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ICBC and JD Finance Initiate “ICBC Xiaobai” Digital Bank

On November 27, ICBC and JD Finance jointly held a press conference in Beijing to announce the launch of “ICBC Xiaobai” digital bank, the first bank in domestic banking industry to showcase its presence on the Internet platform. ICBC and JD Finance also declared their cooperation in the fields such as co-building of themed physical outlet, self-service precious metal shop, etc., offering customized banking services that connect online and offline channels. Meanwhile, JD Logistics said that it will provide delivery services for the commodities on the ICBC e-commerce platform - ICBC Mall.

Li Yunze, Vice President of ICBC, said that ICBC Internet financial strategy is upgrading and developing toward “Smart Bank”. By applying financial service capabilities to every aspect of production and life, smart bank is dedicated to providing simpler, more effective and flexible financial services to the public. Meanwhile, ICBC actively cooperates with well-established external institutions in customer sharing, information exchange and capability coordination to push forward innovation and expansion of financial service scenarios. Besides, it adopts primary cooperation methods which place more emphasis on the Internet, online service, mobile service as well as the complimentary and sharing of advantageous resources such as customers and information, to realize seamless connection and implanting of financial service and customer scenario.

Chen Shengqiang, CEO of JD Finance, said JD has proved financial technology can create core values for banks, which, in essence, is to create boundless finance. Boundless finance bears two connotations: digitization and all-around scenario. The term “boundless” refers to the boundlessness of service scope, rather than breaking the regulatory framework. Digitization means to serve the customers in digital form, driven by technologies, and based on data, which can be freely combined like building blocks, dispatched like cards, inserted and connected like plug-ins. All-around scenario allows financial services to break not only the limit of service settings, but also the limit of physical time and space. It centers on the activity and scenario of customers and connects online and offline entries to realize online plus offline (O+O) mode. Under this mode, customers, products as well as scenarios will be perfectly integrated.

It is introduced that the newly launched “ICBC Xiaobai” focuses on the young customer group. It is not only the first scenario-integrated digital bank in the industry, but also the achievement of deep integration between ICBC and JD Finance in customers, accounts, data, information, capital, etc. Through application of state-of-the-art technologies such as big data and AI, both sides have built, beyond traditional banking forms, a new retailing and financial scenario that allows users to utilize fragmented daily time to meet primary financial demand. This new form of banking service provides customers with new experience of smart retailing and finance featuring “Follow Your Heart and Your Hand”, “Touch and Go” and “Safe and Effective”.

In addition, “ICBC Xiaobai” has made innovation in parts of the traditional banking business. For example, a customer normally needs to go to a bank outlet to get a certificate of deposit, but “ICBC Xiaobai” can save customers the trouble. Through “ICBC Xiaobai”, a customer only needs to apply online for credit certification service, such as certificate of deposit, and JD Logistics will subsequently deliver the certificate to your front door. Another innovation program - “Self-service Precious Metal Shop”, adopts technologies such as multi-screen interaction and somatosensory interaction to help customers get access to product information in an intuitive and convenient manner at all outlets. This is a perfect combination of offline scenario-based experience and online self-service shopping.