Wu Hongtao, Deputy Secretary of the Party Committee and President of Bank of Tianjin Co., Ltd.
On January 5, the 17th China Institutional Investors Annual Meeting hosted by China Times was held in Beijing, and the 17th Golden Cicada Award was announced at the same time. The theme of this annual meeting is “Exploring New Momentum for High-Quality Development”. Well-known scholars from the economic and financial industry and representatives of outstanding enterprises in the industry gathered together to make suggestions for the future of China’s economy and seek development together.
In his keynote speech, Wu Hongtao, Deputy Secretary of the Party Committee and President of Bank of Tianjin Co., Ltd., made a detailed analysis of the current situation and challenges faced by small and medium-sized banks in the development of digitalization, and shared it based on the practice of Tianjin Bank’s digital banking acceleration war. Wu Hongtao The director believes that small and medium-sized banks must do a good job in the digital banking strategy and the “five major articles”, especially the “digital finance” article. Three starting points are very important. First, party building leads the way and makes concerted efforts; The second is to attach importance to talents and use funds for talents; the third is to establish an agile organization.
Digital status and challenges of small and medium-sized banks
The Central Financial Work Conference pointed out that high-quality development is the primary task of building a socialist modern country in an all-round way, and finance must provide high-quality services for economic and social development. It clarified that “technological finance, green finance, inclusive finance, pension finance, Five great articles on digital finance.”
President Wu Hongtao said that the current digital development of small and medium-sized banks, as a whole, lacks a clear concept of technological development, a lack of financial technology strategic planning or difficulty in promoting it, a large gap in high-end “finance + technology” compound talents, and a lack of data foundation and data support. Insufficient capabilities, insufficient information sharing and collaboration capabilities, and coordination and linkage between business and technology lines need to be strengthened.
Digital construction provides a powerful engine for high-quality development
Based on the above situation, how can commercial banks achieve high-quality development with the help of digital power? President Wu Hongtao believes that commercial banks are actually a mature market with full competition. The responsibilities of banks, bank business models, deposit and loan prices, etc., determine that it is difficult for banks to achieve the same goal as some technology-based companies in a short period of time. Achieve rapid development.
How can small and medium-sized banks provide high-quality services for economic and social development and create a good digital financial environment? There are two basic paths. One is to operate with characteristics, which is to give prices a differentiated competitive advantage; the other is to form economies of scale and create cost advantages. “President Wu Hongtao said frankly that the battle to speed up digital banking has allowed Tianjin Bank to find a path and method that not only provides distinctive operations but also creates economies of scale.
In terms of specific digital practices, President Wu Hongtao introduced: First, Bank of Tianjin is laying out digital infrastructure construction in advance, improving data processing and computing capabilities, and providing a powerful engine for the high-quality development of Bank of Tianjin; second, it is promoting the battle to speed up digital banking. Practice “technological support, technological substitution, technological leadership, and technological empowerment” to improve the digitalization level of the entire bank’s business; third, accelerate the ecological advancement of financial service scenarios, deeply and effectively integrate business and technology, and build “one platform, all scenarios, multiple products” “A new model of financial development to improve the quality and efficiency of financial services.
Based on the empowerment of digital banking speed-up strategy, Bank of Tianjin’s performance has increased steadily and risks have been controllable, laying the foundation for Bank of Tianjin’s high-quality development.
“Generally speaking, from the perspective of our practical workers, in order to implement the digital banking strategy well, three starting points are very important. First, strengthen the party’s centralized and unified leadership, and give full play to the party committee’s role in guiding the direction, managing the overall situation, and ensuring implementation. ‘The role of The agile organizational structure strengthens the in-depth integration, collaboration and linkage of business and technology.” President Wu Hongtao concluded.