Matters:
The general office of the China Banking and Insurance Regulatory Commission officially released the guiding opinions on the digital transformation of the banking and insurance industry (hereinafter referred to as the opinions), which requires to promote the digitization of institutional operation and management, data and scientific and technological capacity-building.
Ping An View:
In line with the tide of digital economy, supervision began to promote the banking and insurance industry to accelerate the pace of digital transformation. Driven by both regulatory and business endogenous needs, digital technologies such as cloud computing, big data and artificial intelligence have been widely used in the banking and insurance industry. At present, the banking and insurance industry has also become a relatively fast field in the process of digital transformation of China’s service industry. Especially since the outbreak of the epidemic, online and intelligent have become the focus of investment by financial institutions. In order to adapt to the general trend of the development of China’s digital economy, better serve the construction of “network power” and promote the digital development of industry, the banking and insurance industry also needs to make more efforts in operation and management, data application and scientific and technological capacity-building. The promulgation of the opinions is at the right time. The opinions pointed out that by 2025, the digital transformation of banking and insurance industry will achieve remarkable results. The digital operation and management system has been basically completed, data governance has been improved, scientific and technological capacity has been greatly improved, and the level of network security, data security and risk management has been comprehensively improved.
On the one hand, the banking and insurance industry needs to improve its scientific and technological support capacity, especially in key areas. The opinions requires the industry to do a good job in four aspects: first, increase the elastic supply of infrastructure in the data center, improve the resource elasticity and sustainable supply capacity of infrastructure, and promote the green transformation of data center; Second, improve the supporting capacity of science and technology architecture, promote the transformation from traditional architecture to distributed architecture, accelerate the construction of technical service capacity, and promote the foreground application of innovative technology; Third, promote the agile transformation of science and technology management, establish an agile R & D operation and maintenance system that can quickly respond to needs, and improve the management ability of complex technical projects through lean production management methods; Fourth, adhere to the principle of independent control of key technologies, continuously improve the ability of independent research and development, and strengthen the security management of technology supply chain. We believe that in recent years, the banking industry is promoting the transformation of core business system architecture to distributed, accelerating the downward movement of hosts, and the corresponding demand for it construction will be large. At the same time, the opinions pointed out that adhering to the principle of independent control of key technologies, key platforms, key components and key information infrastructure that have a significant impact on business operation and development should form independent R & D capabilities, reduce external dependence and avoid single dependence. In the next five years, the investment in it construction based on domestic platforms will grow rapidly.
On the other hand, support the banking and insurance industry to accelerate the digital transformation of its own operation and management, and do a good job in the whole process management and application of data. In view of the digitization of the operation and management of the banking and insurance industry, the opinions has made arrangements in six aspects, such as industrial digital finance, personal financial service digitization, financial market transaction business digitization, operation service system digitization, digital risk control capacity construction, etc. At the same time, the opinions focuses on data governance and application. On the basis of building a data asset management system covering the whole life cycle, banking and insurance institutions should promote the application of data in business operation, risk management, internal control and other fields, explore the use of data drive to promote new products, new businesses and new models, and improve the support ability of big data analysis for real-time business application, risk monitoring and management decision-making. Bancassurance also invested in data management and application earlier, and has established basic capabilities such as decision support management information system, data platform and comprehensive report platform. At the same time, the concepts of data mining and multidimensional analysis have been introduced into corresponding institutions for a long time. At the same time, bank IT manufacturers have also developed a variety of applications and platforms. Subsequently, with the acceleration of the digital transformation of the financial industry, the requirements of internal business support, business scenarios and external Beijing Vastdata Technology Co.Ltd(603138) access for data capacity will continue to increase, and the innovation of tools and applications will be more active.
Investment suggestion: with the acceleration of the development of China’s digital economy, banks, insurance and other financial institutions need to simultaneously improve their capabilities in scientific and technological support, digitalization of operation and management, and data governance and management. New scenes, new services and new operation and management models all need more leading IT infrastructure and system platform to support them. For the entire financial IT industry, the demand for the construction of new infrastructure and domestic base, risk management, intelligent operation and management and data intelligence will increase rapidly. IDC predicts that by 2025, the market scale of banking IT solutions will reach 118.56 billion yuan, with a compound growth rate of 18.73%. We continue to be optimistic about the follow-up development of strong comprehensive strength or single champion in the banking and insurance IT industry. Recommend Yusys Technologies Co.Ltd(300674) , pay attention to Shenzhen Sunline Tech Co.Ltd(300348) and Tansun Technology Co.Ltd(300872) .
Risk tips: 1) the implementation of the policy is not as expected; 2) Industry competition intensifies; 3) The IT investment of banks and insurance institutions was lower than expected.
