A joint survey by KPMG and Tencent in 2021 found that more than 90% of banks have already carried out digital transformation, and about 57% of banking financial institutions have incorporated digital transformation into their 14th Five-Year Plan. The vast majority of banks have realized that "digital transformation" is not a multiple-choice question, but a must-answer question.
The financial technology often mentioned in the digital transformation of banks is actually technology-driven financial innovation. The core is to use modern scientific and technological achievements to transform or innovate financial products, business models and business processes, etc., to promote the quality and efficiency of financial services. As a financial technology technology, BI has become a major "weapon" for the digital transformation of the financial industry.
Liu Xiaoguang, partner of KPMG China's financial industry digital consulting, said that the digital transformation of the financial industry is currently in the 3.0 stage, that is, the in-depth construction of online channels to achieve remote support and reach customers. However, digital transformation is not only a concept of "front desk" or "channel". In the 4.0 era, digital transformation is ubiquitous, and the front, middle and back offices of financial institutions can achieve horizontal coordination and linkage.
Therefore, it is very important for financial enterprises to choose a good strategy. How should the financial BI application and digital transformation go?
Liu Xiaoguang interpreted the two major documents issued by China Banking and Insurance Regulatory Commission on the Digital Transformation of the Banking and Insurance Industry and the People's Bank of China's "Fintech Development Plan (2022-2025)", and extracted commonalities and differences from them. Emphasis points for reference in the financial and banking industry.
1. Strategic planning and organizational construction
First, there needs to be strategic planning. Financial BI application and digital transformation is a "top leader" project. Integrating digitalization into the main line of corporate strategy, coordinating promotion and opening up resources from a global perspective can better promote business growth and capability improvement in the digital age.
In addition, it is necessary to establish a digital organization model under the "stable and sensitive" dual model. On the one hand, build a highly reliable "stable organization" to ensure the stable operation of business; on the other hand, build a flexible and easy-to-manage "sensitive organization" to seize innovation opportunities. Only by emphasizing both stability and sensitivity can we better match the corporate governance and business.
2. Digitalization of business system
The business system is the core topic of the entire digital transformation, so how to evaluate the priority?
Liu Xiaoguang shared the three-dimensional model evaluation method: the area of the bubble represents the size of the benefit, and the X-axis and Y-axis represent time consumption and possible risk factors (opportunity cost, financial investment). Draw the 3D model on a map to form a company-wide digital opportunity and scenario value map. The shorter the time consumption, the more controllable the risk, and the larger the bubble diameter, the higher the priority.
3. Digital support system
The supporting system mainly includes data and technology. In terms of data, data asset management needs to fully integrate business, technology and management to ensure the preservation and appreciation of data assets. Technically, it is necessary to reposition the position of IT functions in the enterprise, guide IT itself to make a market-oriented transformation, use the invisible hand of "marketization" to efficiently allocate IT resources, and make the IT department a sustainable, business value-driven enterprise. business unit partners.
4. Strategy Implementation Guarantee
The entire financial BI application and digital transformation require strategic implementation and guarantee. The digital strategy is decomposed into different tasks and completed by different departments. It is also necessary to set up a PMO team to play the roles of "supervisor" and "referee" to ensure that the organization is first, the mechanism is driven, and the resources are coordinated, so that it can rise to a certain strategy. A highly digital blueprint can be implemented in an orderly manner.
Guanyuan Data is committed to providing one-stop financial BI services for financial banks and empowering the business of financial enterprises. It can conduct data analysis through self-service BI, mobile BI, BI data large screen, BI report, etc. Adhering to the concept of "let the business use it", the product value is returned to the business department, and the business is empowered to use data and make decisions efficiently and agilely. Guanyuan Data has reached cooperation with leading financial institutions such as China Merchants Bank, China CITIC Bank, Bank of Ningbo, Zhongyuan Consumer Finance, etc., using data intelligence to transform and upgrade the financial industry and reshape the core competitive advantages of banks.