A few days ago, the China Banking and Insurance Regulatory Commission issued the "Guiding Opinions on the Digital Transformation of the Banking and Insurance Industry", which is the first special document issued by the China Banking and Insurance Regulatory Commission on the digital transformation of the banking and insurance industry. The transformation will be regulated and guided, and the top-level design will be made to promote the digital transformation of banking and insurance institutions, and promote the high-quality development of finance.
"In general, the "Guiding Opinions" adhere to the unity of top-level design and implementation, encourage innovation and risk prevention, and integrate system improvement and technology improvement, and clarify the guiding ideology, basic principles and work goals for the digital transformation of the banking and insurance industry. By 2025, the digital transformation of the banking and insurance industry has achieved remarkable results, pointing out the direction for the digital transformation of banking and insurance institutions, and will become the basic follow and lead for the digital transformation of the banking and insurance industry in the future." said Dong Ximiao, chief researcher of China Merchants Union Finance.
In recent years, banking and insurance institutions have taken the initiative to accelerate product and service innovation with the help of financial technology, and continuously improve the quality and efficiency of financial services. Digital transformation has progressed rapidly.
At the same time, bancassurance institutions still face many challenges in the process of digital transformation.
The "Guiding Opinions" issued this time mainly require banking and insurance institutions to vigorously promote the digital transformation of business operation and management from six aspects.
For example, it is required to develop industrial digital finance, promote the digital transformation of personal financial services, and strengthen the building of digital risk control capabilities.
Wang Wei, chief industry analyst of Bank of Communications Financial Research Center, said that the "Guiding Opinions" put forward specific requirements such as strategic mechanisms and methodologies for the risks in the process of digital transformation of banking and insurance institutions from the perspective of regulatory agencies. The situation of digital transformation is included in the scope of information technology supervision.
Implementing digital operations in the banking and insurance industry will result in new risks that are different from traditional management methods.
For example, areas such as data security, network security, privacy protection, and data compliance use will become risk points that need to be focused on in the digital business era, and the underlying logic of risk formation, key point control, risk mitigation, etc. is also consistent with traditional The concepts are not the same, and banking and insurance institutions need to speed up the simultaneous transformation of risk management concepts and risk management systems, and better prevent digital operation risks with the improvement of digital operation capabilities.
It is worth noting that the "Guiding Opinions" require that the board of directors of banking and insurance institutions should strengthen top-level design and overall planning, and scientifically formulate and implement digital transformation strategies around the goals of serving the real economy and major national strategic deployments.
Wang Wei said that due to the differences in comprehensive strength and transformation needs, data governance and technological capabilities of various banks, the actual level of their digital operations and the focus of digital transformation work are different. The digital transformation "roadmap" and "construction drawing" that match the technical strength and risk control ability.
For financial management departments, the relevant supporting rules should be further improved to prevent risks, promote the better implementation of the "Guiding Opinions", and guide and promote financial institutions to accelerate digital transformation.
Dong Ximiao suggested that, first of all, strengthen the construction of financial facilities, accelerate the integration and sharing of market-oriented credit information, build a national unified information service platform, and break the phenomenon of "information silos"; Connect and empower each other; finally, strengthen the construction of public platforms such as cloud computing and technology research and development, promote technology research and resource sharing, and reduce the transformation cost of financial institutions.
(Economic Daily reporter Wang Baohui)