Editor: Yi Qijiang An annual panoramic scan of the financial industry - On November 22, the "2019 China Financial Development Forum and 2019 China Golden Tripod Award Ceremony" hosted by the Daily Economic News was held in Beijing.

Each editor: Yi Qijiang

An annual panoramic scan of the financial industry - on November 22, the "2019 China Financial Development Forum and 2019 China Golden Tripod Award Ceremony" hosted by the Daily Economic News was held in Beijing. In the morning, at the bancassurance asset management and financial technology sub-forum, Chen Shujun, vice president of Langfang Bank, Zhang Hong, deputy information director of Xiamen International Bank, Ma Xu, vice president of Sino-British Life Insurance, and assistant general manager of Tongfang Global Life , chief human resources and administrative officer Wang Qianjin and other industry figures held a roundtable dialogue on "Business Innovation Transformation and Social Responsibility of Small and Medium-sized Financial Institutions".

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Host (Daily Economic News Financial Channel Editor-in-Chief Xiang Jianglin): I was still communicating with some banks some time ago. Now the big moves are very big, and the business is sinking very hard. Are there any impacts on the business of our small and medium-sized banks or regional banks? In other words, what content can be shared about service entities? I would like to ask the bank leaders to share it first.

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Langfang Bank Vice President Chen Shujun: Thank you very much Daily Economic News! I had the opportunity to participate in forums, learn from experts, and communicate with leaders. It was a rare learning opportunity! I come from Langfang Bank, where I am the vice president. Langfang is the center of an equilateral triangle with Beijing, Tianjin and Xiongan. I sum it up as one, two, four advantages. One is the integration of Beijing, Tianjin and Hebei. Transformed into , Langfang is at the core of the Beijing-Tianjin-Hebei integration. It was originally called the Beijing-Tianjin Corridor. Our corridor between Beijing and Tianjin has now become the center of an equilateral triangle; the second one is that we are now close to Beijing and Tianjin. , the spillover and linkage between Beijing and Tianjin are relatively close to Langfang. There is a friend from Beijing who has worked hard for most of his life and bought a house in the suburbs of Beijing. He was just about to send a message to his family when he looked at his mobile phone: "Hebei Mobile welcomes you!" We are close to Beijing and have geographical advantages. One is the Beijing sub-center and the other is the economic center. Free Trade Zone, and Xiongan New Area. Langfang Bank was established by the Langfang Municipal Government in 2000. We are the sponsor and host bank for resident health cards and talent cards. We have total assets of more than 200 billion, ranking second in Hebei Province, and a total of 2,400 employees. This is our base case. Returning to the topic that the host just mentioned, city commercial banks should return to local services. I would like to talk about two aspects. One aspect is that this is a requirement of regulatory agencies and the government, and it was also the basis for the establishment of commercial banks at that time.

In March this year, Pan, Vice President of the People's Bank of China, proposed at a book club forum that city commercial banks should return to their local areas. One is based on the local area, and the other is based on small and micro enterprises. At this time, I think the leaders of the regulatory agencies have made it very clear that they need to return to the local area. However, I think that the return of city commercial banks to the local area should also be an active choice of commercial banks. Why? Because the local area is your Yan'an, every city commercial bank must make the local area Yan'an. Why did our Communist Party choose Yan'an back then? There were four advantages at that time:

One was close to the Soviet Union and the most cutting-edge organizations at the time. I think city commercial banks must have the best relationship with the local government, so you can have a lot of interaction with the organization. help you.

The second one is that Yan'an has a mass base. Shandandan is blooming red and bright, and Yan'an has a good mass base. Because the city commercial banks have been in the local area for a long time, they have a very good customer base of local governments, enterprises, and ordinary people. They have taken root here for a long time, and the people have a good impression of it. You have feelings. Therefore, almost every city commercial bank will have a slogan: so-and-so bank, the local bank. We also use this slogan, Langfang Bank, Langfang people’s own bank. Naturally there is a feeling of closeness.

The third one is geographical advantage. What is geographical advantage? Daxing is a branch here, or even a secondary branch, but for you, this is your main battlefield, so you have the resources of the head office to defend one place, while others use a secondary branch to do this. Of course, strength is not enough in terms of location. From a strategic perspective, if you can hold this place, this is a geographical advantage.

