Recently, China Merchants Bank officially renamed its “Financial Technology Exhibition Hall” to “Digital Finance Exhibition Hall”.
The leap from "financial technology" to "digital finance" shows China Merchants Bank's determination to actively integrate into the wave of digital China construction and create a "digital China Merchants Bank".
In recent years, China Merchants Bank has taken advantage of the digital trend and comprehensively promoted digital transformation along the development path of online, digital, intelligent, platform and ecological development.
According to China Merchants Bank, accelerating the innovative application of digital technology in the financial field is the key to grasping new productivity.
New productivity is contemporary advanced productivity spawned by revolutionary breakthroughs in technology, innovative allocation of production factors, and in-depth industrial transformation and upgrading.
Since "new productivity" was first proposed in September 2023, the term has become the most "out of the circle" hot word at the moment.
China Merchants Bank is actively cultivating new productive forces at the right time and using "digital dividends" to seek new growth poles for its high-quality development.
An artificial intelligence laboratory has been established in 2017
In the newly renamed "Digital Finance Exhibition Hall", an AI financial trading robot is particularly eye-catching.
It is understood that the accuracy of the model behind this “new” AI employee who can independently complete inquiries, quotations and automated transactions among peers has exceeded 97%.
And this is just a microcosm of China Merchants Bank's use of technology to innovate productivity.
In fact, China Merchants Bank has begun to deploy the field of artificial intelligence very early. It established an artificial intelligence laboratory in 2017, with the main direction of "simulating people, assisting people, and replacing people", focusing on business value creation and core technology research. Achieve self-research on key capabilities and implement more than 100 application scenarios in customer service, management, operations, investment research and other fields.
From the perspective of China Merchants Bank, AI is a strategic technology that will lead the future, the core driving force for a new round of technological revolution and industrial transformation, and the main position for developing new productive forces.
In 2023, China Merchants Bank will further integrate its AI capabilities and multiple service modules and teams within the bank, introduce a large base model, conduct privatized deployment and training, improve intelligent service capabilities, and launch a new intelligent wealth assistant "little trick".
At the same time, a "human + machine" review mechanism is established to ensure service security.
Gao Xulei, director of the Financial Technology Office of China Merchants Bank, said that the bank will continue to explore the use of artificial intelligence to assist and replace labor on a large scale in simple labor scenarios, and rely on the new generation of AI technology to achieve high-intelligence fields that were originally thought to be only accessible to humans. Effective intelligent assistance to people has promoted artificial intelligence to become a more important part of CMB’s wisdom.
Currently, artificial intelligence is at an inflection point.
KPMG’s latest report states that the development of artificial intelligence is advancing by leaps and bounds, and behind the huge application potential is the emergence of new hardware, new algorithms, and new data.
"The good use of AI technology cannot be separated from the 'base' of big data. Data is becoming an important new factor of production." In Gao Xulei's view, big data is the "accelerator" and "energy storage pool" of new productivity.
According to Global DataSphere 2023 released by international data company IDC, China's data volume will grow from 23.88ZB (Zettabytes, 1ZB is about 1 trillion GB) in 2022 to 76.6ZB in 2027, with an average annual growth rate of CAGR of 26.3%. Ranked first in the world.
IDC pointed out that the government, media, professional services, retail, medical, finance and other fields have more data, and they have more opportunities to further explore business and social value by activating data.
Different from traditional data and information services, data elements emphasize the value development, industrial empowerment and circulation utilization of data information.
This requires the data cloud to serve as the foundation for the development of the digital economy. "On the cloud" becomes "on the cloud" and becomes a fertile ground for value mining.
At the same time that China Merchants Bank's "comprehensive cloud" super project was successfully completed, the bank also built an enterprise-level data middle platform and technology middle platform.
The data middle platform effectively improves the quality, efficiency and security of the entire process of data collection, storage, confirmation, application, etc., laying a solid foundation for releasing the value of data elements; the technical middle platform widely uses advanced technologies such as low code to lower the threshold for application development. Improved the technological thinking and technological capabilities of employees across the bank.
