Exploring the meaning of the digital transformation of banks： improving the sense of acquisition, happiness and security of financial services
Under the background of speeding up the construction of digital China, the wave of industrial digitalization is coming, and all walks of life are actively embracing digital transformation. According to the statistics of China Xintong Institute, in 2022, the digital economy penetration rate of China’s tertiary industry, secondary industry and primary industry was 44.7%, 24.0% and 10.5%, respectively, up by 1.6, 1.2 and 0.4 percentage points year-on-year, and the digitalization level of service industry and industry continued to make steady progress.
As an industry that carried out digital transformation earlier, the banking industry has achieved remarkable results in digital transformation in recent years. The index compiled by the Digital Finance Research Center of Peking University shows that the digital transformation index of Chinese banks has increased from 14 in 2011 to 94 in 2021, and digital empowerment has become a "standard" for commercial banks.
As one of the first commercial banks in China to start digital transformation, Everbright Bank has a say in this respect. Compared with passively adapting to the general trend, Everbright Bank knew from the beginning of exploring digital construction that financial work must adhere to politics and people’s nature. Therefore, China Everbright Bank drives digital transformation with business transformation, continuously improves its digital operation capability, actively integrates industrial digitalization and digital government construction in its corporate ecological construction, focuses on the "finance+life" ecological service system in its retail ecological construction, continuously improves its wealth companionship ability, and comprehensively develops digital financial services by relying on China Everbright Bank APP, China Everbright Cloud Payment, enterprise digital services and scene financial services, so as to continuously improve users’ sense of acquisition, happiness and security, and effectively solve the real economy and people.
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Meet the advanced needs of the people with precise services
The rapid development and mature application of emerging technologies not only improve the convenience and availability of financial services, but also change financial services from "one thousand people" in the past to "one thousand people" now. In the quietly coming Banking 4.0 era (digital and open banking era), "personalization" and "customization" are the trend and the key for financial institutions to win. At this stage, head commercial banks are making digital transformation with the goal of "knowing users best" and providing users with accurate services, and Everbright Bank is no exception.
Under the background of common prosperity, people are no longer satisfied with obtaining basic financial services, but want to share the dividends brought by economic growth and reform and development. The "colorful sunshine" net worth wealth management product system launched by China Everbright Bank in recent years is characterized by seven colors of sunshine, including stocks, mixed strategies, fixed income, cash management, alternative assets, private equity and structured investment and financing. It has the unique advantages of complete categories, clear attributes and clear risk levels, and is favored by investors.
A bank with deep digital transformation should be able to analyze and identify users’ trading behaviors and risk preferences in a timely manner, accurately judge users’ "pain points" needs, long-term business and risk preferences, and personalize the products, services and information that users really want.
And this is what Everbright Bank is doing-relying on digital service means, integrating innovative operation methods such as artificial intelligence and big data analysis, and focusing on creating a personalized investment journey, Everbright Bank APP selects high-quality product shelves, configures exclusive one-to-one video investment, and comprehensively upgrades wealth management, funds, loans, private placement and pension channels to provide more product choices for wealth management users; Newly upgrade the "wealth management night market" service, focus on launching the theme activity of "wealth courtesy season", and create an integrated operation system integrating content, traffic, products and activities, so as to better meet the comprehensive financial service needs of customers; In response to customers’ demands for customized content companionship, Everbright Bank App launched a "Watch" page in the form of intelligent presentation, gathering high-quality content from more than 50 head financial and pan-financial institutions, and actively pushing users’ interested content information according to their trading habits and areas of concern to help users understand the most cutting-edge market dynamics from finance to people’s livelihood.
This intelligence, accuracy and high quality are also reflected in other services of retail finance of China Everbright Bank. Taking retail credit as an example, based on different consumption scenarios, different consumer needs and different user portraits, Everbright Bank’s "Lightspeed Loan" provides online financing convenience for users in many scenarios such as car purchase, decoration and tourism, and at the same time increases the maximum credit line of products from 200,000 yuan to 300,000 yuan, and provides one-click measurement service to effectively meet the diverse consumer needs of users.
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Let financial services be close to the people, convenient and beneficial to the people.
One of the driving forces for the digital transformation of the banking industry is that online channels can fully release the service kinetic energy of banks and significantly broaden the service radius of banks. According to the incomplete statistics of China Banking Association, in 2022, the average electronic channel diversion rate of China’s banking financial institutions reached 96.99%, and more and more users chose to obtain financial services anytime and anywhere through digital channels.
Take the "payment" scenario where banks and users have the most intersection as an example. Once there is a "blocking point" in the process, it will be thousands of households. Considering the high frequency, diversity and urgency of the people’s demand for payment, China Everbright Bank has made financial services more beneficial to people’s livelihood, warm people’s hearts and conform to people’s wishes, further divided the accuracy of convenience services, and specially focused on convenience payment scenarios to launch Everbright Cloud payment services. At present, the cloud payment App has been upgraded to version 4.0, which supports more than 15,000 payment items in 30 categories, including water fee, electricity fee, gas fee, social security, heating, education examination and medical care, covering all aspects of users’ production and life. On the cloud payment App, users can complete a payment in less than one minute on average, eliminating the trouble of queuing at the offline counter.
