Developing digital finance is an inevitable path for financial institutions to integrate into the great changes of the times, build core competitiveness, and achieve high-quality development. The central financial work conference proposed to do well in the "digital finance" and other five major articles, providing fundamental guidance and action guidelines for promoting high-quality development of finance in the new era and new journey.

Minsheng Bank firmly implements the decisions and deployments of the Party Central Committee and the guidance of regulatory authorities, deeply understands the connotation of digital finance, focuses on improving efficiency and security, strengthens top-level planning and overall deployment, systematically promotes digital transformation, and builds ecological and smart banks to provide basic support for doing well in "technology finance, green finance, inclusive finance, and pension finance", and empowers high-quality digital financial services to empower the high-quality development of the real economy.

Building ecological and smart banks to improve customer experience

Minsheng Bank regards digital transformation as a comprehensive and profound change in the management of banks in the digital age, established a digital finance leadership group, responsible for the decision-making and deployment of major digital-related matters of the whole bank. The bank adheres to the strategic positioning of "a bank for private enterprises, an agile and open bank, and a bank that serves with heart", and promotes the construction of ecological and smart banks by optimizing organizational structure, changing system mechanisms, and comprehensively improving data and technology capabilities.

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Ecological banks aim to innovate financial products and services through digital transformation, explore new models of scenario finance, and integrate financial services into the production and operation of enterprises and personal life scenes by entering or jointly building ecosystems. Smart banks aim to comprehensively transform and upgrade the value chain of commercial banks through digital transformation, reshape the customer journey from end to end, improve customer experience, and truly empower the front line. In recent years, Minsheng Bank has made significant progress in promoting the construction of ecological and smart banks.

First, enrich digital financial products and services. Based on the "Minsheng E-chain" product, a series of supply chain data credit enhancement products have been launched to meet the financing needs of small and micro customers in various business scenarios. As of the end of June 2024, the financing balance of the ecological financial business series products has exceeded 150 billion yuan, and the number of online financing customers has exceeded 80,000.

Second, build an intelligent risk control system. Use risk graphs and machine learning technology to accurately identify and warn customer risks; build a unified data base for anti-money laundering and anti-fraud and an intelligent monitoring and early warning model to protect the safety of funds and the compliance of business operations.

Third, improve centralized operation capabilities. Intelligent tools such as RPA and OCR are fully applied in more than 50 business processes, and the "near and far field collaboration" operation model reduces the inconvenience for customers to run bank outlets.

Fourth, explore scenario finance and achieve new breakthroughs. After launching the "Minsheng Cloud" open bank platform, Minsheng Bank has created a one-stop digital platform for enterprise management that covers human resources, finance, salary, tax, and other functions for small and medium-sized enterprises, "Minsheng e-home". As of the end of June 2024, more than 40,000 B-end customers have been signed for service.

Fifth, improve collaborative office efficiency. The introduction of advanced Feishu tools and the full integration of self-developed office systems have greatly improved the efficiency of the new generation of platform-based "i-Minsheng" systems, while promoting knowledge precipitation and sharing.Strengthening the Foundation of Fintech to Empower the Development of the Real Economy

In the process of advancing the construction of digital finance, Minsheng Bank has always prioritized the empowerment of the real economy through fintech, providing foundational support for technology finance, green finance, inclusive finance, and pension finance.

In supporting technology finance, relying on computing platforms and lakehouse technology, the bank has launched the Firefly Platform for technology finance aimed at sci-tech innovation enterprises. This platform includes four modules: enterprise evaluation, product services, industry research support, and industry-investment matchmaking. With the purpose of "supporting the entire cycle, supporting all scenarios, and achieving win-win in the entire ecosystem," it supports sci-tech innovation enterprises to grow and become stronger.

In assisting green finance, the bank has comprehensively built a multi-dimensional and three-dimensional green operation service system, continuously enriching and iterating green financial products such as "Carbon e-loan" and "Minsheng Peak Harmony," strengthening innovation in product and comprehensive service models for specific scenarios, and supporting green and low-carbon development.

In empowering inclusive finance, the bank has constructed an intelligent decision-making system for proactive credit granting based on big data analysis. By intelligently calculating credit limits and detecting risks, it breaks the information asymmetry and introduces the "Minsheng Hui" series of products tailored to the characteristics of small and micro customers, enhancing their accessibility to financial services. Additionally, by combining agricultural big data, the bank has innovatively launched agricultural credit products such as "Agricultural Loan Pass" and "Cotton Farmer Loan" to support rural revitalization and high-quality development of agriculture.

In serving pension finance, the bank has optimized channel services for the elderly, launching a new version of the mobile banking app for seniors, version 2.0, to help elderly customers overcome the digital service gap.

Minsheng Bank's digital transformation has made breakthrough progress and achieved phased results in exploration, laying a solid foundation for high-quality development in the digital era. "Since fully promoting digital transformation, as the work continues to deepen and the effects gradually emerge, the business philosophy of 'customer-first' has taken root, cross-departmental collaboration, agile innovation, and continuous iteration have become the norm, employees' data thinking and digital literacy have been universally improved, and front-line service to customers, head office service to branches, and the entire bank serving the front line have become the general conscious behavior of employees," said a person in charge at Minsheng Bank. Minsheng Bank will adhere to innovation while maintaining integrity, uphold the political and people-oriented nature of financial work, seize the new development opportunities brought by digital transformation, adhere to serving the real economy, rely on technology and data, and continue to promote digital transformation to go deeper and more practical, contributing Minsheng wisdom and strength to the high-quality development of digital finance.