One of China’s big four state-owned banks has released a new list of key needs that it sees arising in the country’s fintech market in the near future.
China Construction Bank (CCB) unveiled its “21 fintech demands” in the southern Chinese tech hub of Shenzhen on 16 April, purporting to provide a comprehensive account of the direction of future demand in the domestic fintech sector.
The 21 demands were divided into the six areas of artificial intelligence (AI), big data, the internet, the Internet of Things, biometric identification and other, and encompassed on-site financial applications, big data sales and risk control.
With regard to AI, CCB calls for the use of AI in tandem with big data to establish a “smart voice” call system which makes use of robots to replace human workers during client interactions.
When it comes to big data, CCB envisages the application of the technology to multiple bank operations, including sales, credit risk identification, collateral assessment and bank tax integration.
CCB said that big data mining technology can be used to establish data-driven smart sales systems, for the comprehensive collection and analysis of customer behavioural data, as well as the analysis and matching of sales resources to target client demographics.
In terms of client demographic identification, CCB says that multiple consumption channels and consumption preferences of clients can be used to filter out and identify consumer demand, as well as target client groups with strong credit ratings.
CCB made reference to its own credit assessment system, which uses big data resources from multiple industries to provide a more comprehensive credit score for clients.
With regard to internet-related demands, CCB highlighted the need to incorporate official marriage registration information via the internet in order to prevent frequent cases of fraud involving fake divorce certification.
CCB also flagged plans to use its strengths in the area of credit and funding to establish a “bank + overseas study” internet platform to provide financial services to Chinese students abroad, including payment and remittances, education loans and credit assessment.
The state-owned lender also highlighted the potential for blockchain technology to develop certification that can better prevent risk in relation to time deposits.
According to CCB many problems and risk incidents have arisen in relation to the handling and storage of certification for time deposits, including the forgery of certificates and their illicit use as collateral.
CCB believes that the digitisation of certificates via a blockchain-driven system can help to prevent fraud as well as improve storage and security.