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ICBC Accelerates Its Development of Diversified Financial Service Scenarios

It is learned from ICBC that in order to meet the needs of customers for financial service scenarios in the Internet era, ICBC is accelerating the strategy of smart banking and building service scenarios for the convenience of customers viable for finance and other fields through the dual-driver model, i.e., “joint-development + self-development”, to effectively enhance the customer service experience. As of the end of December 2017, ICBC has established more than 240 core financial service scenarios, covering major areas of people’s living, such as daily life, consumption, travel, wealth management and investment, and public services.

Sources from ICBC said that with the extensive and in-depth application of information technology in social life, it is increasingly common to have different social service scenarios interlinked and services integrated, which also provides consumers with a more efficient and convenient service experience. To this end, ICBC has fully taken advantage of its financial expertise and information technology to actively build financial service scenarios available to all fields, aiming to achieve financial empowerment and enhance its smart service.

In regard to financial payment, ICBC has made great efforts to optimize its full-function payment platform --- the “ICBC e-Payment” which, at present, can access both the High-value Payment System (HVPS) and the Bulk Electronic Payment System (BEPS), and is accessible to all customers of ICBC and other banks, with diversified payment scenarios and capable of monitoring real-time risks. The platform is also adjusted to link to the UnionPay system and support the scanning of the QR code of UnionPay, WeChat payment service and Alipay aggregated acquiring business. Meanwhile, mobile payment scenarios tailored to Beijing Subway, Bureau of Exit and Entry Administration of Beijing Municipal Public Security Bureau and online hospitals can also be applied directly.

In the respect of Internet financing, ICBC is accelerating the integration and optimization of Internet financing products. For example, through the consolidation of personal loan brands, a clear product system has been established and technologies such as big data have been used to enhance its capability of granting credit and risk control level. Centering on providing customers with the best experience, services and functions such as granting credit in a very short period of time and using fingerprints as passwords have been rolled out. Besides, ICBC has also docked its scenarios with several high-quality financial platforms dedicated to consumption, integrated Internet platforms and vertical e-commerce platforms to actively meet the financing needs of customers featured by “fast, easy and simple” under different consumption scenarios.

Regarding the wealth management and investment, ICBC is striving to build smart wealth management services. Last year, by applying AI technology, big data technology and quantitative investment model, ICBC’s robo-advisor brand, the “AI Investment”, is offered to the public with services such as recommendations of portfolios of fund investment and dynamic position adjustment. ICBC has made innovation to launch Wechat-gold and JD Mall ICBC Online Gold Flagship working with Tencent WeChat and JD Mall.

In public services, ICBC endeavors to provide the one-stop service scenario for the convenience of all customers. It has launched live webcast, acquiring and payment in cooperation with China Unicom, iQIYI, JDcom, 360 and Eastmoney.com; co-worked with UCAR, ofo, subway corporations, traffic control departments, social security departments and universities and colleges to promote ride sharing and umbrella sharing, traffic fines payment, ETC service, social security, campus cards top-up, QR-scanning payment at self-service vending machines, and to enable many other convenient living scenarios. Notably, ICBC has exclusively launched the service of withdrawing housing provident fund through mobile banking in Zhejiang Province. Now this service is running in Shaoxing and will be expanded province-wide later in response to the reform naming “Visiting at Most Once” launched by Zhejiang Province, enabling customers to withdraw provident fund via ICBC mobile banking without paying visits in person.