Li Nanqing, President of Weizhong Bank： Financial technology is reshaping and rebuilding the financial service industry.
China Net Finance November 30 th On November 30 th, the 2022 seminar on digital transformation of small and medium-sized banks, sponsored by China Net Finance and supported by the Financial Science and Technology Database of China Academy of Social Sciences, China Financial Research Center of Tsinghua University Institute of Economics and Management, China Banking Research Center of Central University of Finance and Economics and Digital Economy Research Center of School of Finance of Southwestern University of Finance and Economics, was held heavily online. With the theme of "Keeping Honesty and Innovating Smart Finance", this seminar invited many heavyweight guests, such as pioneers of digital transformation of head banking institutions, industry experts, and representatives of the chairman or president of small and medium-sized banks who were selected as "Excellent Cases and Leading Figures of Digital Transformation of Small and Medium-sized Banks in China Network in 2022", to discuss the road of digital breakthrough of small and medium-sized banks. Li Nanqing, Party Secretary and President of Weizhong Bank, delivered a keynote speech at the seminar.
Li Nanqing said that under the background of the digital wave, financial technology is reshaping and rebuilding the financial service industry that has lasted for thousands of years. As a banking industry that shoulders heavy responsibilities in economic and social development, it is duty-bound to promote the development of the digital economy. As the first digital bank in China with the vision of building a leading digital bank in the world, Weizhong Bank has been actively exploring financial technology since its establishment, deeply cultivating inclusive finance, serving the real economy and adding new impetus to the high-quality development of the digital economy.
Li Nanqing pointed out: First, give full play to the advantages of digital technology and cultivate inclusive finance deeply. Digitalization is not only a new practical need for the banking industry to achieve high-quality development, but also an inherent requirement for better supporting the development of the real economy and better meeting the people’s growing needs for a better life. The second is to focus on digital microfinance and help the development of the real economy. As the blood of the real economy, the job of finance is to serve the real economy. Digital inclusive finance is the perfect combination of data and inclusive finance’s advantages, which embodies the people-oriented principle, not only can meet the growing financial needs of mass consumers, but also provides a new idea for solving the worldwide problem of financial services for small and micro enterprises. The third is to explore self-reliance and self-reliance in science and technology and solidly promote high-quality development. Under the background that the country advocates "self-reliance and self-improvement through science and technology", scientific and technological innovation is also an important fulcrum for the sustained and steady development of the financial industry, which is related to the stability and efficiency of the national economic operation. Financial institutions need to increase investment in science and technology, open sharing and take the road of innovation-driven development.
Li Nanqing said that the pioneering development opportunities in the digital economy era are fleeting. Standing on a new journey and a new starting point, Weizhong Bank will stick to the initial mission of "making finance universal", firmly adhere to the strategic direction of "micro+mass+technology", focus on the national strategy, grasp the development opportunities in the digital economy era, strengthen key core technology research, and rely on cutting-edge financial technology to explore a new path of inclusive financial practice, so as to contribute to the innovation of the banking industry, help all walks of life to carry out digital transformation, and contribute to the high-quality development of China’s digital economy.
The following is a record of the speech:
Dear leaders, distinguished guests, ladies and gentlemen,
Hello everyone! I’m Li Nanqing from Weizhong Bank. Today, I am honored to be invited to participate in the seminar on digital transformation of small and medium-sized banks in 2022 sponsored by China Net Finance. On behalf of Weizhong Bank, I would like to express my heartfelt thanks to all of you for your concern and support. Below, I will share some thoughts on the digital development of banks in combination with the development of Weizhong Bank itself.
Under the background of digital wave, financial technology is reshaping and recreating the financial service industry that has lasted for thousands of years. As a banking industry that shoulders heavy responsibilities in economic and social development, it is duty-bound to promote the development of digital economy.
As the first digital bank in China with the vision of building a leading digital bank in the world, we have been actively exploring financial technology since its establishment, deeply cultivating inclusive finance, serving the real economy and adding new impetus to the high-quality development of the digital economy.
Give full play to the advantages of digital technology and deepen inclusive finance.
Digitalization is not only a new practical need for the banking industry to achieve high-quality development, but also an inherent requirement for better supporting the development of the real economy and better meeting the people’s growing needs for a better life.
In December 2014, adhering to the mission of "making finance universal", Weizhong Bank was born in Shenzhen, the capital of innovation, and became the first digital bank established in China. It is precisely because we realize that financial technology is the most effective means to serve long-tail customers and achieve sustainable development. Therefore, since the opening of the business, we have been consistently driven by scientific and technological innovation, always attached great importance to the investment and construction of financial technology, constantly explored technological innovation and landing practice, exerted scientific and technological strength to innovate the digital inclusive finance path, and served the vast number of small and micro enterprises and long-tailed public customers.
Long-tailed people represent the broadest masses of the people and are the key clients of inclusive finance. Improving the people’s livelihood and well-being of long-tailed people is a key link to promote common prosperity. Since its inception, we have fully realized the difficulties and particularity of the development of long tail individual customers and the vast number of small and micro enterprises. Based on digital technology, we will study the innovative application of financial scenarios, improve the quality and efficiency of financial services, improve the experience of financial services, and continuously narrow the digital divide. In practice, we have gradually established a matrix of financial products represented by "micro-loans" and "micro-loans", which have widely served individual industrial and commercial households, new blue-collar workers and young white-collar workers. At present, we have provided comprehensive financial services including online bank accounts, deposit financing, micro-credit and payment for 340 million individual customers and over 3 million micro-market entities nationwide, covering inclusive finance customers such as farmers, urban low-income people, poor people, the disabled and the elderly, supporting the development of the real economy, especially small and micro enterprises, and initially embarking on a sustainable digital inclusive finance path.