The first three advantages are close to the organization, mass base, geographical advantage, and the last advantage is your local talents. Local banks tend to absorb some of the better local people. You can take advantage of local talents. Come and serve the local area again, forming a positive cycle. Therefore, I think that it is not only the hope of regulatory agencies that commercial banks, especially city commercial banks, return to the local area and base themselves locally, it is also the natural choice under the business logic of city commercial banks.

Moderator: Thank you, President Chen. We at Langfang Bank should say that its location is relatively unique and has advantages. Next, I would like to invite Mr. Zhang Hong of Xiamen International Bank to share.

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Zhang Hong, Deputy Director of Information of Xiamen International Bank: Hello everyone, my name is Zhang Hong, from Xiamen International. I am mainly engaged in technology work, including technology innovation and business development work, Xiamen International People don’t know much about banks. The first joint venture bank was later restructured. After the restructuring, both in terms of management and internal processes, we retained the foreign management methods and our very international characteristics. In addition to the mainland, we now have an affiliated bank in Macau and a bank in Hong Kong, which we only acquired in 2017. This is what makes us different from other banks.

Our bank has always emphasized risk management and quality management in the past. In the past 13 years, the non-performing rate has been reduced to less than 1%. Now it includes the ranking of bankers. I forgot how many this year, around 200. Overall, compared with Langfang (Comparatively), we are not as down-to-earth as him. We also have Xiamen Bank and Straits Bank in our area. They are more like traditional city commercial banks. They also have government relations and are not more market-oriented like us. In terms of our original layout, we also set up outlets in Beijing, Shanghai, and Guangdong. This was the overall approach we hoped to play as a foreign bank. Therefore, when we first returned to serving small and micro enterprises and more Relying on technology, we hope to make a difference. From a long time ago, we began to emphasize technology leadership. Let me briefly introduce how our bank does these things.

First, we are now implementing our fourth five-year plan, 2016-2020. When we formulated the plan, it was already decided in 2015 that innovation should focus on retail, the construction of life circles, and transactions. The construction of the platform's ecosystem is actually now about productization. Productized services must embed their own services into the transaction process and life scenes of retail customers and company customers. Now I am also setting a positioning slogan for myself, hoping to find one. Now everyone has chosen one called Financial Supremacy. In addition to providing financial services, I hope to integrate into everyone's life and production to provide you with more value. We hope to achieve this through technological means, which is not just about designing a product or a separate service. We are now focusing on small and micro enterprises and also putting technological power into it. We have launched the National Bank Integration. We are providing a small and micro enterprise. In addition to financial services, the APP helps realize all office management, including attendance management, as well as daily shopping mall ticket booking, procurement management, etc. In fact, when we promote small and micro enterprises, we find that many small and micro enterprises do not have the ability to build systems. They really hope to have a tool to help them. The tools from banks are relatively stable and reliable, so we need to provide such comprehensive tools. Services, on the one hand, bring the relationship between banks and small and micro enterprises closer through the media. At the same time, through more relationships, we can also accumulate data and provide personalized services through data analysis. On this basis, we provide small and micro enterprises with tax data and connect with various local tax bureaus. This is a kind of credit loan. It provides loans based on tax data and other industrial and commercial data and credit data, and provides merchant loans for merchants. It is purchased and cooperates with the platform to provide them with merchant loans through their data. In fact, it is sinking very hard. The minimum loan can reach hundreds of thousands, and merchant loans can be tens of thousands or more. This is achieved through the power of technology. Serve the real economy.