As of the end of June 2023, CMB's big data services have covered 60% of the bank's business personnel, the technical middle platform has released a total of more than 5,100 components, and the low-code platform has launched a total of more than 9,200 applications.
16 years of hard work to create a digital product
Digital technology will not change the nature of finance, but it can create higher commodity operation efficiency for the real economy and enhance the economic value of the industrial chain by improving access, efficiency and risk control.
With the development of digital technologies such as big data, cloud computing, and artificial intelligence, digital intelligence empowerment has been deeply integrated into various fields of the real economy. The in-depth advancement of digital-real integration is itself an important manifestation of new productivity.
This is also reflected in the process of China Merchants Bank serving a leading global smart home appliance group.
In the white goods industry, the traditional channel chain is long, from brand manufacturers to first-level dealers, then to second-level dealers, and finally to the store terminal, pushing up channel costs.
Therefore, the flattening reform of channels is the general trend.
Against this background, this leading global smart home appliance group has launched a comprehensive sales channel reform, hoping to comprehensively improve the operating efficiency of the industrial chain through DTC (Direct-to-Consumer, direct-to-consumer) model transformation.
After in-depth understanding of customer needs, China Merchants Bank Foshan Branch established a customer service team to jointly build a digital intelligent sales settlement system project team based on financial management cloud + corporate cashier with the group to help the group achieve rapid order flow and capital flow. Matching and automatic reconciliation; at the same time, it provides convenient payment channels to help customers upgrade their sales DTC model and support hundreds of billions of capital transactions.
The project leader of the group reported that after the complete sales channel reform and system went online, the inventory turnover times of the group's dealers doubled, improving quality and efficiency significantly.
At the same time, the data on capital flow and order flow have made the portrait of dealers' ecological customer groups clearer, and provided more comprehensive data support for the inclusive loan needs of dealer customers throughout the group.
“During on-site visits to enterprises, we found that large groups generally have frequent cross-regional and cross-bank business transactions, large differences in member institutions, complex account structures, cross-border capital transactions and other fund management difficulties, resulting in complex financial management systems and financial problems. Costs remain high," said Liu Xuewu, general manager of the transaction banking department of China Merchants Bank.
The CMB Treasury Management Cloud Professional Edition, which has 18 functional modules and nearly 2,000 functional pages, can provide enterprises with a complete set of global bank account views, efficient and stable payment and settlement, process-based internal fund valuation, dynamic fund risk monitoring, Six major financial scenario services, from integrated investment and financing management to intelligent big data analysis, protect enterprises’ intelligent financial transformation.
In addition to the professional version, the financial management cloud also has a single-family version, a standard version, and an exclusive version. It serves unified financial management under different scales, different stages, and different management models, and meets the requirements of leading enterprises, expanding enterprises, and growing enterprises. The different financial management needs of large enterprises and even start-up enterprises.
It is understood that China Merchants Bank has developed the first self-developed cross-bank fund management system in 2007 and has served more than 5,000 outstanding Chinese enterprises in the past 16 years.
The core of having the ability to serve the digital transformation of enterprises is that China Merchants Bank not only has the advantages of investment and commercial bank integration and industry professional operation, but also can make full use of its own digitalization and financial service capabilities to empower enterprises, thereby truly participating in the integration of corporate finance and business. , provide assistance for enterprise transformation in the process of digital intelligence.
The balance of science and technology loans increased by 80 billion yuan year-on-year
To develop new productive forces, scientific and technological innovation is the core driving force, and cultivating new scientific and technological industries is a key task.
However, facing the new situation of intensified technological competition between major powers, promoting the development of new productive forces through technological innovation is facing severe challenges.
In this context, the financial industry has been entrusted with the important historical mission of promoting self-reliance and self-reliance in high-level science and technology and accelerating the construction of a modern industrial system.
