In order to speed up the construction of digital economy and comprehensively promote the digital transformation of banking and insurance industry, the guiding opinions on the digital transformation of banking and insurance industry (hereinafter referred to as the Guiding Opinions) issued by the China Banking and Insurance Regulatory Commission (CIRC) made it clear that banking and insurance institutions should vigorously promote the digital transformation of personal financial services and solve the problem of "digital divide". By 2025, the digital transformation of banking and insurance industry should achieve remarkable results.
"In the new development stage, the digital transformation of the banking and insurance industry is the practical need to build a new development pattern of the banking and insurance industry and create a new engine of high-quality development." When answering reporters' questions, the person in charge of relevant departments of the CBRC said that at present, bancassurance institutions still face many challenges in the process of digital transformation. It is necessary to strengthen top-level design, strengthen policy norms, further unify understanding and promote development through the formulation of the guiding opinions, and standardize and guide institutions, methods and action steps.
The reporter sorted out that the guiding opinions constructed the development direction of digital transformation of banking and insurance industry around the dimensions of strategic planning and organizational process construction, digitization of business operation and management, data capacity construction, scientific and technological capacity construction, organizational guarantee and supervision and management.
Some people in the industry said that the core of the guidance can be summarized into three key words: "top-down", "overall planning" and "value orientation". The promulgation of the guiding opinions is another step to build a digital China and give full play to the efficiency of digital financial services, which will accelerate the implementation of the digital transformation strategy of banking, insurance and financial institutions. Banking and insurance institutions should strengthen their work in resource investment, organizational mechanism, goal setting and assessment.
The Institute believes that since 2015, banking and insurance institutions have accelerated their digital development, and large-scale state-owned banks, joint-stock banks and large urban commercial banks have joined the exploration path of integrated development of Finance and science and technology. In just six or seven years, 9 of the 18 national banks have established financial technology companies. However, from the perspective of production efficiency and expected effect, there is still a gap with the expected ideal state. The deep-seated reasons are mainly the insufficient concentration of digital strategy, the limited cognitive level of digital thinking, the weak ability of customer insight, and the low matching degree of old and new digital systems. Fintech institutions should construct the value practice of digital capability from the dimensions of top-level design, organizational system, digital culture, customer group positioning, digital capability and social value.
In the process of digital transformation, banking and insurance institutions should find the balance between innovation and risk. In Deloitte management consulting's interpretation of the guiding opinions, Xu Tianshi, Deloitte management consulting's Chinese partner, said that while digital transformation has brought a comprehensive leap forward in the capabilities of financial institutions, it has also brought new risks. The guidance defines a series of new risks closely related to digital transformation, which need to be addressed by financial institutions.
"Innovation compliance risk, external cooperation risk and data security risk pose great management challenges. The management of these three types of risks and the actual implementation of a large number of digital work interact. If they are too strict, they will affect the progress of transformation, and if they are relaxed, they will bury hidden risks, which need to be firmly grasped in practice." Xu Tianshi said.