revolves around our own strategy. In terms of technology, we started building platforms in 2016, including an Internet financial platform and a financial service platform. It is mainly an open platform for online services, and then a big data application platform, which is mainly It is to connect the traditional data from the bank level, and it is based on the entire big data technology. There is also an intelligent cognitive platform, mainly artificial intelligence machine learning, from recognition to semantic understanding to machine learning, and then cloud computing. I think everyone has heard of this word - cloud computing, which is more technology-oriented and can provide technical support for small businesses or various customer services. We have now implemented it, mainly cooperating with Tencent. Of the platforms just mentioned, the last one is an intelligent transaction collaborative management platform to improve internal efficiency. All these platforms have basically been implemented as planned this year. On the basis of these platforms, we will support the services we just mentioned for entities. The main problem encountered in technological innovation is the bank's institutional system, which will be restricted, because once it is provided to the vast number of small and micro enterprises Services, the market is changing rapidly. How to respond to market changes actually requires the middle and back offices, including technology, to be able to respond flexibly. So on the one hand, we are reforming the mechanism, including which products to incubate from the project establishment stage, and how to support it with capital investment. Until the establishment of agile teams. Decision-making according to the four internal processes of traditional banks is actually very slow. After you have made the decision on online loans, you will find a business opportunity in the market, write a report according to the traditional process, solicit opinions from the middle and back offices, go to the top, and the leaders will approve it. The opportunity has already been It's past. You have to seize this opportunity! We have also set up an online loan studio on a pilot basis, which brings together front, middle and back-end resources to specialize in the development of online loans. Above the studio, we use expert groups from relevant departments including risk, technology, and business-related departments to make decisions. Once an organization discovers a business opportunity, it will make decisions, reform the system, and push it to the market, which is similar to establishing an agile mechanism. The cultivation of scientific and technological talents and team building are still relatively important. In terms of talent training, all city commercial banks are facing the problem of talent shortage. If you want to rely on technology, we are also taking this process, such as online loan construction. The ultimate goal is independent risk control and independent modeling. On the one hand, we are recruiting comprehensive talents. On the other hand, we see that Handan Bank has more than two million data. We originally focused on corporate business. In fact, we even lack data. The first step is to accumulate data and Cooperate with others, introduce other people’s models through cooperation, and directly accumulate data; the second step is joint modeling, and we build the model together; the third step is to model the model while also having a team, and I am also building it myself. Compare the two sides, build my model team, and then build independent modeling, so I think our bank mainly emphasizes independent capabilities and hopes to realize services for entities through technological means.

Moderator: Mr. Zhang talked a lot about technology. We also have another topic that is also about technology. Thank you again Mr. Zhang for sharing. There are also two leaders from the insurance industry participating in the discussion today, the latest wave of insurance leaders. Our two guests are both joint venture companies. What do you think of the future development path of small and medium-sized insurance companies, especially joint venture insurance companies, under the new round of opening up of China's insurance industry? First please Mr. Ma Xuma.

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Ma Xu, Vice President of Sino-British Life Insurance: Thank you very much for the opportunity to participate in such an event. What several bank leaders said just now, especially what Mr. Zheng said, was deeply inspiring and very useful to me. Everyone can also feel that in fact, bank insurance is basically nothing more than the source of money. The real business model is basically in the back-end asset management, so in these places, I think it is better to organize such an event, especially for Everyone can learn from each other.Going back to the topic mentioned by the host just now, this has gone through the whole process. It is also my 25th anniversary in the industry. Because when I was abroad, I wrote about the market organization in France and the market potential in China. At that time, I hoped to organize the organization. The combination of framework and market potential may be the reason why everyone initially thought that the arrival of foreign capital was the so-called wolf coming. Later, it was not a wolf at all, not even a sheep. What the leader said later was also very profound, At first, I thought that the foreign investors had the technology and the Chinese knew the market. Once they cooperated, they could win the market. Later, after the cooperation, I discovered that the foreign investors did not understand the Chinese market and the Chinese partners did not understand the technology. If these two people come together and fight every day, at least in the future. The conditions of the joint ventures in the first ten years were not very good. As you can see, the development of Sino-British is not particularly fast, but it is very stable. To a certain extent, it reflects the results of China's early market opening under the WTO status. As you know, foreign countries What is Fang Qiang’s strength? Especially in the insurance industry, it is better than risk control. They have two to three hundred people in the insurance industry and our partners have a history of three hundred years. It can be said that almost all risk conditions that the market has encountered so far have been encountered. Yes, their risk control system is very complete, and even the domestic regulatory system can be seen. Whether such a risk control system is suitable for China is actually a question, because in the world, everyone is talking about the state of the entire economy, because everyone is unwilling to use the word pit, and they all use the word "cylinder". In fact, , the economic operation may be, for example, there are ten cylinders there. This is ten problems. We only have 5 or 6 cylinder heads. When you stand on it, you must make the operation speed fast enough, faster than walking, so that you can walk Don't fall into the vat before it falls. This also describes China's economic situation. If GDP does not reach a certain speed, it will definitely fall into the vat. This has been the only channel for foreigners to badmouth China for decades.

