Technological innovation at Asia new vision forum
Tang Jiacai, Chief Information Officer of Ping An Bank, a subsidiary of Ping An Insurance (Group) Company of China, Ltd., took the stage at the prestigious Asia New Vision Forum, hosted by Caixin Global, to discuss the bank’s application of technology in supporting sustainable development. Tang emphasized the importance of building smart banks, enhancing financial data security, and promoting financial inclusion as crucial pillars for achieving long-term sustainable growth.
In his address, Tang reiterated Ping An Bank’s mission to become China’s foremost smart retail bank, driven by sustainable development principles. Leveraging the vast resources of Ping An’s integrated finance ecosystem and cutting-edge technology, the bank aims to serve the real economy while fulfilling its corporate responsibilities as a financial services institution.
One of the key initiatives highlighted by Tang was the implementation of Smart Banking 3.0. Recognizing the challenges and opportunities brought by the ongoing global technological revolution, Ping An Bank aims to break free from traditional banking limitations. By adopting a customer-centric and data-driven approach, the bank can gain deep insights into customer preferences through rigorous Know Your Customer (KYC) processes, providing personalized and intelligent financial recommendations. Automation and digitization have also played a pivotal role in streamlining operations, with approximately 99 per cent of Ping An Bank’s centralized processes being automated by the end of 2022. This has allowed staff to focus on higher-value tasks, resulting in significant cost savings of RMB600 million.
Ensuring the security of financial data and safeguarding customer privacy emerged as another critical area of focus for Ping An Bank. Tang emphasized China’s commitment to data security management within a regulated framework. The bank employs both technological and managerial means to achieve data security. Technologically, Ping An Bank establishes secure network environments, implements firewalls between business divisions, and ensures data collection occurs only with customer authorization. Furthermore, the bank follows a tiered security management system for different data sources, providing varying levels of protection based on the sensitivity of the data. In 2022, Ping An Bank conducted a comprehensive security audit and provided regular information security training to its staff, reinforcing the importance of data security, personal information protection, and adherence to information security laws.
Highlighting the bank’s dedication to financial inclusion, Tang underscored Ping An Bank’s commitment to leveraging fintech to bridge the digital divide. By harnessing the power of the internet, cloud computing, big data, and artificial intelligence, the bank aims to improve the accessibility of financial services for all. Ping An Bank has dedicated substantial resources to inclusive finance, with its loans to small and medium-sized enterprises reaching RMB528.226 billion by the end of 2022, accounting for 17.11 per cent of the total loan balance—an impressive 38.22 per cent increase from the previous year. The innovative Ping An Pocket Bank App has proven to be instrumental in providing online services to small and micro enterprises, offering benefits such as fee waivers, tax services, legal assistance, and affordable loans. Over 13 million users have registered on the app, with more than 4.7 million actively engaging in transactions. Additionally, Ping An Bank launched an online platform catering to small and medium-sized banks, addressing their unique challenges by offering an array of financial products. Through collaborations with peer institutions, the bank has successfully extended its services to remote counties, villages, and rural financial institutions, supporting small and micro enterprises and farmers in underserved areas.
Ping An Bank’s presence at the Asia New Vision Forum showcased its commitment to sustainable development through technological innovation. Tang’s keynote address highlighted the bank’s strides in building smart banks, securing financial data, and promoting financial inclusion. Ping An Bank’s endeavors are poised to reshape the banking landscape, empower customers, and contribute to a more sustainable future.
Tags: AsiaPing An Bank
