As financial technology enters the 2.0 era, what has digital technology done?

In the past few years, technology entrepreneurship has been one of the hottest tracks, and the capital's favor for open source technology has created one after another startups that may become unicorns. At the same time, the financial industry in which capital itself is located has ushered in another era of deep integration with IT technology, which is for financial technology.

What kind of development process has the financial industry experienced from informatization to digitization? What stage has the current financial technology entered? What are the key points of digital transformation under FinTech? What technical capabilities does the financial industry urgently need in China and Taiwan to solve its own pain points?

On April 9th, with the theme of "Digital Aided Capital Efficient Operation", TVP celebrities took the participants to dive into the deep-water area of the era of FinTech 2.0, and travelled through the past, present and future of FinTech.

1. The application and development of Fintech 2.0 stage of “Keeping Upright Innovation”

Wang Chao, Secretary General of the Financial Big Data Research Center of the National Engineering Laboratory and Tencent Cloud TVP, gave a keynote speech titled "Keeping the Right and Innovating" - Application and Development of Financial Technology 2.0 Stage. Starting from the background, technology, scenarios and opportunities of financial technology, he deeply analyzed the application and development of financial technology 2.0 stage.

(1) Financial technology background

At the beginning of the sharing, Mr. Wang Chao introduced to the participants the historical background of my country's financial technology entering the 2.0 stage. He pointed out that the development needs of financial technology mainly come from three aspects: financial service demand, financial service supply, and financial risk safety. On the one hand, it is the inherent demands of financial technology development, but on the other hand, it also faces industry-specific financial pain points:

Small, medium and micro financing, supply-side reform, carbon neutralization, rural revitalization, specialization, specialization, and other strategies;
Unbalanced, shortage of financial services below county level, financial repression and financial disintermediation;
Financial infrastructure is facing development challenges, and new technologies are developing, applying and securing.

From the perspective of finance and technology, finance is a very important scene that drives the development of science and technology. At the same time, finance is also an important tool to support technology. Looking back on the development process of financial technology, it is a process of gradually removing the false and retaining the true, and keeping the truth and innovation.

Since 2015, with the gradual standardization of financial technology and the formulation and improvement of relevant laws and regulations, the development of finance has been promoted. At the same time, the most core and essential advantages have been retained and absorbed and digested by traditional financial institutions. It has entered the 2.0 era of financial technology.

Teacher Wang Chao introduced that the current domestic financial technology industry ecology can be divided into the following three main bodies:

Financial technology market players: financial institutions; financial technology companies; technology, Internet companies...
Fintech regulators: financial regulators; tech regulators; local regulators…
Fintech service institutions: Fintech investment institutions; Fintech incubators; Fintech talent services…
In this ecology, very interesting changes have also taken place. The first is the rapid growth of financial institutions' investment in technology. Data shows that in 2020, the IT expenditures of my country's banks, insurance companies, and securities (only securities companies) will be 207.8 billion, 35.1 billion, and 26.3 billion, up 20% and 27% year-on-year, respectively. ,twenty one%. On the other hand, the revenue of financial technology companies in Internet financial services also maintained a rapid growth momentum. All of the above are intuitive manifestations of FinTech in the process of development and innovation.

(2) Fintech technology

Mr. Wang Chao concluded that the current representative technologies of financial technology can be referred to by "ABCDI": artificial intelligence, big data, cloud computing, blockchain and the Internet of Things five core technology directions, financial technology technology is all around Do some combined applications with these technologies. If you make a simple layering of financial technology technology, you can refer to the division method of cloud computing, from the bottom IaaS layer to the middle PaaS+DaaS layer, and then to the top SaaS layer.

Specific to the typical technical use cases of financial technology, Mr. Wang Chao also gave a very detailed technical direction:

• Artificial intelligence: Machine learning algorithms are widely used in stock market forecasting, risk assessment and early warning, transaction anti-fraud and other scenarios; knowledge graphs are more advanced in mining potential customers and early warning of potential risks; computer vision is used in identity verification and mobile payment. sought after.
• Blockchain: A more representative use case is the central bank’s digital renminbi; in addition, the blockchain builds a decentralized trust foundation, which can store certificates in the blockchain, open up databases, and develop the supply chain financial industry. supported.
• Financial cloud computing / Xinchuang: The first and second phases of the financial Xinchuang pilot have obvious effects, and they have begun to be fully promoted in existing institutions.
• Big data: The data center of financial institutions has basically been built, and has a wide range of use cases in data access, data storage, data computing, data analysis, etc.
• Federated learning: Compared with traditional methods, federated learning technology brings more stringent privacy protection and provides great convenience in the security and compliance of data usage.
• RPA: Intelligent RPA greatly improves work efficiency, reducing the whole process from 4 hours to 10 minutes.

