Industrial Bank Co., Ltd. has been named China’s leading fintech bank for 2018 by one of the country’s top fintech industry events.
The Wuxi branch for Industrial Bank told state-owned media that the bank had won the “2018 Outstanding Fintech Bank Award” as well as the “2018 Payments Technology Innovation Award” at the 2018 China Fintech Development Forum (2018中国金融科技发展论坛).
Sun Xiongpeng (孙雄鹏), vice-head of Industrial Bank, attended the award ceremony for the forum as well as delivered a keynote address on fintech development.
Industrial Bank touted its “continuous and active embrace of new technologies,” with the establishment of a data analysis laboratory, artificial intelligence (AI) laboratory, blockchain team and digitisation design team, as well as the application of cloud computing, big data and AI to risk control, targeted sales, investment and wealth management, internal compliance controls and branch services.
In the field of risk control Industrial Bank has developed a “golden eye” (黄金眼) risk control system based on AI and big data, that uses machine learning to automate risk management.
Industrial Bank says the system has achieved a 55% accuracy rate in providing risk warnings for enterprises that are likely to fall into the “attention” category over an upcoming three month period.
The bank has introduced “smart facilities” and smart counters to its bricks-and-mortar branches to achieve a near 60% increase in service efficiency, while also establishing a “one-stop online financial services platform” that encompasses internet banking, mobile banking, direct sales banking, WeChat banking and text message banking.
According to Industrial Bank the platform enables its 3 million customers to make over 1.3 billion transactions per annum worth over one trillion yuan, replacing 97.08% of counter operations.
Industrial Bank has also sought to raise financial inclusion with its “Yin-Yin Platform” (银银平台) which expedites cooperation and integration between banks by providing comprehensive financial services to small and medium-sized financial institutions, including payments and settlement, wealth management, agency international settlement, training and exchange, and research and consulting.
This in turn expands the provision of modern financial services to third and fourth-tier cities, rural villages and China’s remote areas.
According to Industrial Bank a total of 1324 legal person institutions are cooperative partners under the platform, which accounted for over 4.4 trillion yuan in payment and settlement transactions and the sale of over 2 trillion yuan in wealth products in 2017.