The ** Economic Work Conference held on December 11-12 emphasized that it is necessary to focus on expanding domestic demand, promote consumption from post-epidemic recovery to continuous expansion, cultivate and expand new consumption, and stabilize and expand traditional consumption.
In order to conduct in-depth research on the focus of financial support to expand domestic demand and promote consumption, at the "2023 8th New Finance Forum" hosted by Outlook Think Tank on December 16, Outlook Think Tank and Everbright Credit Card jointly released the "Exploration and Practice of Commercial Banks in the Development of the Consumer Finance Industry in 2023 to Expand Domestic Demand and Benefit People's Livelihood" (hereinafter referred to as "Summarizing and Sorting Out the Relevant Practices and Explorations of Commercial Banks in Recent Years, and Conducting Analysis from Multiple Levels".
Cai Xuefeng, Secretary of the Party Committee and General Manager of the Credit Card Center of China Everbright Bank, gave a detailed explanation of "**.
Compared with the previous two years, this year's report focuses more on the investigation and research of commercial banks' business status, business planning, risk control and other practical aspects, which has stronger guiding significance for the development of institutions. Cai Xuefeng, Secretary of the Party Committee and General Manager of the Credit Card Center of China Everbright Bank, gave a detailed explanation of "**. He said that "* Accurately track and study the specific measures taken by commercial banks to help expand domestic demand and promote consumption, among which Everbright Credit Card has provided a lot of fresh first-hand materials, and he expects to further realize the multi-party linkage between financial institutions and national high-end think tanks in the future, and make greater contributions to high-quality economic development."
Concerted action by the banking sector
At the end of the year, looking back at the implementation of a series of pro-consumption policies in the past year, it is not difficult to see that residents' willingness to consume has continued to increase, new consumption scenarios and hot spots have emerged, and the driving effect of consumption on economic growth has become more and more apparent. According to the latest data from the Ministry of Commerce, China's total retail sales of consumer goods increased by 6% year-on-year from January to October9%, 01 percentage point.
Finance is the lifeblood of the real economy, and the expansion of domestic demand and the promotion of consumption are also inseparable from the strong support of finance. The previous financial work conference emphasized the need to "optimize financial services". According to the research of the Lookout Think Tank, one of the key points of "optimizing financial services" is to improve the efficiency of the domestic cycle through the innovation of financial products and services, and guide financial service entities to consolidate the foundation of the domestic cycle.
** believes that in order to give full play to the important role of finance as a tool for optimal allocation of resources and cycle control, we must first do a good job in top-level design. Since 2023, relevant departments have repeatedly issued ** adjustments to increase financial support for consumption, such as the National Development and Reform Commission's "Measures for the Recovery and Expansion of Consumption" and the State Financial Supervision and Administration of the "Notice on Financial Support for the Recovery and Expansion of Consumption", all of which have made specific arrangements for this.
Major commercial banks have also responded from the bank-wide strategic level, creating a variety of brand activities, increasing credit delivery, reducing the cost of consumer credit, and conforming to the general trend of consumption upgrading in terms of financial resource investment, tilting towards key areas, rural consumption and green consumption, creating "financial living water", and continuously helping consumption with market-oriented means to promote consumption and improve consumption efficiency.
For example, Everbright Credit Card has launched a series of "combination punches", deepening supply-side structural reforms in the field of wealth management, increasing the design of characteristic financial products in terms of credit consumption, alleviating financing pressure for small and micro business owners and individual industrial and commercial households, and paying attention to social security and the rights and interests of financial consumers, so as to comprehensively help expand domestic demand and promote consumption. Under the framework of the implementation of the strategy of expanding domestic demand in the retail line of the head office, Everbright Credit Card has formulated a total of 10 measures in four aspects, including building a scenario-based service ecosystem, practicing inclusive finance, promoting new consumption, and creating a good consumption environment, to further protect market players and promote economic development.
** believes that financial institutions continue to expand consumption scenarios, tap market demand, optimize the business environment, support business entities, implement precision marketing and other measures, which is not only their moat in the face of competition and market risks, but also an important manifestation of their needs to serve the country and the aspirations of the people.
Four aspects to improve the quality and efficiency of financial service consumption
In 2021 and 2022, Lookout Think Tank and Everbright Credit Card jointly released the "**Focusing on Consumer Experience and Protection, and Consumer Service Governance System" for two consecutive years. In 2023, "*Combined with the macro environment of expanding domestic demand and promoting consumption, it focuses on the case basis of commercial banks' product design, market promotion, technological upgrading, and risk prevention and control, and elaborates on the measures taken by commercial banks to improve the availability, convenience and preferential consumption of residents through measures such as customizing exclusive products, creating consumption festivals, upgrading service systems, and improving the level of risk control.
In terms of product design, commercial banks have improved consumer financial services in a focused and hierarchical manner by innovating consumption scenarios, optimizing credit products, strengthening characteristic products, creating differentiated services, customizing low-carbon exclusive products, and focusing on rural financial services, so as to effectively play the role of financial leverage and comprehensively empower consumption.
In terms of marketing, it can be as small as planning brand activities such as consumption festivals, first-class days, and theme days, and as large as building a merchant body to form a "group" commercial banks to use their "best efforts". At the same time, commercial banks have made use of consumption hotspots and technological means to achieve more effective market reach.
In terms of technological upgrading, compared with previous years, commercial banks can more accurately understand and tap consumer needs, and provide targeted financial products, consumption scenarios and a more intelligent and convenient financial service system. For example, upgrading mobile banking apps, building intelligent consumer protection systems, and exploring large-scale model applications to form end-to-end intelligent solutions to provide consumers with high-quality services throughout the whole process and life cycle.
In terms of risk prevention and control, the retail line of commercial banks undertakes the dual mission of opening up the "last mile" of policy implementation and ensuring the safety of the financial system.
** believes that the above four measures have stimulated market vitality and boosted the performance growth and asset optimization of commercial banks. On the premise of fully protecting the rights and interests of consumers, commercial banks should continue to do a good job in market research and make good use of products, technologies and channels to make the "financial power" more confident.