(3) Fintech Scenarios

After introducing the representative technologies of fintech, Mr. Wang Chao gave typical scenarios in the field of fintech combined with practical use cases.

The first is the establishment of a data middle station, which provides a full-featured middle station capability for data acquisition, data storage, data analysis, data security protection, etc. Functional organization construction and other aspects have provided strong support to help business leaders make better decisions.

Then there is the digital and intelligent operation, through user portraits, data analysis and modeling, and accurate delivery, so as to improve the conversion rate of all aspects of marketing, and also improve the user experience.

The third is big data risk control, which realizes the establishment of the underlying label library, the building of models layer by layer, and finally the implementation of the decision engine to help business compliance.

In addition, including digital currency, small and micro finance, industrial finance, policy finance, financial supervision, smart outlets, etc., there are also increasingly mature scenario-based practical cases of financial technology.

(IV) Fintech opportunities

This year, the People's Bank of China issued the "Fintech Development Plan (2022-2025)", which mentioned eight key tasks, including improving financial technology governance, fully releasing the potential of data elements, building new digital infrastructure, and deepening the application of key core technologies. With this as the background, Mr. Wang Chao analyzed the new opportunities ushered in by financial technology in the new era.

The first is financial digital transformation consulting, methods and methods of financial digital transformation, how to build an enterprise structure, how to improve data collection, analysis, and governance, and how to innovate information technology, all of which do not require a lot of consulting and services.

The second is the cultivation of talents. The financial industry has established technology subsidiaries one after another. In the process of deepening the digital transformation, the shortage of high-quality personnel on the supply side is very serious, and the industry's voice for talent cultivation is growing.

The third is financial cloud computing and Xinchuang, which brings more opportunities for domestic cloud computing and Xinchuang enterprises.

In addition, the operation and risk control of financial technology, and regulatory compliance are also classic opportunities. With the improvement of network security laws and regulations, data governance and security in the field of financial technology will also usher in more opportunities and development.

At the end of the sharing, Mr. Wang Chao also gave wonderful answers to user questions, and analyzed the development differences of various entities in the financial industry, as well as the question of which key technologies will get more opportunities for use under the financial technology development plan.

2. Digital transformation under the wave of financial technology

Han Guangzu, the ambassador of Tencent Cloud TVP industry, gave a keynote speech titled "Digital Transformation under the Wave of Fintech". From the perspective of financial digital transformation stage, organization and strategic planning, he deeply analyzed the whole picture of scene manufacturing and agile evolution of ecological bank The development of , imagined the portrait of the Metaverse Bank.

(1) Stages, organization and strategic planning of financial digital transformation

Before getting to the point, Mr. Han Guangzu first analyzed the 4 stages of financial digital transformation for the participants. As shown in the figure below, financial digital transformation has gradually entered the deep-water area of financial digitization, from straight-through finance in the 1.0 era, to flow finance in the 2.0 era, and then to scenario finance in the 3.0 era. In the future, customer finance in the 4.0 era will be It will realize the combination of full customer experience and virtual banking.

Mr. Han Guangzu pointed out that on the strategic planning side of financial digital transformation, the main directions are based on scenario finance, user experience, digital operations, agile driving and core directions, combined with key technologies and operational goals, through an open platform to connect assets and funds. Open approach.

(2) Scenario Manufacturing - SG/SP/SR/SO

Mr. Han Guangzu introduced that scene production is a set of methodology, which includes four aspects: scene grafting (SG), scene participation (SP), scene replication (SR), and scene overlay (SO).

