Trends in Big Data Applications in China’s Financial Industry

Since the issuance of China Banking Big Data Strategy, big data has been widely used for credit cards, credit cards, guarantees, financial matching and investment.

Celent reviewed new applications, strategies, and non-financial company providers when reporting a trend report on China's financial data for the financial industry

The major banks have completed the construction and promotion of e-commerce, social networking, P2P, and big data platform. Utilizing these platforms, these banks will gain better access to customer data. Some major insurance companies, including Ping An Insurance and Taikang Life Insurance Co., are beginning to build big data centers to improve service levels. In the securities industry, Haitong Securities developed analysis methods on customer behavior and characteristics.

Major big data providers include Global Big Data Exchange, Jusfoun, Credit Sesame, 3 Golden, Bairong Financial Information Services, CIITC.

Hua Zhang, an analyst at Celent Asia Financial Services, says: "In the future, major financial institutions are also likely to acquire data offline.

Development related to big data is considered to be the future direction of China's financial industry. According to the trend survey released by the China Computer Federation (CCF), after e-commerce, big data is ranked second in the financial industry (CCF 2013 a). The huge Chinese economy and population means the world's largest database, which means more channels and greater possibilities for developing and using big data. China's economic transformation is at a crucial intersection. Information consumption is expected to become a new driving force for domestic demand, and the financial industry will play an important role in the integration and innovation of network information technology and service model (SCPRC 2013).

With the advent of the Big Data concept in 2011, Chinese financial industry practitioners began exploring ways to collect the best big data in 2012 and launched numerous big data projects in 2013 ( 2013 is big data and big data). one year). Internet Internet finance in China). Since then, the Chinese financial industry has made tremendous changes, the Chinese financial industry actively responded to the challenges and enjoyed opportunities related to big data. Development related to big data is considered to be the future direction of China's financial industry. According to the trend survey released by the China Computer Federation (CCF), after e-commerce, big data is ranked second in the financial industry (CCF 2013 a). The huge Chinese economy and population means the world's largest database, which means more channels and greater possibilities for developing and using big data.