To this end, seven science and technology innovation financial reform pilot zones have been established across the country. Each pilot zone has actively explored, increased innovation in financial products and service methods, developed science and technology innovation financial institutions, optimized the science and technology innovation financial market system, and accelerated the activation of new technologies. The core element of quality productivity - technological innovation.
As the only national-level science and technology innovation and finance reform pilot zone in Jiangsu Province, Nanjing is making every effort to build a high-quality science and technology innovation and finance development pattern with a virtuous cycle of "technology-industry-finance".
In June 2023, the General Office of the Jiangsu Provincial Government issued the "Implementation Plan for the Construction of a Science and Technology Innovation Financial Reform Pilot Zone in Nanjing".
As an important location of China (Nanjing) Software Valley (hereinafter referred to as "Software Valley"), Yuhuatai District of Nanjing City is the first to conduct trials.
In order to better serve technology companies, China Merchants Bank Nanjing Branch established its first technology branch, Yuhua Technology Sub-branch, and signed strategic cooperation agreements with the Yuhuatai District Government and the Software Valley Management Committee, opening a new channel for bank-government-enterprise cooperation.
Jiangsu Dinghong System Engineering Co., Ltd. is a national high-tech enterprise and technology-based small and medium-sized enterprise located in Software Valley. It is mainly engaged in the research, development and sales of innovative software and hardware.
At the beginning of 2023, an important requirement for the company's intention to bid is that the company must complete the machine purchase as soon as possible after winning the bid, and complete the construction and debugging of the system software and hardware within 6 months, which will bring huge financial pressure to the company in the short term.
Enterprises are faced with difficulties in applying for loans from banks because they have not reached an agreement with banks on the conditions for guarantee relief.
After learning about the financing difficulties faced by the company, the Nanjing Yuhua Technology Branch of China Merchants Bank immediately visited the company to learn about the company's operations, set up a special corporate service class, and provided credit loan support, alleviating the company's urgent needs.
However, successfully obtaining credit approval is only the first step for China Merchants Bank to serve enterprises.
"In order to allow enterprises to further experience the 'all-round' and 'temperate' nature of CMB's science and technology innovation finance, we rely on CMB's platform and ecological advantages to provide financing services to enterprises while also actively helping them expand financing channels, sales market to achieve traffic diversion." Shi Qin, account manager of Nanjing Yuhua Technology Branch of China Merchants Bank, introduced.
It is reported that the bank has been helping companies contact multiple PE/VC institutions for several months to help companies diversify their sources of operating funds.
Not only that, the bank also built an information communication bridge at bank-enterprise matching meetings in relevant parks, helping enterprises obtain orders of 5 million yuan.
The case of Jiangsu Dinghong Systems Engineering Co., Ltd. is just a snapshot of how China Merchants Bank helps technological innovation enterprises develop and grow.
In recent years, China Merchants Bank has taken technology finance as the main direction of serving the real economy, further focusing on serving technology enterprises, helping to accelerate the integration of technological innovation resources, accelerating the formation of new productive forces, and injecting new momentum into high-quality development.
According to Hou Weirong, President of the Corporate Finance Headquarters of China Merchants Bank, in order to continuously improve the organizational structure of technology finance, China Merchants Bank has identified six key branches as the first batch to carry out technology finance pilots and has successively established 15 technology sub-branches.
As of the end of 2023, the number of key branches in science and technology finance has increased to 11, and it is planned to further expand to 20 in 2024.
At the same time, as of the end of 2023, China Merchants Bank has served more than 140,000 technology enterprise customers, accounting for 23% of the major national technology list companies; the balance of technology enterprise loans exceeded 420 billion yuan, a year-on-year increase of more than 80 billion yuan.
"Our bank will further improve the service quality and efficiency of technology enterprises, accompany every step of corporate growth with a complete system and professional services, and let technology finance inject strong impetus into high-quality development." Hou Weirong said.