financial advisory and fund management.
Scenario-based application of data compliance
of new infrastructure construction
Focusing on the linkage and synergy of investment banking and investment, wealth management and asset management, service enterprises and service entrepreneurs, and focusing on the provision of high value-added investment and financing, transaction services and other fields, the research group takes "external ecological customer data sharing and internal association" as the starting point to establish and improve the infrastructure of "cross-organization and cross-department collection and sharing of information of key enterprises".
(1) Customer data security. In terms of security, in accordance with the multi-mode parallel principle of "open data list, application review system, and mandatory sharing of customer names", the platform access control and authentication mechanism is established, multiple role and permission types are defined, security audits and monitoring are carried out regularly, and information such as customer contacts, cooperative business and visit records of institutional customers is isolated. In the next step, based on the transformation trend of industrial parks in the Guangdong-Hong Kong-Macao Greater Bay Area, and in view of the scenarios of "investment and loan linkage", "insurance linkage" and "venture capital leasing" for start-ups, we will explore feasible ways and paths for data integration and sharing with local government departments, regional equity markets, financial institutions, intermediaries and new infrastructure such as blockchain, and promote the establishment of a digital model for the in-depth operation of small and medium-sized brokerage firms with "industrial parks" as the focus of comprehensive business customers.
(2) Circulation and use of customer data. The research group has carried out the implementation of an action plan for the utilization of institutional customer data scenarios, such as the generation of enterprise "capital market portraits" based on key information extraction, and the mining of potential corporate customers in equity incentive business based on online and offline data integration. In the next step, in accordance with the spirit of the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a Data Basic System to Better Play the Role of Data Elements" and other relevant documents, combined with the business operation characteristics of specific institutions such as equity incentives and private quantitative transactions of listed companies, the rights, responsibilities and obligations of data supply, use and management will be clarified. Research and demonstrate the relevant innovation pilots for the integration of data elements and the capital market, further measure the value of data based on the dimensions of revenue and cost, and guide each unit to two-way fair authorization under the constraints of "uniqueness" such as customer identification, business opportunity claim, and business collaboration, so as to maximize the motivation for the circulation and sharing of data of institutional customers.
(The authors of this article: Chen Xiaoguang of Guangdong Securities Regulatory Bureau; Liu Zhifan and Liao Chang of Dongguan Securities)
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