"Fintech and industry cannot be 'two skins'" "The nature of the financial industry cannot be changed" "Strong supervision does not mean that the development of the fintech industry is over" "The deep empowerment of finance and technology is the only way for us to lead to a better world"

”… On December 17, at the 2020 Nandu Financial Summit Forum, guests from academia, the financial industry, and the venture capital industry conducted a discussion on the theme of “Reshaping and Evolution—Technology-Driven Financial Industry Empowerment Dual Cycles”

During the brainstorming session, golden sentences frequently appeared. They explained the empowering role of modern technologies such as financial technology in the financial industry from the perspectives of industry, academia, and research, from which they may be able to gain a glimpse of the bright future of the development of the financial industry.

The Nandu Financial Summit Forum is an annual high-end financial forum held by Southern Metropolis Daily since 2012. It is the longest-running, largest-scale, and highest-level financial summit in South China. This year is the ninth.

This year’s forum, Nankai Financial (Guangdong) Chief Economist Forum and Guangzhou Financial Services Promotion Association provided cooperative support.

Roundtable discussion on the theme of "Reshaping and Evolving - Technology Driven to Empower the Financial Industry to Empower Dual Cycles" The epidemic has inspired the financial industry to accelerate its embrace of financial technology. What new ideas and opportunities are there under the dual cycle pattern?

Professor Lu Lu, dean of Lingnan College of Sun Yat-sen University, believes that under the current situation, the opportunity for the development of financial technology lies in more and deeper cooperation with traditional financial institutions to breed new business forms.

He said that the “Belt and Road Initiative” and the RECP Agreement will be major opportunities for financial technology to empower the real economy and promote the “dual cycle” economic development pattern.

The guests at the scene mainly took the insurance industry as an example to discuss the "accelerator" role of financial technology on business.

“What else can an actuary do in the era of big data? In the past, actuaries’ main focus was on making assumptions. Their ability was reflected in making the assumptions more accurate and setting the models one by one. Now with big data, actuaries still need to make assumptions.

But the basis for these assumptions is more solid," Shen Shuguang, a dual-employed professor at Sun Yat-sen University's Lingnan College and School of Politics and Public Affairs, explained from the perspective of technology's transformation of actuarial business.

"Take medical health as an example. Medical insurance data covers the medical treatment status of residents in Guangdong Province in the past many years. Data on all men's treatment of heart disease, known data on surgeries, medications, costs, etc. can be compared through a certain model.

Results. This shows that the foundation of actuarial science has undergone major changes, which will definitely affect pricing, will definitely make pricing rational, precise, and personalized, and will have a direct impact on channel rates. This is also the case for insurance in the face of a major epidemic.

The company can still achieve growth - mobile Internet, big data, and artificial intelligence have transformed sales channels," Shen Shuguang concluded.

From a practical perspective in the insurance industry, Li Yuanlan, general manager of Mingya Insurance Brokers Guangdong Branch, shared his experience in accelerating digital transformation during the epidemic, verifying the aforementioned views of Professor Shen Shuguang.

She said that the epidemic has prompted a rapid transformation of business methods, and the entire process from marketing team management, product research and development to sales of insurance business is moving online.

"Only in this way can the entire industry maintain a certain growth; and because of this, I think the entire insurance industry has done very well this year in terms of people's livelihood protection." She said, "This year has also resulted in the emergence of many companies.

Provide more precise services to customers locally and provide broader services to customers at different levels. "How can financial technology promote in-depth changes in the financial industry?

Zhang Aoping, a well-known financial scholar, venture capital expert/managing director of Rushi Capital, pointed out that according to the industry development cycle, the digital transformation of the financial industry is still in its infancy. With changes in technology, will the functions and attributes of the industry change?

Change?

Many guests present believed that the financial industry will still adhere to its essence and will not change.

Liu Lanbiao, deputy dean of the School of Finance at Nankai University/director of the Financial Technology Research Center of Nankai University, pointed out that digitization and technology may change specific financial services and the form in which these functions are realized, and will also change the influence or coverage that financial institutions can carry out business.

scope, but will the functions and attributes of the financial industry itself change?

Fu Yu, assistant dean of the Peking University Digital China Institute (South China), also believes that digitalization is a tool, not a strategy, and cannot change the attributes and functions of the financial industry. It solves problems by essentially reducing costs and increasing efficiency.

For example, big data, blockchain, and Internet of Things technologies are used to solve the problems of high credit reporting costs and difficulty in credit identification, and solve the problems of high costs and difficult financing for physical enterprises.

In fact, 2020 is a year of drastic changes in financial technology supervision. The introduction of a series of regulatory policies has made the financial technology industry tense.

What should strong supervision supervise?

How to effectively control risks?

Dr. Fu Yu’s view is that financial technology and industry cannot be “two skins”.

She explained that financial innovation has solved the problem of transactions, the emergence of insurance has solved the problem of maritime transportation, and the emergence of credit cards has solved the problem of global trade. Financial innovation must be integrated with industry, and it comes from industry.

, and serve the industry, this is a fundamental point.