Dong Junfeng: big data is a great support to reshape financial competition
On December 18, jointly organised by Xinhua and the Chinese Academy of Sciences, the Internet magazine of the 2014 annual meeting of the China Internet economy Finance Forum held in JW Marriott Hotel Beijing. From the Internet financial sector trade associations, well-known experts and entrepreneurs focused on Internet financial opportunities and challenges, the development of new models, inclusive financial, makes a deep analysis and research.
Dong Junfeng, Deputy General Manager of the Department of Finance Bank of China network as the theme for “the age of big data financial business opportunities and challenges” keynote speech, said data is a great support to reshape financial competition.
In his view, first, the banking customer and marketing data collection can be applied and mastered a wide range of information, expand into e-commerce, social media, multiple terminals can penetrate into the customer lives in a wide range of unstructured information, based on this information customers can construct new 360-degree images. Analysis from the existing customer base is more subtle to each customers individual analysis, insight into the client’s feelings, emotions, and predict customer expectations, and organized the match products and personalized service, so as to respond quickly to customer needs. Second, risk management aspects, bank using big data collection and quantitative Internet Shang of various information, like catering merchant of customer evaluation information etc, using these information through model will calculation out merchant of credit situation and default probability, breakthrough traditional simple of to financial information for evaluation elements of practices, Bank will introduced trading behavior, and customer evaluation and this customer he of utilities of payment records etc these more side, and multidimensional degrees of associated data, to big data of thinking building new of credit evaluation model, To be more precise, to effectively evaluate the customer’s credit characteristics. Build intelligent engine supports full track online finance service mode, it will help banks provide financing efficiency and reduce credit risk. Third, product innovation and resource configuration data can help banks to deeply understand their operations, support transform and optimize your business processes, improve operational efficiency, increase speed of product innovation, more effective performance management and resource allocation. In addition, the data can also be used in a real-time fraud detection, to predict customer churn and create value-added services and so on, it will improve the Bank’s services and capabilities.