But in fact, the biggest problem for foreign investment is that they don’t understand the Chinese market. In the future, you will find that they don’t understand China’s methods and means of dealing with problems, crises, and various risks, and they don’t understand China’s system. China has both a planned economy and Under the market economy system, there are sufficient and sufficient means to overcome difficulties and solve problems. China is still developing steadily. Now, I personally feel that I finally understand that China has its own characteristics and must come in quickly. If we don’t Come in and get nothing in the market. Now everyone in China can feel that Huawei is very popular. The more you control, the greater the investment. The greater the investment, the faster you can solve the problem. When you think about it again, it is simply impossible. Professor Jin has a particularly interesting lecture, about balancing cars. When it was invented in the Netherlands, it cost 80,000 dollars. Later, it failed to sell at a loss and was sold to the United States. Through various cost controls, the United States finally sold it to more than 50,000 dollars, but it still could not be sold. Later, it was said that it would be sold to China, and China immediately had one. The company spent more than 20,000 yuan to start the business. Later, when I arrived in Yiwu, the obligation was more than 20,000 yuan. Finally, it cost 700 yuan to go public. Foreigners do not understand the rapid development of China. If you don’t come in, it will be too late. I believe that with the recent With the continuous strengthening of reform and opening up in the period, especially for foreign investment, I think they will definitely accelerate their entry. As an insider, I also ask everyone to rest assured that their competition with Chinese institutions, especially the so-called small and medium-sized banks and their Competition is not on the same level at all, because their thinking still needs to further learn and improve in the Chinese market. Some institutions hire the president of an insurance company from a so-called country abroad to come to China for management. Where is this country? It's Czech . The Czech Republic should be much smaller than Hebei. Their thinking and status are still in the county level. There is still a gap in pure market competition in China, especially in financial services.

Moderator: Thank you, Mr. Ma, for sharing as a person who has experienced it. Next, I would like to invite Mr. Wang from Tongfang Global. Mr. Wang is also an old friend of ours.

