Perspective: Initial Success of Big Data Applications in the China Finance Industry
This IDC Financial Insights Perspective gives a glimpse into the current state of the China finance industry, which is actively transforming with the acceleration of interest rate liberalization and the rise of the Internet finance. This brings unprecedented impact and challenges to the profit model, operating management, customer service approach, and other aspects of traditional China-based commercial banks, driving them to actively explore the setup of a future-oriented, smarter, and sustainable development model. In this process, analysis, mining, and innovative applications of massive data play an increasingly important role. Data is an important asset of banks. The real value of data is that people can use the pattern drawn from the data to support their business decisions and ultimately target the right customers with the right products and services. Therefore, data insight is the core competitiveness of the finance industry. The ability to quickly obtain valuable information from various types of data is exactly the value of big data technology. After several years of deliberation and exploration, current big data applications in the China finance industry have achieved initial success. For example, the success of "Precision Marketing Management Based on Data Warehouse for Large Commercial Banks" of Industrial and Commercial Bank of China (ICBC) marks the breakthroughs and progress that China-based commercial banks have made in the innovation of marketing models and modernization level of business management by the application of big data. Another example the historical data query system of China Everbright Bank being the first application of HADOOP, a big data technology, in China-based domestic banks. The project achieved the online real-time and asynchronous long-term query function for nearly 4 billion transaction details accumulated in the new and old core systems of China Everbright Bank in more than 10 years, and it is an important milestone for the application of HADOOP technology in the China banking industry.