The peak body for the Chinese banking sector has called for financial institutions in China to dramatically strengthen their data processing capabilities as well as their fintech staff teams.
“In the era of the digital economy, comprehensive strengthening of data capabilities is a necessity,” said Liu Feng (刘峰), chief secretary for the Chinese Banking Association (CBA), on 9 January at the 6th New Finance Forum (第6届新金融论坛).
“The importance of data processing as a fundamental form of work has become even more pronounced.”
Liu called for banking sector financial institutions to “strengthen data asset concepts, deepen the application of data resources, and establish data management systems with strong organisational frameworks and clear demarcations of professional duties.”
“At the same time, [banks] should drive the orderly sharing and comprehensive application of data under the precondition of security and privacy protections…[they] should actively explore the allocation of data confirmation rights and benefits rom data as a factor of production.”
Liu also stressed the need for financial institutions in China to improve their fintech staff teams.
“Digital talent plays a role of the utmost importance during the process of digital transformation of the banking sector…banking institutions should effectively develop fintech talent, and actively establish integrated professional teams that are suited to digital transformation.”