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Wang Qianjin, Assistant General Manager, Chief Human Resources and Administrative Officer of Tongfang Global Life: This dialogue was very good. In the past, it was a separate forum for insurance. Today, I am honored to have banking and insurance sitting together. It is the development trend of the country and the development attitude of the industry. I am very honored to participate in today's forum and event. I am King Qianjin of Tongfang Global Life. Our company was established in 2003. We also know Mr. Ma. We are old friends. Sino-British Life Insurance has been with us for about the same time. It has been operating locally for more than ten years, and the time is also continuous. I very much agree with Mr. Ma’s sharing. China’s insurance opening was actually relatively early. After entering the WTO, the first wave of foreign investment opened up, and a lot of insurance came in. Everyone knows that this was the first to enter China’s local field. American AIA entered China’s insurance industry in 1992. The market brought about the salesperson system. From then on, until now, the salesperson channel has been the main business channel for the insurance industry in the local market. After the first wave came in, at first everyone thought it was a wolf coming, but later they said they couldn't adapt to the climate. What is the situation? I have been working in the industry for a long time. Our joint venture with foreign companies has a long history. Their foreign shareholders have a history of more than 300 years. Our Dutch Global Life has a history of nearly 200 years. Foreign insurance companies have a very long history. Long, long-term accumulation of rich experience, scientific and technological capabilities, product development capabilities, including the risk management and control capabilities mentioned by Mr. Ma, how to operate in China's rapid market, and how to develop based on China's national conditions are very important in front of the joint venture. subject. Foreign countries have seen a long development time in the past and have a more rigorous and cautious understanding of risks. China's current national conditions include rapid economic development and investment in all aspects. In the past one or two hundred years, the West experienced mergers and acquisitions in all aspects during World War I and World War II. We have all experienced that China is developing relatively rapidly at this stage, and there are pros and cons for being fast. The entry of foreign capital can take into account this situation. Although you can see that from the perspective of our insurance scale, we now have more than 90 life insurance companies in the industry. In the mainland market There are 28 foreign-funded companies, and our premium ratio is only a few points. Although the proportion of premiums is not high, from 2018 to the first half of this year, the top 20 net profit market rankings were close to half of the level of foreign-funded companies. Foreign-funded companies do not pay attention to the development of scale in terms of market operations, but focus on the development of value. , the core concepts of foreigners, from product development to investment to risk management and control, are all such concepts. Although such concepts develop slowly, they can continue to promote development in the Chinese market. In recent years, the China Banking and Insurance Regulatory Commission has mentioned that returning to protection and returning to the basics is also the core. From last year to this year, the growth of premiums in the market has slowed down. This is in line with the current development and also reflects the regulatory authorities’ recognition that value must still be emphasized in the development process. In the West, the long-term business philosophy and development of foreign-funded companies are consistent. In this aspect of development, why is there a second wave to further open up to foreign investment, including Allianz, which has life insurance, property insurance, and health insurance in China. It was just approved this year. United Group is also the first foreign-funded group to enter China. In addition to Allianz, there are also asset companies that have also given instructions. Our future development is high-quality development, which is very important for the national financial system and a healthier and longer-term development in the future. These are advantages for joint ventures and foreign-funded companies. Further opening up to the outside world can further introduce insurance, banks, securities, and funds. , further enriching the management of our financial system can make us more solid in the process of rapid development, and can help the development of our industry. I also agree with Mr. Ma. In the past ten or nearly twenty years, we have encountered many bottlenecks in the development of joint ventures or foreign-funded companies. Some are institutional problems, such as 50:50. Many foreign-funded joint ventures The system with only two shareholders holding 50% of the equity will be affected in terms of decision-making. There are some equity changes in an attempt to change this system to adapt to a better way of localized development in China. Many changes can be further promoted, both assimilating and absorbing Based on the Western concept of long-term value management and the ability to draw on China's localized understanding of the market, these foreign-funded joint ventures have developed relatively rapidly in the past few years.We are still 50:50. I think we need to further understand that Tsinghua Tongfang also carried out an equity change in 2015. It turned out that CNOOC was replaced by Tsinghua Tongfang. Although our management system is 50:50, we decided from the perspective of the board of directors, and we did not Send people and hire all managers with more than 15 years of industry management experience, marketing experience and risk control experience in the market as the company's management. This way, they can be more down-to-earth and better integrate foreign advanced things with local actual conditions. combine. In the past few years, our company Tongfang Global has also been adhering to this. In the past few years, the continuous development has been very good in terms of business value, quality and profitability; in the second stage, during the further development process, foreign-funded companies will play a better and greater role, and at the same time be able to provide customers and Our market brings better services and better products to help the market develop further and better, thank you.

Moderator: Thank you, Mr. Wang. Nowadays, when talking about finance, another word is mentioned: technology. Technology empowering finance is indeed the general trend. Our next topic is financial technology. Let’s briefly talk about banking and insurance institutions. First, let’s ask President Chen to share. Langfang Bank now has many financial technology methods. Which aspect does it pay more attention to and which aspect does it invest more in?

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Chen Shujun, Vice President of Langfang Bank: financial technology can improve banks in three aspects. First, improve operating and management capabilities, regardless of asset liability management or risk management, promote transformation, and create a light bank. To build an agile bank, the final implementation is more conducive to implementation through technology. Face recognition is now used for attendance and attendance. Some banks and companies even no longer use it. They can use the positioning function to know where you are. Financial technology can improve the operation and management capabilities of commercial banks. Secondly, financial technology can improve the precision marketing capabilities of commercial banks. The application of technology has also extended the geographical area. Banks used to be branches, but now they can serve customers without branches and with various comprehensive electronic means. Another one is to hope that the accuracy of serving customers is particularly high. In terms of loans, many banks promote whitelist pre-sales. Why? You have some data about your customers and can provide customers with precise financial services, which depends on the development of technology, including big data technology and intelligent risk control technology. Third, I think financial technology has helped banks improve their service capabilities. Nowadays, the interaction between customers and banks is no longer about making a customer service call. Banks use WeChat to communicate and interact with customers. Customers can conveniently obtain financial services through mobile banking of commercial banks and some new technological means. The quality of services has been improved, and loans It’s 310, which is actually better than 310, even 000. You don’t need to go through the approval process. We’ll tell you how much money you can borrow in advance. It takes three minutes to apply and one minute to get approval, and it’s all approved in milliseconds. Our service capabilities have improved.