Scenario Grafting (SG): Scenario Grafting has an IBCD funnel model that connects scenarios, values, and time and space. Scene grafting is a series of actions such as cross-border thinking, freshness, differentiation, participation, integration with industry brands, making products into connectors, obtaining more traffic entrances, and increasing customer stickiness.
Scenario Participation (SP): The purpose of scenario participation is to compete for users, attract users to make contributions, and align users with brand actions. Several scenarios mentioned here include Li Dujiu, Oreo, Luhan launching satellites and other cases.
Scene Replication (SR): The purpose of scene replication is to copy the original scenes of life, specialization, and ritualization into specific products, channels or spaces, and build the face of the shopping environment (point to line) with the help of physical scenes. Virtual scene (APP), builds the "face of consumption service"; with the help of scene experience marketing activities, builds the face of "connection and promotion". Environmental service passenger flow sales constitute "body".
Scene Overlay (SO): The purpose of scene overlay is to set up scenes from online to offline around user life, consumption, and social interaction, and flow from scene to scene to give users a full scene experience.

(3) Agile evolution ecological bank

Mr. Han Guangzu said that in the past few years, the concept of agile bank has been mentioned a lot, but now the requirements for banks are not only agile, but an ecological bank with agile evolution. From the dimension of the bank, it can be divided into three modules: channel, product service and community, and private domain. The model of ecological bank also includes open platform type, intermediary popularization and so on. To build such an agile and evolutionary ecological bank, the requirements for the digital team in the financial industry are very high. It is necessary to comprehensively improve the architectural capabilities of the front, middle and back offices of the enterprise, and to achieve sufficient intelligence in the process. It is necessary to continuously build agile An open and self-evolving LEGO-type bank that gathers ecology and achieves symbiosis and win-win results.

*Refer to Accenture Consulting

(4) Metaverse Bank Brainstorming: Starting from Customer Experience

Shi pointed out that, regarding the brainstorming of Metaverse Bank, the core of Metaverse Bank in the next few years will be scenario finance, comprehensive user experience, digital operation combined with journey and ecology, agile drive with technology ABCDIS, and linking assets through an open platform With the capital side, it combines the interaction between the display and the virtual world, and can meet the basic requirements of users and customers 5S (simple, fast, safe, closed-loop, problem-solving).

Referring to the eight elements of the Metaverse given by Roblox, Mr. Han Guangzu proposed the service characteristics of the Metaverse Bank, as shown in the figure below.

The key to the application of Metaverse Bank is how to realize the multi-modal integration and interaction method and ensure the full-scene interactive experience, so as to help the Metaverse value generation and output. When customers put on interactive devices, how mobile banking can achieve functional gameplay, how digital people can achieve wonderful interaction, whether points mall can achieve the effect of shopping, etc., are all forms that can be imagined in the future.

*Data source: Yiou Think Tank

At the end of the sharing, Mr. Han Guangzu made a wonderful analogy: in the process of digital transformation of the industry, financial technology is like a bear chasing you. Bicycles are the basic skills of enterprises, and people who ride bicycles are colleagues in the industry. You stop the pace of innovation and iteration, then you are not far from failure.

3. Innovation and practical sharing of financial audio and video platform construction

Jiang Yuan, senior product manager of Tencent Financial Cloud, shared the theme of "Construction of Financial Audio and Video Middle Office - Innovation and Practice Sharing". Starting from three aspects, it shows the whole picture of Tencent Financial's audio and video middle-stage capabilities.

(1) Tencent Cloud Finance’s audio and video middle-end capabilities

Tencent Financial Cloud has been deeply involved in the financial industry in the past few years, helping dozens of banks to build their own audio and video platforms. Behind this, it relies on Tencent's years of technological accumulation and innovation in RTC technology.

Mr. Jiang Yuan said that Tencent Cloud Real-Time Audio and Video (Tencent-RTC) provides high-quality real-time video call services that are interoperable across platforms. Relying on a strong network infrastructure, it can effectively solve the problem of multi-operator cross-network, low latency, and high concurrency. key issues such as access. Powerful underlying technology, smooth audio and video channels, and professional service teams are the reasons why Tencent Cloud can provide audio and video services.

As we all know, the security and compliance requirements of different financial business scenarios put forward different requirements for the stability of audio and video links and the quality of audio and video sessions. Tencent Cloud also has leading technical design:

1. Layered decoupling architecture design. Support financial scenarios for complex intranet environment, agile development, and security requirements.
2. Audio and video engine and QoS capabilities. 3A processing (echo cancellation AEC, noise suppression ANS, automatic gain control AGC), weak network countermeasures (anti-packet loss, network adaptation).
3. Network-wide acceleration capability. Global edge node coverage, multi-operator access nearby, and real-time intelligent scheduling.

