Secretary General of innovation committee of Beijing Rural Commercial Bank
Liu Xiaolan
The "China Financial Innovation Forum" and the 2021 China Financial Innovation Achievements Online Conference sponsored by The Banker Magazine were held in Beijing, the theme of this forum was "Digital Transformation of Banks: Path and Strategy", and in the roundtable forum session with the theme of "Exploration of Digital Transformation Practice of Small and Medium-sized Banks", Liu Xiaolan, Secretary General of the Innovation Committee of Beijing Rural Commercial Bank, attended the roundtable forum and spoke.
The following is the full text of the speech:
Digital transformation for rural commercial banks pension financial services is a process of practice, from scratch process, as a practitioner of digital applications, I would like to talk about a few feelings from the perspective of specific business development.
Digital transformation is a gradual process. Technology applications generate value, and this application revolves around people. China is experiencing the largest and fastest aging process in history, the aging of the population will have a major impact on all aspects of social services, and financial services are also facing various opportunities and challenges brought by aging. Beijing Rural Commercial Bank began to fully involve in financial services for the elderly in 2015, when the elderly population over the age of 60 was 3.133 million, accounting for 23.4% of the total registered population; by the end of 2020, there were 3.786 million elderly people over the age of 60, accounting for 27% of the total registered population. In 2014, the Rural Commercial Bank and the Beijing Civil Affairs Bureau cooperated to issue old-age assistance and disability cards, develop financial IC cards for the elderly and the disabled, support multi-scenario applications, and integrate financial accounts, electronic wallets, free rides, free visits to parks, identity information loading and other functions, as of the end of June 2021, a total of more than 5 million cards (including foreign ports) have been issued. On this basis, a big data center has been established, based on financial data, bringing together data such as transportation, parks, public security network verification, civil affairs and consumption, providing relatively complete data information for government and financial precision services, and also providing strong data support for financial service innovation.
Just as the so-called application generates value, we have such a data set and customer base, which objectively supports the pioneering and innovative pension financial services of rural commercial banks. After mastering these data, we spent several years to develop our business, through product innovation, we excavated new customers, that is, pension assistance and disability card customers; developed new products, that is, golden time series products developed for elderly customers; expanded new areas, that is, extensive business cooperation around pension financial services. Behind all this is the system development and data application, a number of systems from scratch, such as the elderly customer information management system to achieve the city's elderly information certification and qualification management functions; card issuance and fund unified issuance system, service provider management system, order payment system, etc., to promote the systematic development of pension financial services.
This is the process of mutual promotion of data application and management and innovation, behind a card involved in many services and management content, we can understand him from different perspectives, customers feel the service; the government has accurate data to formulate policies and better people's livelihood services with data support; each service participant can find their own service focus. From the perspective of rural commercial bank pension financial services, through our series of pension financial service initiatives, Beijing Rural Commercial Bank's savings deposit market position has always ranked third in Beijing. Among them, pension financial services have always been an important driving force, taking pension financial services as an opportunity. Using the old-age disability card as the medium, just like reclaiming a piece of land, we are constantly pioneering, excavating, and producing new fruits.
Since today's theme is innovation, I am also thinking: the continuous advancement of technology and data applications to promote financial services to a new level, everything is from scratch, from idea to practice, from incomplete to nearly complete, how to achieve more humane, more inclusive, what aspects need more bold innovation? What benefits will better serve people? This is the process of future practice, which requires imagination and practice.
The digital transformation of commercial banks is a process from scratch, which requires rich imagination and people-oriented. The imagination of people engaged in technology is the richest, because everyone has tools, but to combine with specific businesses, they cannot be separated from reality. Before the meeting I was also thinking, science and technology is changing with each passing day, there are so many tools to become productive, if we look back, think about how to do more in-depth service for people, such as pension services for the elderly or elderly customers when there is a service called spiritual comfort, people often ignore this problem in the prime of life, to a certain age this problem will involuntarily appear, so I think digital transformation to do people-centered, but also add humanistic care, How financial services combine the changes brought about by digital transformation with the natural needs of people is still of great significance. Just now Jiang Zhaohua always has a sentence that I agree with very much, that is, the integration, communication and exchange of technology and business. These things are actually the basis of innovation, so that digital, let technology for the development of the business to plug wings, provide power, this should be a systematic project, to prevent bias, learn to balance. In this balancing process, find a foothold for the development and innovation of financial services.
In addition, the continuous development and progress of society promote innovation, and the continuous demand also promotes innovation, and the fruits of data transformation and development provide stronger confidence for future development. From scratch, from having to good, we will see stronger data applications and better services.
Liu Xiaolan is the Secretary-General of the Innovation Committee of Beijing Rural Commercial Bank
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