For commercial banks to do a good job in financial technology and make good use of financial technology, I think they need to "keep up with three things":

1. The concept must keep up. Small and medium-sized commercial banks must embrace financial technology and regard financial technology as a bonus. Why? It turns out that technology is the exclusive property of big banks. Big banks have talents and expenses, invest a lot, and have mastered a lot of technology. Fortunately, there are many financial technology companies that make technology very cheap for small and medium-sized banks to use. So, it is very convenient. High-end facial recognition, speech recognition, expression recognition, intelligent risk control, and intelligent investment advisory can be purchased by small and medium-sized banks at a lower cost. Conceptually, financial technology must first be recognized and regarded as a bonus. Active embrace, active use. Another thing is, don’t use it blindly, don’t invest too much, and you can’t say you don’t invest. You should use technology appropriately, rather than using it one after another. It should be based on business needs and customer needs. There should be a plan. Generally, banks will Make financial technology planning and improve the bank's financial technology level in a planned and step-by-step manner.

is the second one to keep up. Fees have to keep up. Fintech has to spend money. To be honest, many banks shout slogans very loudly and cannot keep up with the investment. After all, fintech still requires a lot of money. Every year, hundreds of billions or trillions are invested in financial technology in the market, and each company invests real money.

Third, talents must keep up. Without talents, this thing cannot be done, so we need to have a group of expert talents like Mr. Zhang, a good science and technology department and team, including all kinds of talents, including core people. Some are doing big data, some are doing risk control technology, and there are various business platform systems, all of which require certain professionals to manage and control. Therefore, I think commercial banks can make good use of these three things. How can small and medium-sized city commercial banks like Langfang Bank make good use of technology? I think our small and medium-sized banks should do something and not do something in technology, because our resources are limited, so we must put our limited resources on our main channel. If our main channel is to serve the real economy, serve Xiaowei, we will work hard in this area. If some banks are mainly engaged in corporate finance and transaction banking, and invest mainly in this, small and medium-sized banks are most taboo about not focusing on investing in everything, and in the end they find that each investment is not good. This is my feeling, thank you.

Moderator: Thank you, President Chen. Just now, Mr. Zhang has shared in detail some of our Xiamen International Bank’s technology practices. I would like to add one more question. For example, our bank is cooperating with external parties. I see that Mr. Zhang just mentioned In cooperative modeling, how to deal with the information security issues and regulatory compliance issues in the middle?

Zhang Hong, Deputy Director of Information at Xiamen International Bank: information security is indeed raised to a very high standard, especially regarding customer privacy and intervention issues. When we cooperate with external parties, one is that we have external data. Is it appropriate to use external data? In terms of regulations, we need to investigate. We need to do further investigation at the beginning, and there will be monitoring in the middle. We have a special department to monitor. If there is any problem in the company, we must deal with it. We will control the whole process. When cooperating with others, we need to come in and do some outsourcing. How we protect data within the bank also uses some technical means, including use. On the one hand, it is technical losses, on the other hand, it is the bank's environment, some of which are particularly sensitive. We still attach great importance to information security, especially at this stage. Technically and including external cooperation agreements, in addition to cooperation agreements, we pay more attention to monitoring these things.

Moderator: Thank you, Mr. Zhang. We also have two friends from the insurance industry. I know that insurance technology is really booming this year. Unlike other fields in the past, insurance has been well implemented. The product form and business process have been released. Next, I would like to ask Mr. Ma to share.

