{"title":"Technology empowers digital transformation of financial institutions","url":"/en/posts/2020-fintech-digital-transformation/","date":"2020-08-20","type":"posts","content":"\u003cp\u003e\u003cem\u003eThis article is adapted from an interview with Trade Finance.\u003c/em\u003e\u003c/p\u003e\n\u003ch2 id=\"the-advent-of-the-digital-economy\"\u003e\n  The Advent of the Digital Economy\n  \u003ca class=\"heading-link\" href=\"#the-advent-of-the-digital-economy\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h2\u003e\n\u003cp\u003eIn 2020, the unexpected outbreak of the global pandemic forced people to change many of their daily habits. Financial services rapidly moved online, strengthening the connection between technology and finance in the process.\u003c/p\u003e\n\u003cp\u003eUnder the current conditions, it is essential to accelerate the advancement of the digital economy. This helps improve GDP dynamics and fully tap into the potential of the \u0026ldquo;dual circulation\u0026rdquo; principle.\u003c/p\u003e\n\u003ch2 id=\"the-original-intention-of-zhugeio\"\u003e\n  The Original Intention of Zhugeio\n  \u003ca class=\"heading-link\" href=\"#the-original-intention-of-zhugeio\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h2\u003e\n\u003cp\u003eIn the age of data, amidst bloodless business battles, companies need a strategist like Zhuge Kongming to help them unlock market secrets from raw data.\u003c/p\u003e\n\u003cp\u003eBut a \u0026ldquo;data strategist\u0026rdquo; does more than just solve mathematical problems. They need \u003cstrong\u003edata logic\u003c/strong\u003e and, more importantly, \u003cstrong\u003ebusiness acumen\u003c/strong\u003e. While strategizing behind the scenes, they help companies achieve decisive victories.\u003c/p\u003e\n\u003cblockquote\u003e\n\u003cp\u003e\u0026ldquo;Embody the spirit of Zhuge, perform the task of analysis, vitalize data, and serve the users.\u0026rdquo;\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003ch2 id=\"big-data-as-the-foundation-of-financial-services\"\u003e\n  Big Data as the Foundation of Financial Services\n  \u003ca class=\"heading-link\" href=\"#big-data-as-the-foundation-of-financial-services\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h2\u003e\n\u003cp\u003eA growing number of financial institutions and traditional banks are entering a critical period of digital transformation.\u003c/p\u003e\n\u003cp\u003eThe process of digital transformation requires companies to:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eRestructure business processes using digitalization\u003c/li\u003e\n\u003cli\u003eEmpower business development with big data\u003c/li\u003e\n\u003cli\u003eContinuously optimize products, marketing channels, marketing methods, and risk control processes\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003eBig data has already become the foundation of financial services.\u003c/strong\u003e\u003c/p\u003e\n\u003ch2 id=\"challenges-faced-by-financial-institutions\"\u003e\n  Challenges Faced by Financial Institutions\n  \u003ca class=\"heading-link\" href=\"#challenges-faced-by-financial-institutions\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h2\u003e\n\u003cp\u003eWhen promoting digital transformation, financial institutions face various challenges from both external and internal environments:\u003c/p\u003e\n\u003ch3 id=\"data-related-challenges\"\u003e\n  Data-related Challenges\n  \u003ca class=\"heading-link\" href=\"#data-related-challenges\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003eTraditional data analysis is inefficient and struggles to respond promptly to business changes.\u003c/li\u003e\n\u003cli\u003eData is scattered across various isolated systems that cannot be integrated.\u003c/li\u003e\n\u003cli\u003eBehavioral data is rarely collected.