China Banking and Insurance Regulatory Commission issued guidance on the digital transformation of the financial and insurance industry roadmap

Recently, silver China insurance regulatory commission issued the guidance about digital transformation of banking industry “, this is silver circ’s first specialized documents about digital transformation of banking industry, in terms of mechanism, the method of banking insurance digital transformation rules and guidance, to promote the bank insurance agency completes the top-level design, digital transformationWe will promote high-quality development of the financial sector.”Overall,” guidance “adhere to the implementation of top-level design and implementation, encouraging innovation and risk prevention, and the relation between system consummation and technology promotion, has been clear about the digital transformation of banking insurance of guiding ideology, basic principles and working target, banking insurance requirements to 2025 significant results were obtained in digital transformation,It points 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 banking and insurance industry in the future period.””Said Dong Ximiao, chief researcher of Zhaolian Finance.In recent years, banking and insurance institutions, empowered by fintech, have taken the initiative to accelerate product and service innovation, continuously improve the quality and efficiency of financial services, and made rapid progress in digital transformation.At the same time, banking and insurance institutions still face many challenges in the process of digital transformation.The guidance mainly requires 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 construction of digital risk control capacity.Wang Wei, chief industry analyst at the Bank of Communications Financial Research Center, said that the guidelines put forward specific requirements on the risks in the digital transformation of banking and insurance institutions from the perspective of regulators, including strategic mechanisms and methodologies, and included the digital transformation of banking and insurance institutions in the scope of information technology supervision.Implementing the digital operation of banking and insurance industry will generate new risks which are different from the traditional management mode., for example, data security, network security, privacy, and compliance with, and other fields will be digitized management needs to focus on the risk of some times, and its formation, the key point to control, risk slow release of the underlying logic and traditional concept is not the same, also need to bank insurance institutions to speed up the transformation of risk management and risk management system of synchronous,To improve the ability of digital management to better guard against digital management risks.It is worth noting that the guidelines require the boards of directors of banking and insurance institutions to strengthen top-level design and overall planning, and scientifically formulate and implement digital transformation strategies based on serving the goals of the real economy and major national strategies.Wang Wei said, because the Banks in comprehensive strength and transformation requirements, data management, and ability of science and technology, the digital management of the actual level, different work emphasis of digital transformation, need to develop its own business development needs, technical strength, risk control ability, the digital transformation of matching the “road map” and “shop drawing”.For financial management departments, they should further improve the relevant supporting rules to prevent risks, promote the implementation of the Guidance, and guide and promote financial institutions to accelerate digital transformation.Dong suggested, first, strengthen the construction of financial facilities, accelerate market-oriented credit information integration and sharing, build a unified national information service platform, break the “information island” phenomenon;Second, improve the construction of fintech standard system to promote interconnection and empowerment among industries and institutions;Finally, we should strengthen the construction of public platforms such as cloud computing and scientific research and development, promote joint research and resource sharing, and reduce the transformation costs of financial institutions.(Economic Daily reporter Wang Baohui)

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