Ma Xu, Vice President of Sino-British Life Insurance: Thank you for the host. I say this not to refute your question. From the perspective of the development of insurance for more than three hundred years, technology has always been the leader. This issue has also been discussed in previous lectures. In the 1990s, the company I worked for had a subsidiary that already had strategic issues that were rarely heard of in other countries. War risks are based on the rapid integration of new technologies. There is a little knowledge here. In fact, France In the 1970s, something that was already common across the country was somewhat similar to ours, but it was only in France. Everyone was born with a number. In the 1970s, so this aspect was done very well, but at the same time I There is also a concept that the so-called Internet + is relatively hot. My opinion is industry + Internet, not Internet + industry. The last one, I personally think that China, especially the insurance industry, has been misled too much when doing marketing. Only the chairman level and the general manager level of the company here can discuss the 4 Ps and 4 Cs. Today Governor Zheng has a lot of this kind of content in his content. Content is what can really be done on the Internet now, something real.Because in the entire service system, I personally think that there are two types. One is very rigid. I think this part needs to be handled by the system, but there are still many that need to be flexible. To be flexible, you need to provide guidance when raising questions. There are some humanistic concerns. As for the content itself, whether it is yes or no, it is not particularly important at this time. When technology advances, combined with the so-called communication between people that we have abandoned, because whether it is banks or insurance, It is positioned at service. If it is positioned at service, imagine that a robot comes up when ordering. Two people order 200 dishes and they still praise you. This is not the original intention of service at all. When President Zheng said it, he said it from a brand perspective. , from the market perspective, all are artificial intelligence services. From our company's perspective, this has many defining elements, how much is people's services, and how much is new technology. For the insurance industry, technology plays a driving role in products and leads the way. There is good support in terms of functions and services.

Moderator: Thank you Mr. Ma, what do Mr. Wang think?

Wang Qianjin, Assistant General Manager, Chief Human Resources and Administrative Officer of Tongfang Global Life: Financial technology is also relatively hot now. I think the theme you set today, "Building a new ecological finance to make life better," is also a goal that financial technology wants to achieve. , this is how I look at the current situation of financial technology. On the one hand, for the traditional financial industry, the first step to be done, or what is being done now, is to technologicalize the existing processes, including the sales end. Including some systematic technological reforms at all levels of the server side. On the other hand, we are really carrying out some restructuring. Although insurance is a traditional industry, I think it is somewhat different from banks, especially life insurance companies, which are more oriented. For individual customers, it is less for corporates, for ordinary people, for customers. It is more about reconstructing its processes in insurance innovation. Reconstructing product development, sales end, service end and even business model, there are currently many cross-border integrations. Let’s take a look. Now many third-party platforms will cross-border to insurance. Some are directly joint ventures with insurance companies. Some are joint ventures with insurance companies. Some are deeper into insurance as a sales platform. These crossovers will further promote our insurance industry to truly provide customers with a better life and a better experience. Products can be customized for customers and provide a better experience from the server side, especially those born in the 80s and 90s. They are already natives of the Internet. They are used to receiving services online and now have a lot of awareness. On the other hand, the first thing he thought of was to check out Bibi online and see how to do it. Even if he buys it, he should do some promotion and try this process to see if it is a good experience. This is a new social development change that has emerged in the financial industry and the insurance industry. new ecologies, these new ecologies are gradually being formed. These are very good scenarios that promote the further development of the industry and can combine traditional industries with new technologies and new technologies. On the other hand, we must also remind the industry and customers to pay attention to the fact that technology will bring about some changes. Insurance is risk management. New technologies can resist some risks and bring some unpredictable or unprecedented contributions. I feel that the industry Including from the regulatory perspective, these issues have been noted, new regulations have been introduced, and some methods have been studied to further help our industry integrate with the Internet and financial technology to provide better protection. I just talked about the security of customer information. Regarding future risks, insurance, especially life insurance, is long-term. The results will be available after one year. Some life insurance policies are lifelong. The dedication in this process is very important for future judgment. With new technical means, What are the risks after purchasing and how to manage big data? Now there is an insurance system under the China Banking and Insurance Regulatory Commission, which plays a great role in the integration of big data and ensures that our future customers can really enjoy the protection brought by insurance. Risk management makes life better in the future.

Moderator: Thank you Mr. Wang. Mr. Wang clicked on the theme of our entire forum. Thank you again to our four guests who participated in the seminar today. This seminar ends here. Thank you all.

(Compiled based on on-site speeches, not reviewed by guests)

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