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3 id=\"the-dilemma-of-in-house-systems\"\u003e\n  The Dilemma of In-house Systems\n  \u003ca class=\"heading-link\" href=\"#the-dilemma-of-in-house-systems\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003eDifficult to collect and integrate data\u003c/li\u003e\n\u003cli\u003eHigh requirements for modeling\u003c/li\u003e\n\u003cli\u003eHigh costs for hardware and personnel\u003c/li\u003e\n\u003cli\u003eLong implementation cycles and requires significant ongoing investment\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3 id=\"limitations-of-traditional-third-party-platforms\"\u003e\n  Limitations of Traditional Third-Party Platforms\n  \u003ca class=\"heading-link\" href=\"#limitations-of-traditional-third-party-platforms\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003ePrimarily focused on traffic or business statistics reports\u003c/li\u003e\n\u003cli\u003eLack of analysis and insight into business and user scenarios\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2 id=\"zhugeios-solution\"\u003e\n  Zhugeio\u0026rsquo;s Solution\n  \u003ca class=\"heading-link\" href=\"#zhugeios-solution\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h2\u003e\n\u003cp\u003eZhugeio provides a data intelligence solution featuring:\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003e\u003cstrong\u003eHolistic Scenario Planning\u003c/strong\u003e - Agile delivery\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eEvolutionary Architecture\u003c/strong\u003e - Real-time response to business changes\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eFlexible and Scalable\u003c/strong\u003e - Meets the needs of various data analysis scenarios\u003c/li\u003e\n\u003c/ol\u003e\n\u003ch3 id=\"serving-financial-clients\"\u003e\n  Serving Financial Clients\n  \u003ca class=\"heading-link\" href=\"#serving-financial-clients\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h3\u003e\n\u003cp\u003eWe have successfully provided data intelligence services to numerous financial institutions:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eSunshine Insurance\u003c/li\u003e\n\u003cli\u003eChina Life Insurance\u003c/li\u003e\n\u003cli\u003eSF Financial\u003c/li\u003e\n\u003cli\u003eBank of Nanjing\u003c/li\u003e\n\u003cli\u003eChina Construction Bank\u003c/li\u003e\n\u003cli\u003eMintai Bank\u003c/li\u003e\n\u003cli\u003eBOCOM Fund\u003c/li\u003e\n\u003cli\u003eSuning Consumer Finance\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3 id=\"case-study-sunshine-insurance\"\u003e\n  Case Study: Sunshine Insurance\n  \u003ca class=\"heading-link\" href=\"#case-study-sunshine-insurance\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h3\u003e\n\u003cp\u003eSunshine Insurance Group purchased the Zhugeio analytics platform in 2017 and has been using it for nearly three years:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eA total of \u003cstrong\u003e45\u003c/strong\u003e applications have been integrated.\u003c/li\u003e\n\u003cli\u003eEstablished a metric system for fine-grained operations.\u003c/li\u003e\n\u003cli\u003eImplemented specific data management and application standards.\u003c/li\u003e\n\u003cli\u003eCreated rich data visualizations.\u003c/li\u003e\n\u003cli\u003eCapable of independently calculating and displaying composite metrics.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2 id=\"reflections-on-2020\"\u003e\n  Reflections on 2020\n  \u003ca class=\"heading-link\" href=\"#reflections-on-2020\"\u003e\n    \u003ci class=\"fa-solid fa-link\" aria-hidden=\"true\" title=\"Link to heading\"\u003e\u003c/i\u003e\n    \u003cspan class=\"sr-only\"\u003eLink to heading\u003c/span\u003e\n  \u003c/a\u003e\n\u003c/h2\u003e\n\u003cp\u003e2020 was an extraordinary year. The pandemic accelerated transformations across all industries and intensified the shift to online business.\u003c/p\u003e\n\u003cp\u003eFacing increasingly complex data, some have compared it to \u0026ldquo;the new oil,\u0026rdquo; implying that just as crude oil can be processed and refined into gasoline, kerosene, asphalt, and diesel for various purposes.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHow to transform different forms of data into \u0026ldquo;valuable services\u0026rdquo; is the defining question of our time.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIn an era where data drives the pursuit of fine-grained operations, Zhugeio aims to be a service provider. With business at our core, we are dedicated to serving every client, helping them drive scientific decision-making through data analysis to achieve rapid growth.\u003c/p\u003e\n\u003chr\u003e\n\u003cp\u003e\u003cem\u003eOriginal article link: \u003ca href=\"https://www.digitaling.com/articles/376166.html\"  class=\"external-link\" target=\"_blank\" rel=\"noopener\"\u003eInterview with Trade Finance\u003c/a\u003e\u003c/em\u003e\u003c/p\u003e\n","description":"\"Trade Finance\" Dialogue: Exploring How Big Data Becomes the Foundation of Financial Services"}