Bridging the "digital divide" has increasingly become an urgent problem to be solved in the times. Today, with the high convenience of financial services, there is still room for further improvement in the services of financial institutions for people with special needs. We always believe that financial services, especially digital financial services, should be boundless and endless. Since 2015, Weizhong Bank has been exploring digital barrier-free services and aging-adaptive services for financial products. At present, it has successfully created temperature, dignity and sustainable digital services for hearing-impaired people, visually-impaired people and elderly customers through the sign language service of "micro-loan", the barrier-free version of "Weizhong Bank App" and the parents’ version.
Focus on digital microfinance to help the development of the real economy.
Small and medium-sized enterprises are the "capillaries" of China’s economy, which have played an important role in promoting development, promoting innovation, increasing employment, improving people’s livelihood and opening wider to the outside world. However, small and medium-sized enterprises are not only facing the worldwide problems of difficult and expensive financing, but also facing various challenges and crises from the external environment, and their living environment is becoming more and more severe. As the blood of the real economy, the job of finance is to serve the real economy. Digital inclusive finance is the perfect combination of data and inclusive finance’s advantages, which embodies the people-oriented principle, not only can meet the growing financial needs of mass consumers, but also provides a new idea for solving the worldwide problem of financial services for small and micro enterprises.
We pioneered the intelligent financial service product "micro-loan" for small and micro enterprises in the industry, and formed three characteristics and advantages of "digital big data risk control, digital precise marketing and digital precise operation", which effectively broadened the financing channels of small and micro enterprises and fully met their "short and urgent" financing needs. By the end of June, micro-industry loans had spread to 29 provinces/autonomous regions/municipalities directly under the Central Government, with a total of over 3 million applications from micro-market entities, and the accumulated loan amount exceeded 1.3 trillion yuan. "Micro-credit" effectively resolves the structural contradiction between supply and demand, expands the coverage of financial services, and provides a useful practical case for further deepening the reform of financial supply side.
We have also actively innovated service models such as "government and banking" and "banking and political insurance", forming a joint effort to enhance the sense of financial services acquisition of small and micro enterprises and science and technology enterprises, and have already landed in Hunan and Shenzhen. Among them, based on the full investigation and analysis of the operating characteristics and financing needs of small and micro enterprises with scientific and technological innovation, Weizhong Bank launched a scientific and technological financial product, "Kechuang Loan", and provided financial support for small and micro enterprises with scientific and technological innovation and strategic emerging industries around the road map and industrial chain layout of national scientific and technological innovation.
In addition, we further broaden the profit-making space for the real economy, and further reduce the financing costs of small and micro enterprises by lowering interest rates, providing free accounts and transfer services; In order to support the anti-epidemic and disaster relief work and help the enterprises affected by the epidemic to resume production, we have continuously introduced a number of assistance policies, such as delaying repayment, issuing interest-free coupons, repaying the principal and interest-free, etc. In 2021, we made a profit of 2.5 billion yuan to the real economy, benefiting 320,000 small and micro enterprise customers, and achieved good social benefits and assistance effects.
Explore self-reliance and self-reliance in science and technology, and solidly promote high-quality development.
Under the background that the country advocates "self-reliance and self-improvement through science and technology", scientific and technological innovation is also an important fulcrum for the sustained and steady development of the financial industry, which is related to the stability and efficiency of the national economic operation. Financial institutions need to increase investment in science and technology, open sharing and take the road of innovation-driven development.
As the first digital bank in China, financial technology is our core engine to promote the development of inclusive finance. Weizhong Bank has always applied cutting-edge technologies such as ABCD (Artificial Intelligence, Blockchain, Cloud Computing, Big Data) in its own financial business practice. While effectively meeting the small-scale high-frequency financial needs of the general public and small and micro enterprises, the leading financial technology capabilities have provided strong support for us to achieve the development goal of "universal" and "beneficial".
For example, at the beginning of our business, we concentrated our resources to build the first distributed banking core system with completely independent intellectual property rights, which can support hundreds of millions of customers and high concurrent transactions in China. Based on this, we can save the huge cost of purchasing high-end computing resources and software licenses, reduce the annual IT operation and maintenance cost of a single account to 2.2 yuan, which is less than one tenth of that of domestic and foreign counterparts, and realize the sustainability of inclusive finance’s development by means of scientific and technological innovation. Since the system was launched, it has achieved 24*365 uninterrupted operation, and has successfully served more than 340 million customers, achieving a peak of more than 790 million transactions per day, the fastest product launch speed of 10 days, and the product availability rate of 99.99975%.
At the same time, as an open bank, we constantly try to open our scientific and technological capabilities to the industry, and jointly promote the development and prosperity of the industry. Since the announcement of comprehensive open source in 2019, Weizhong Bank has firmly implemented the open source strategy, and launched a total of 33 open source projects in four major areas of ABCD, helping to bridge the digital development gap among financial institutions, promoting the deep integration of digital technology and the real economy, giving birth to new industries, new formats and new models, and constantly promoting innovation in the digital financial industry.
The first development opportunity in the era of digital economy is fleeting. Standing on a new journey and a new starting point, Weizhong Bank will stick to the initial mission of "making finance universal", firmly adhere to the strategic direction of "micro+mass+technology", focus on the national strategy, grasp the development opportunities in the digital economy era, strengthen key core technology research, and rely on cutting-edge financial technology to explore a new path of inclusive financial practice, so as to contribute to the innovation of the banking industry, help all walks of life to carry out digital transformation, and contribute to the high-quality development of China’s digital economy.
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