 
Creator: Gao Ming, Chairman, Industrial and Business Financial institution of China (Macau)
Expertise, information and expertise are a very powerful manufacturing elements for offering monumental momentum particularly, for the event and innovation of economic enterprise. With a small native market, Macao’s banking trade is going through intense and homogeneous competitors, and it’s exhausting to learn from economies of scale. So as to mitigate this, ICBC (Macau) absolutely utilised its fintech benefit underneath the auspices of the ICBC Group, and achieved an innovation-driven and digitalised transformation.
A tech-leading technique
We established the fintech transformation as a company technique, to assist deepen the combination of know-how, information and monetary enterprise, organising the monetary know-how and digital growth committee to advertise the appliance of recent know-how and concepts, and to construct an progressive, main and environmentally pleasant model picture. We additionally assembled adaptive groups consisting of members from IT, enterprise and product departments to facilitate the implementation of fintech to banking enterprise, and evaluated the outcomes by a sensible, retrospective and participative technique.
By way of the appliance of know-how together with massive information and AI, we upgraded our threat administration
Using the wave of fintech growth and Macao’s sensible metropolis technique, we aimed to speed up fintech innovation and iteration by expediting a digital reform on customer support and enterprise channels, and particularly on our cell banking service. We additionally strived to advertise innovation and optimisation of economic enterprise, working processes and inside administration. As a subject take a look at of the group’s abroad enterprise, we took the result in construct a greatest customer support financial institution, and fostered our aggressive benefit by the appliance of fintech.
Below this tech-leading technique, we repeatedly enhanced our service potential and succeeded in successful clients. Our e-banking service accounts for over 80 p.c of the entire enterprise, and the web channel performed an necessary function in attracting and sustaining clients. Consequently, we continued to remain forward of our friends in monetary services.
Digitalised operations
With a view to deepening our progressive technology-driven capabilities and upholding the philosophy of know-how self-reliance, we targeted on growing know-how in help of enterprise growth, and upgraded the ECOS know-how ecosystem to supply highly effective engines for enterprise growth. To rework our operation and develop a tech-driven and innovation-orientated mode, we utilised information and know-how, and this proved to be the impetus to assemble platforms and consumer situations, advance services, construct a consumer ecosystem, and combine our on-line and offline enterprise layouts.
From there, we continued to advertise the optimisation of shops and expanded our customer support channels. Specializing in clients and pushed by information, the financial institution improved the format of a digital operation system, and quickly created a brand new mannequin of full-journey companies for purchasers. As the primary financial institution in Macao to construct a wise financial institution community, and supply companies for cross-border e-commerce, clever card-issuing and cross-border mortgage information connection, we now have develop into a fintech chief in Macao’s banking trade. We now have additionally reformed the general systematic format of stores, and promoted the upgrading of Macao’s monetary service in direction of the next stage geared toward comfort and effectivity for our clients.
With this in thoughts, we created a ubiquitous collaborative on-line and offline service channel system, superior the combination of cell banking into the advertising and marketing companies of shops, and stepped up built-in on-line and offline operations. By way of the versatile utility of various monetary applied sciences, we enhanced buyer expertise in acquisitions, remittance, wealth administration and on-line invoice funds, and lined one-third of Macao residents utilizing our e-payment service. We additionally took the result in launch the ‘Higher Bay Space Transit QR code,’ permitting folks to trip buses in Guangdong, Hong Kong and Macao with one code, and subsequently fashioned a aggressive benefit because the main financial institution in Macao’s cost market.
We now have continued to counterpoint monetary merchandise by accelerating the development of the company digital finance service platform and constructing new avenues of the digital operation. As a part of the group’s world format, we absolutely utilised our benefit of on-line company banking companies to develop cross-border and cross-currency fund pool merchandise, and constructed a worldwide money administration system overlaying 104 nations/areas and 61 currencies, with an annual settlement quantity of greater than MOP1trn ($124bn). We’re additionally the primary financial institution in Macao to carry a fintech competitors for college college students, aiming to domesticate extra monetary and technological abilities for the area.
Securing innovation
We improved our cyber-security capabilities by pooling efforts in asset administration, testing and evaluation of our programs, cyber-security safety and bettering information safety. We now have adopted a scientific strategy in enhancing our complete cyber-security safety functionality. Additional, by the appliance of know-how together with massive information and AI, we upgraded our threat administration with a complete system that covers threat monitoring, early warning and intervention, with automated interception of suspicious transactions. We additionally launched the newest know-how in id authentication, information processing and made our workplaces paperless to reinforce work effectivity and reduce down on waste.
Digitalisation serves because the essential momentum of future growth within the banking trade. It is usually the important thing for ICBC (Macau) to foster innovation and stride forward out there. Subsequently, we are going to keep dedicated to seizing future alternatives for digital reform, and proceed to give you daring methods and groundbreaking concepts for future growth.
We regard the digital tradition as an necessary a part of our company tradition
Our mission stays clear. We purpose to construct a ‘digitalised ICBC,’ one that can adhere to bettering the capability to serve our customers with complete digital operations, distant service and clever threat management. Along with this, we are going to proceed to digitalise our service platform, operation mechanism and threat management system, with the purpose of upgrading customer support, empowering our workforce and enhancing work effectivity and effectiveness. We regard the digital tradition as an necessary a part of our company tradition, and we purpose to proceed selling employees coaching for digital reform, nurturing the gifted professionals in our trade. We need to present employees coaching for the whole front-to-back workplace by inviting in consultants and visiting skilled establishments, to be able to domesticate a ‘digital considering mode’ throughout the organisation, and in doing so, securing the status of being a tech chief in all respects.
The ultimate tenet of our mission is to deepen our utility of fintech. We’ll attempt to arrange new working processes for on-line and offline operation, construct a brand new service mannequin for info sharing, combine clear steps in our workflow, and successfully mix assets to supply well timed responses to buyer calls for.
We now have additionally been taking note of the breakthrough of generative AI, and can proceed to discover the appliance of enormous language fashions (LLM) in advertising and marketing, threat prevention and administration. Trying to the long run, we are going to keep dedicated to constructing a flourishing digital ecosystem combining unparalleled monetary companies with the actual financial system, to additional promote the upgrading of conventional industries and the event of rising industries.
