Pan Weidong, President of Shanghai Pudong Development Bank

category:Finance
 Pan Weidong, President of Shanghai Pudong Development Bank


In particular, on July 31, the peoples Bank of China and other six ministries and commissions decided to extend the transition period of the new asset management regulations to the end of 2021. Facing this policy arrangement, as financial institutions, how to grasp the overall development direction of asset management business, how to find the entry point of bank asset management business, continuously improve the ability of new product continuity, better serve the real economy and realize financial inclusion are the problems to be faced and solved.

First of all, bank asset management should adhere to the development path of financial inclusion, technology leading and differentiated competition.

First, bank asset management should not forget the original intention and return to the source of asset management. With the intensive introduction of relevant policies represented by the new regulations on asset management, the original regulatory intention of returning asset management business to its source has been reflected in the transformation process of asset management business of banking system, and the domestic asset management industry has entered an era of old and new. Bank asset management business should return to financing for customers, adhere to the socialized orientation of financial inclusion, meet the needs of the broad masses of people to maintain and increase the value of wealth, and truly guard the money bag for the people.

Second, the bank asset management should speed up the integration of finance and technology and explore the way of industry innovation. On the one hand, bank asset management should carry out more dimensional and deeper cooperation with technology companies and non-traditional financial institutions with a more open mind; on the other hand, bank asset management needs to constantly improve the awareness and understanding of new technologies, fully explore the application field of asset management business, and drive the endogenous development of asset management business with technology.

Third, the bank asset management needs to establish the differentiated competition direction, and expand the business boundary through the internationalization strategy. Bank asset management itself needs to establish a professional development direction which is different from the traditional financial management business of banks, and seek the direction of personalized, characteristic and differentiated competition. We should learn advanced management experience and business experience through cooperation with international advanced asset management institutions. Cooperation drives the breaking of business physical boundaries, expands customer resources and market share, and effectively meets customers global asset allocation needs and effectively disperses investment risks.

Secondly, in the process of development and transformation, the bank asset management should deal with the relationship between the parent bank and the financing subsidiary, the relationship between the differentiated cooperation among the subsidiaries, and the relationship between the stock business and the incremental business.

The first is to sort out the collaborative relationship between the parent bank and the financial management subsidiary, and coordinate the long-term and short-term development goals. In view of the essential changes in asset delivery and product sales mode between financial subsidiaries and traditional bank financial services, there are obvious differences from the assessment mechanism to the profit sharing mechanism, and the assessment of profit sharing will reverse the existing parent-child collaborative relationship. Each banks asset management needs to reorganize and arrange the mechanism according to its own business development characteristics. In the short run, the parent banks resources are the support and guarantee for the survival of the financial management subsidiary; but in the long run, the financial management subsidiary must build the market-oriented competitiveness, which is the premise and foundation of the future sustainable development.

Third, we should deal with the relationship between stock transformation and incremental expansion. A healthy and light financing subsidiary is the consensus of banks and regulators. However, the transformation of the stock business, many banks are currently taking the way of handing over to the financial management subsidiary. Therefore, in a long time in the future, financial subsidiaries need to find an effective balance point to realize stock transformation and expand incremental business.

The first is to deeply practice the digitalization of asset management.

1. The market expects a deeper integration of Finance and technology. The cognition of traditional financial institutions on financial technology mostly stays in the improvement of business efficiency, such as the online business process and so on. However, the layout of financial technology by technology giants mainly focuses on technology empowerment, such as providing computing power to financial institutions and providing artificial intelligence solutions. The bottleneck of traffic and efficiency improvement caused by the gap between the two business models has initially appeared. What we need is not only the surface combination, but also the deeper integration. The breakthrough of artificial intelligence technology, the improvement of big data thinking logic and the improvement of human computing ability have provided necessary conditions for the financial technology revolution,

2. Financial digitization will become the beginning of financial technology revolution. Financial digitalization is not simply finance first, science and technology supplemented or technology-based, finance supplemented, but the integration of finance and technology. We need to use big data thinking to understand and understand the nature and process of finance. Financial digitization will bring a paradigm revolution for human life and reconstruction of financial forms. Data will eventually participate in economic activities as a new and most important factor of production.

3. Under the background of financial data, bank asset management should speed up the realization of its own asset management data. Data is one of the most valuable resources in the future. Bank asset management should have the conditions and ability to establish asset data platform connecting different asset categories, industry chains and main target enterprises. The deep integration of asset management and technology must not use technology for the purpose of using technology. The process of deep integration should generate new understanding and new ideas for a business point from the perspective of big data, and achieve the goal of verifying ideas and realizing business landing through new technologies and powerful computing power. Here, I did not mention specific technologies such as artificial intelligence, which does not mean that specific technologies are not important. On the contrary, the data-based asset management requires that asset management should use these technologies as normalization and generalization tools in practical work. Only by achieving the normalization and generalization of high-frequency use, can we complete the switch of big data thinking mode, realize the deep integration of asset management and technology, and achieve the data management of asset management worthy of the name.

The second is to further realize customer demand driven asset management innovation.

Bank asset management has a relatively complete capital side. Customer service and comprehensive support to the parent banks financial product line will be the special mission of bank asset management which is different from most of the market buyers financial institutions. Compared with simply improving the efficiency of work flow, so as to serve the financial institutions themselves, financial technology should obviously focus on the field of customer service.

Therefore, bank asset management needs to accurately position the application of financial technology in the capital end, adhere to the asset management essence of customer financing, inclusive finance, and drive the endogenous innovation of asset management business with customer demand as the wheel. More specifically, bank asset management should start from the perspective of big data, re understand customers, understand customers, and tap the real needs of customers, so as to promote the transformation of capital end of bank asset management from saving logic and extensive growth logic to scientific and refined customer management logic. Chinas banking asset management industry is undergoing rapid iterative evolution in the process of reform. We should continue to work together to create the future of large asset management industry with the attitude and breadth of mind that there will be times when there are long winds and waves, and direct sailing to the sea. Shanghai Pudong Development Banks asset management will always adhere to customer-oriented, return to the source of asset management, promote the transformation and standardized development of financial management business, and make new and greater contributions to serve the real economy, Inclusive Finance and industrial development! This article is from Wang Xiaowu, editor in charge of economic report in the 21st century_ NF

Therefore, bank asset management needs to accurately position the application of financial technology in the capital end, adhere to the asset management essence of customer financing, inclusive finance, and drive the endogenous innovation of asset management business with customer demand as the wheel. More specifically, bank asset management should start from the perspective of big data, re understand customers, understand customers, and tap the real needs of customers, so as to promote the transformation of capital end of bank asset management from saving logic and extensive growth logic to scientific and refined customer management logic.

Chinas banking asset management industry is undergoing rapid iterative evolution in the process of reform. We should continue to work together to create the future of large asset management industry with the attitude and breadth of mind that there will be times when there are long winds and waves, and direct sailing to the sea. Shanghai Pudong Development Banks asset management will always adhere to customer-oriented, return to the source of asset management, promote the transformation and standardized development of financial management business, and make new and greater contributions to serve the real economy, Inclusive Finance and industrial development!