In terms of underlying technology, Tencent Cloud provides out-of-the-box functions such as multi-platform support, multi-functional and rich interfaces, network-wide acceleration capabilities, security and reliability, and guaranteeing call quality even in weak network environments. In terms of influence in the financial audio and video industry, Tencent Cloud, as the lead party, participated in the formulation of financial audio and video industry standards, and is also the head unit of the audio and video working group of the Financial Technology Alliance.

When Tencent Cloud implements audio and video applications, it is committed to building the audio and video middle platform as an infrastructure in the customer service scenario of the whole bank, and supports different business departments and different scenarios based on audio and video capabilities. Teacher Jiang Yuan pointed out that a complete audio and video platform can be divided into three parts from the bottom layer to the top layer: one is the atomized audio and video technology and network infrastructure at the bottom layer, and the other is the componentization of the middle layer based on audio and video scenes The third is the front-end audio and video access channel for customers and banks.

In terms of the core technical capabilities of China and Taiwan, it is concluded that comprehensive capabilities including underlying technology, infrastructure, componentization capabilities, industry understanding, and implementation are required. Tencent Cloud provides a collection of platform capabilities, componentization capabilities, and scene connection capabilities in terms of audio and video middle-end capability architecture, helping the financial industry to quickly access and use it seamlessly, while maintaining security compliance.

In the construction of audio and video channels, Tencent Cloud provides a hybrid cloud deployment architecture of financial-specific audio and video channels plus private audio and video channels to meet the needs of banks' complex business scenarios and regulatory security requirements. Through a set of middle platform, it supports customers to initiate calls from the mobile terminal to handle the business remotely, and also supports the intranet machine terminal to initiate the call processing business, and can realize the collaborative business processing of multiple people, and the work efficiency and customer experience in the financial scenario are simultaneously improved.

(2) Supporting capabilities of audio and video financial services

During the sharing, Mr. Jiang Yuan threw an interesting question: To support complex audio and video business scenarios, what kind of middle-office capabilities should an audio and video platform have? For the answer to this question, Tencent Cloud should have at least four capabilities.

First, there must be omni-channel access, full terminal compatibility, security capabilities, and the ability to support Xinchuang.
Second, there must be an agent-side application and SDK that supports all terminals, support out-of-the-box use, and provide a flexible integrated mode to support the ability to flexibly integrate existing systems in the industry.
Third, there must be strong audio and video component support capabilities, as well as functional component capabilities oriented to business scenarios, and the ability to support application store-style rapid deployment.
Fourth, it has a process orchestration tool based on rapid assembly of components: full life cycle management of video transaction applications. Supports rapid online business scenarios by dragging and dropping.

Under such a closed loop of capabilities, Tencent Cloud currently faces different business lines of banks and has more than 200+ business landing scenarios. It is a powerful assistant for the digital transformation of the financial industry.

(3) Scenario innovation and practice sharing

Teacher Jiang Yuan introduced that Tencent Cloud has a wealth of practical experience to share in the process of scene innovation in the financial industry. In the post-epidemic era, the scene of the video business has developed rapidly, and the "contactless" service has been widely used by customers and users. Approved.

Business videoization is generally divided into two modes: short video and long video. In the short video mode, the video link is generally embedded in the original business flow; in the long video mode, it is more like a branch counter to handle business, first connect the video, and then In the video process, complete the business transaction. These two modes are widely used in the current banking business scenarios.

In terms of actual business scenarios, Mr. Jiang Yuan gave many examples of practical scenarios, such as remote video counter business handling capabilities, cloud marketing negotiation room-marketing-specific video conference capabilities, remote credit service capabilities for inclusive finance scenarios, Diversified innovative scenarios such as self-service double recording + digital human intelligent double recording help the financial industry to meet the continuous innovation needs in video scenarios.

At the end of the sharing, Mr. Jiang Yuan also answered the user's technical support questions such as how to do Tencent Cloud under the requirements of bank security compliance in a very detailed and comprehensive manner.

Epilogue

With the advent of the industrial Internet era, the engine that drives the development of traditional industries has quietly changed, and digital technology has become the driving force for changing industry standards.

From the very beginning of its establishment, TVP hopes to "influence the world with technology", so that technology can benefit everyone, and practice the original intention and original intention of science and technology for good. As a technology organization with tech giants and industry ambassadors, TVP hopes to be a hub for industry upgrades and innovative cognition in the era of digital transformation, and use a series of splendid closed-door meetings and debates to help industry leaders OK.