IDC: China's financial industry is entering the early stage of the big data age

March 25, Beijing, IDC research shows that the current data is an important asset of the concept has formed a consensus in the Chinese financial industry, the real value of data is to be able to insight into the internal laws of the enterprise, data insight into the financial enterprise's core competitiveness. In the informatization construction of China's financial industry, large data management closely related to information processing is becoming an important field of core business system construction, channel construction and predecessor construction.

After years of development and accumulation, China's large commercial banks and insurance companies have reached more than 100TB of data levels, and the volume of unstructured data is growing rapidly. Based on IDC's definition of large data (usually more than 100TB of data), the data volume annual increase rate is greater than 60%, data acquisition is a high-speed data stream, and the data contains structured and unstructured data called large data, IDC believes that China's financial industry is entering the early stage of the big Data age, and presents rapid development momentum.

Big Data supports three major transformations in China's financial sector

November 2012, the Chinese Communist Party "18 big" proposed that the financial reform is the next ten years of development of the most important. At present, China's financial enterprises have formulated "Twelve-Five" development Planning, "Science and technology leading innovation" is the core guiding ideology. In the future, China's financial enterprises will rely on the construction of Intelligent Data Analysis System (MIS) to fully mining laws to support business innovation and service innovation.

From the next few years, China's financial industry in the "Twelve-Five-year" period faced the challenge of the transformation of the mode of development, mainly in three major areas: first, the Chinese financial industry will establish a comprehensive risk management system, to strict supervision of the transition; second, from extensive management to fine management transformation, The key of informatization will change from business informatization to management informationization, third, from "profit-centric" and "policy-centered" to "customer-centric" transformation. Large data is of great significance in the transformation of risk control, fine management and service innovation, and it is the important impetus to realize the transformation to information bank. To be specific, first of all, large data can enhance the auditing and management of risk. Second, large data can support refinement management. At present, the interest rate marketization reform of China's banking industry has started, and the interest rate marketization will inevitably bring forward the new requirement of fine management. Third, the large Data Support service innovation, can better realize "customer-centric" concept, through the customer Consumption behavior model analysis (such as event correlation analysis), improve customer conversion rate, develop different products to meet the different customer market demand, achieve differentiated competition.

At present, China's financial enterprises have formulated relevant plans and introduced specific measures, for example, China Minsheng Bank plans to build data standards and large data base platform in 2013 years, 2014 years to build real-time data integration platform, 2015 set up a complete enterprise data services, support intelligent services.

China's financial industry should prepare for the arrival of large data era from the strategic level of enterprises. IDC believes that large data will lead to major changes in the financial industry, the Chinese financial industry should first of all, in the strategic layer facing large data planning, actively respond to the challenges of the big data age, and promote and establish a data-driven development approach.

IDC believes that large data volumes must require enterprises to increase investment in infrastructure, requiring financial enterprises IT infrastructure more easily integrate and centralize data, expansion and scaling, and management and maintenance, with great reliability, controllability, security. Therefore, Chinese financial enterprises should establish an IT infrastructure adapted to the requirements of the large data age to optimize server, storage and network resources.

In addition, the large data age financial enterprises not only face technical problems, but also face the business management concepts and other issues, business managers and operators should have a sense of risk, more should have a sense of innovation. Therefore, financial enterprises should be ready for large data personnel. The challenge of large data to IT staff in the financial industry stems from whether employees have the multidisciplinary knowledge required for large data analysis, multi-level professional qualities, and whether they have the ability to learn and control new technologies, so that complex talents will become the common pursuit of the IT staff in the financial industry in the large data age.

(Responsible editor: Fumingli)