Re-discussion on the remodeling and evolution of financial industry: the "accelerator" of financial technology still needs to return to its origin

"Financial technology and industry can't be two skins", "The essence of financial industry can't be changed", "Strong supervision doesn't mean that the development of financial technology industry has come to an end", "The deep empowerment of finance and technology is the only way for us to lead to a better world" ... A brainstorming was held around the theme of "Remodeling and Transformation". They expounded the empowerment of financial technology and other modern technologies to the financial industry from the perspectives of production, learning and research, from which we could glimpse the bright future of financial industry development. Southern Financial Summit Forum is a high-end financial forum held by Southern Metropolis Daily since 20 12. This is the longest, largest and highest-profile financial summit in South China, and this year is the ninth. This forum is supported by Nankai Finance (Guangdong) Chief Economist Forum and Guangzhou Financial Services Promotion Association.

Roundtable discussion on the theme of "Remodeling and Evolution-Technology-Driven Financial Industry Empowerment Double Cycle"

The epidemic has stimulated the financial industry to accelerate its embrace of financial technology. What are the new ideas and opportunities under the dual-cycle pattern? Professor Lu Jun, Dean of Lingnan College of Sun Yat-sen University, believes that under the current situation, the opportunity for the development of financial technology lies in more and deeper cooperation with traditional financial institutions, thus giving birth to new business forms. He said that the "Belt and Road Initiative" and the RECP agreement will be great opportunities for financial technology to empower the real economy and promote the "double cycle" development pattern of the economy.

Taking the insurance industry as an example, on-site guests discussed the "accelerator" role of financial technology in business. "What else can actuaries do in the era of big data? In the past, the actuary's main energy was to make assumptions, and his skill was to make the assumptions more accurate, and the models could be set one by one. Now that there is big data, actuaries still need to make assumptions, but the basis of these assumptions is more sufficient. " Shen Shuguang, a double-hired professor at Lingnan College and School of Political and Public Affairs Management of Sun Yat-sen University, explained this from the perspective of the transformation of actuarial business by science and technology.

"Taking medical health as an example, the medical insurance data covers the medical treatment of residents in Guangdong Province over the years. All the data of male heart disease treatment, such as surgery, medication, cost, etc., are known, and the results can be compared through a certain model. This shows that the actuarial basis has changed greatly, which will definitely affect pricing, make pricing reasonable, accurate and personalized, and have a direct impact on channel rates. This is also the starting point for insurance companies to grow up in the face of major epidemics-mobile Internet, big data and artificial intelligence have transformed sales channels. " Shen Shuguang concluded.

Li, general manager of Mingya Insurance Broker Guangdong Branch, shared the experience of accelerating digital transformation during the epidemic from the perspective of real insurance, and verified Professor Shen Shuguang's point of view. She said that the epidemic has promoted the agile transformation of business methods, and the whole process from marketing team management, product research and development to sales of insurance business is turning online. "Only in this way can the whole industry maintain a certain growth; Because of this, I think the entire insurance industry has done a very good job in people's livelihood security this year. " She said, "Therefore, many enterprises have emerged this year to provide more accurate services to customers and provide a wider range of services to customers at different levels."

How does financial technology promote the deep evolution of financial industry? Zhang Aoping, a famous financial scholar and venture capital expert/managing director of Capital, pointed out that according to the development cycle of the industry, the digital transformation of the financial industry is still in its infancy. With the change of technology, will the functions and attributes of the industry change? Many guests present agreed that the financial industry will remain loyal to its essence and will not change.

Liu Lanbiao, deputy dean of the School of Finance of Nankai University/director of the Financial Technology Research Center of Nankai University, pointed out that digitalization and technology may change the specific financial business and the form of realizing these functions, and also change the scope that financial institutions can influence or cover when conducting business, but will the functions and attributes of the financial industry itself change?

Fu Yu, assistant dean of Digital China Research Institute (South China) of Peking University, also believes that digitalization is a tool, not a strategy, and it is impossible to change the attributes and functions of the financial industry. Its essence is to reduce costs and increase efficiency. For example, using big data, blockchain, and Internet of Things technologies to solve the problems of high cost of credit reporting and difficult credit identification, and to solve the problems of high cost and difficult financing of entity enterprises.

In fact, 2020 is the year of drastic changes in financial technology supervision, and the introduction of a series of regulatory policies has made the financial technology industry nervous. What should be supervised by strong supervision? How to control the wind effectively? Dr. Fu Yu's point of view is that financial technology and industry cannot be "two skins". She explained that financial innovation has solved the transaction problem, the emergence of insurance has solved the maritime transportation problem, and the emergence of credit cards has solved the global trade problem. Financial innovation must be combined with industry, come from industry and serve industry. This is a basic point.

In addition, Yu Zeng, vice president of Guangzhou Rural Revitalization Fund/Guangzhou Green Finance Association, provided ideas for the digital transformation of the financial industry. He thinks that the transformation path should be considered from the direction of supply-side structural reform, such as the cultivation of "finance+technology" talents, which may become the next period. An important direction of discipline construction in colleges and universities.