While making every effort to improve the efficiency of online services, China Everbright Bank has never neglected human care and made efforts to make digital financial services more temperature-sensitive. For the elderly, both Everbright Bank App and Cloud Payment App have launched an aging care model. By designing super-large fonts, they bring together basic high-frequency functions such as inquiry and payment, record viewing and message notification, and display simple and easy-to-operate pages to help users easily cross the digital divide. At the same time, we provide comprehensive consultation methods such as video customer service, voice customer service, text customer service and frequently asked questions, so that the elderly can enjoy the "zero distance" service in the digital age with intimate online guidance.
It is worth mentioning that, as the "window" of Everbright Bank’s convenience service and the leading open convenience payment platform in China, in 2022, there were 580 million users of "Everbright Cloud Payment" service, and more than 2.5 billion payments were made, which really made more people realize the dividends brought by the digital transformation of banks.
In addition, China Everbright Bank has thoroughly implemented various national decisions and arrangements on new urbanization and rural revitalization, and strengthened the promotion of open payment services in counties, townships and below. The electricity, communication and cable TV fees of "China Everbright Cloud Payment" have covered 31 provinces (autonomous regions and municipalities directly under the Central Government), and the online social security payment service has covered 29 provinces (autonomous regions and municipalities directly under the Central Government), and the service has been exported to more than 80 multi-level government service platforms, actively helping. At the same time, the "Everbright Shopping Wonderful" platform effectively strengthens the digital transformation of rural areas in the "production → management → sales → reproduction" link of traditional agriculture through consumer assistance, and takes many measures to open up the "first mile" of agricultural products from the field and the "last mile" of consumers’ hands, actively explore the promotion mode, broaden sales channels, and go hand in hand with online sales and live broadcast, and unite with external institutions through online live broadcast of agricultural products.
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Escort the high-quality development of the real economy
Empowered by emerging technologies, the digitalization of China’s real economy is constantly improving. In 2022, the digital transformation of China’s manufacturing industry will be further promoted, and the scale of the industrial Internet industry is expected to reach 1.2 trillion yuan. Serving the real economy is the bounden duty of finance, which requires commercial banks to make full use of digital financial innovations to help the high-quality development of the real economy while promoting their own digital transformation.
However, in the process of exploring the integration of data and reality, the needs of enterprises are often varied and eclectic. How should banks meet them one by one? The solution given by China Everbright Bank is to break the banking service boundary with an open concept, build a new digital management model, and completely complete the transformation from "product thinking" to "customer thinking".
Take the open service of China Everbright Bank as an example, its comprehensive scenario solution covers the core business sectors of deposit, loan, remittance and management of banks, and at the same time, it builds an open financial ecosystem in the fields of convenient payment, housing construction, government affairs, online freight transportation, education, medical care, manpower and enterprise management, and then exports the comprehensive solution with digital genes to cooperative enterprises, so that enterprises can enjoy all-round, intelligent and multi-level "financial+non-financial" scenario services.
For example, China Everbright Bank’s "Logistics Link" innovatively integrates various types of bank account systems, provides online comprehensive financial service solutions covering account management, payment and settlement, and online financing for logistics cooperative enterprises, establishes a "driver’s zone", and empowers new logistics enterprises such as online freight platforms and non-vessel shipping platforms to transform into smart logistics. At the same time, in order to strengthen the role of service intermediary and platform as the intermediary of the industrial chain, China Everbright Bank has also launched advantageous products such as "Optical Pay" and "Optical Communication", and combined with innovative technologies such as blockchain and big data, the number and reality are integrated into core enterprises and small and medium-sized enterprises in the upstream and downstream of the industrial chain to provide comprehensive financial services such as payment settlement and online financing to promote the smooth economic cycle.
In addition, in order to consolidate the "foundation" of enterprise services, China Everbright Bank has optimized and upgraded the public online platform several times in recent years. Among them, Everbright Enterprise Online Banking launched the "Enterprise Credit Report Inquiry Service" in 2022, and in 2023, it upgraded the agency service as a whole, providing value-added services such as encryption agency, fixed time agency and automatic distribution of agency functions. On the other hand, Everbright Enterprise Mobile Banking focuses on service mobilization, process optimization and remodeling, customer experience improvement and risk control measures upgrade, and has many special zones such as cross-border finance, cash management, supply chain finance, payroll payment and other first-class services such as foreign exchange services, letter of guarantee services and tax services, which fully meet the diversified needs of corporate customers’ mobile terminals.
Considering the important value of the integration of industry and finance, China Everbright Bank also takes the salary generation scenario as the core breakthrough point, and provides corporate customers with services in the fields of personnel, finance, taxation and collaborative office through the enterprise administrative service platform. From employee management and attendance management to salary management and individual tax management, the platform organically integrates daily business management and financial services, helps enterprises to realize digitalization, diversification and refinement of internal business management, and helps enterprises reduce costs and increase efficiency.
When more and more enterprises realize industrial digital transformation with the help of the open platform of financial services and diversified industrial digital services, China’s real economy will also usher in the "second curve" of growth, realize the "gorgeous turn" from resource-driven to innovation-driven, and the pace of high-quality development will be more stable and firm.
In the era of Bank 4.0 characterized by digital operation, personalized products and agile business, forward-looking commercial banks have accelerated their digital transformation. However, it should be clear that digital transformation has always been a means rather than an end. Serving the real economy and serving the people has always been the starting point and the end result of digital transformation of the banking industry.
As a medium-sized financial enterprise, China Everbright Bank will continue to adhere to the political and people-oriented nature of financial work, continue to promote digital transformation, use digital financial innovations to help the high-quality development of the real economy and create value for the people’s better life.
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