The ** Financial Work Conference held at the end of October this year put forward the goal of "accelerating the construction of a financial power" for the first time, emphasizing the promotion of high-quality financial development in China and providing high-quality services for economic and social development. In order to build a financial power, a prosperous and open fintech ecosystem is an indispensable part, and four representatives of HUAWEI CLOUD's financial ecosystem partners were recently interviewed by Caijing to discuss how to accelerate the release of the value of the fintech ecosystem, open up the last mile of financial digital intelligence, and help achieve the goal of becoming a financial power.
As a financial technology enterprise that has been deeply involved in IT solutions in the insurance industry for many years, Zhongkesoft has always adhered to pioneering and innovative, enriched the product content of independent research and development, enhanced the concept of high-quality service, and established a highly competitive technical system. At the same time, it actively establishes ecological cooperation with upstream and downstream manufacturers of financial technology to improve the ecological territory of financial technology. Zuo Chun, chairman of Zhongkesoft, believes that the goal of "financial power" has put forward new requirements for financial institutions and financial technology companies such as Zhongkesoft. In order to do a good job in "science and technology finance" and build a financial power, it is necessary to continue to improve the core competitiveness of enterprises, create an open financial technology ecology, and have the courage to explore the application of intelligent technologies such as AI models in the financial industry, so as to enhance the overall strength of China's financial technology.
"Volume" out of competitiveness, full competition and rapid iteration can create a leading position
At present, China's financial management software as a whole has a high level. Zuo Chun believes that this is closely related to the high degree of competition in the entire financial market. The higher the degree of competition, the more enterprises will pay attention to the ability of independent research and development and technology iteration, and the more advanced the technical means. In such a market environment, if you want to stand out in the high-intensity competition, "* must keep up. It is precisely because of a large number of practical experience, engineering experience and the application of new technologies that China's financial informatization level occupies a pivotal position in the world.
Taking the insurance industry as an example, China's insurance industry can now quickly launch new products in response to market demand. This stems from the deep digital foundation behind it and the full competition in financial management software.
Zuo Chun pointed out that the field of financial software pays special attention to iterative speed, which can be said to be synonymous with "volume". Rapid iteration, rapid learning, rapid adaptation, and rapid competition are not only the core competitiveness of enterprises, but also the key factors for enterprises to win in the fierce market competition. In the long run, in the current environment of China's "Red Sea", full competition is also a good thing.
It is necessary to be both stable and innovative, and fintech develops in contradictions
Compared with other industries, the financial industry has a large scale of IT investment, a high dependence on IT, and is also the most active in the trial and application of new technologies.
At the same time, there are some challenges in the financial industry in the process of exploring and applying new technologies. Zuo Chun said: "The financial infrastructure must be very safe, to ensure stable development and continuous innovation, which can be said to be developed in contradictions. “
In the interview, Zuo Chun pointed out that the "stability" of the financial industry can be dismantled into the stability of operations and projects. In terms of operational stability, it is necessary to work on basic technology. Zhongkesoft and HUAWEI CLOUD have long-term cooperation in financial infrastructure, which is precisely because of the technical and quality assurance of HUAWEI CLOUD's products. In terms of the stability of the project, the financial industry has always emphasized safety and reliability, and it must be credible, data must not be leaked, and private data must be safe. In these aspects, the financial industry is a benchmark, which can ensure the stability and reliability of the financial industry, and naturally can also achieve the stability and reliability of other industries.
While ensuring stability, financial institutions also need to maintain a reasonable replacement cycle. Some of the old systems of financial institutions are not upgraded, which seems to be more stable on the surface, but this kind of "legacy system" will become more and more expensive for a long time. Therefore, the IT system of financial institutions should have a reasonable replacement cycle, such as 3 to 5 years, or 5 to 8 years, which is a more reasonable replacement cycle.
Give full play to the power of ecology, integrate general technology and domain knowledge, and jointly serve customers
When talking about the financial ecology, Zuo Chun said that the ecology in the field of financial technology reflects a "division of labor". Some vendors have advanced source technologies but lack experience in migrating new technologies to clients, which requires an interdependent ecosystem to enable the migration of new technologies. Practice has proved that the better the product, the more a strong ecology is needed. "Just like the 'united front', whoever does a good job in the united front will be particularly competitive in the market. Zuo Chun said.
Zuo Chun believes that there is an important dividing line between basic software and application software, that is, domain knowledge. Cloud vendors such as HUAWEI CLOUD create technologies with strong versatility, while ISVs such as Zhongkesoft are very proficient in a certain industry, and even become experts in a certain industry. For example, if Zhongkesoft is deeply engaged in IT solutions in the insurance industry, it is necessary to become an insurance expert, and be very familiar with all the terms, all practices, and all business processes of insurance, which is domain knowledge. When serving customers, HUAWEI CLOUD and ZKESOFT need to integrate general technology and domain knowledge to provide better services to customers. At the same time, general-purpose technologies are constantly changing. When new technologies emerge, ISVs with domain knowledge should also learn quickly and migrate the new technologies to the client.
HUAWEI CLOUD is an important partner of ZKESOFT. In terms of basic software, Zuo Chun was impressed by the stability and technical investment of core products such as databases. Taking GaussDB database as an example, with the improvement of GaussDB's capabilities, the support capacity of the entire platform has also become stronger, making it in an advantageous position in market competition. As a leader in root technologies such as databases, HUAWEI CLOUD not only improves the capabilities of partners, but also helps customers save costs such as time and labor costs.
Zhongkesoft chose HUAWEI CLOUD, and HUAWEI CLOUD also chose Zhongkesoft, and the product and service capabilities of both parties are leading the industry. As HUAWEI CLOUD continues to polish root technologies such as databases, Zhongkesoft should also do its best in service capabilities and domain knowledge, and cooperate with the two sides to provide customers with better services and better meet customer needs. In terms of cloud ecosystem, HUAWEI CLOUD and ZKESOFT have reached a consensus to build a prosperous and open financial cloud ecosystem to achieve greater development. Zuo Chun said.
In the era of intelligence, the popularization of AI in the financial industry also requires the power of ecology
Artificial intelligence technologies such as large models are sweeping all walks of life, giving rise to a series of new services and new business formats. However, the financial industry is still in the exploration stage of intelligent technology, and is in a state of "weak intelligence", not "strong intelligence". In contrast to AI, which records a lot of knowledge on a branch and has a narrow "knowledge scope", human intelligence is a kind of "well-informed" intelligence. At the same time, traditional financial digitalization is more about access, control and processing, and the amount of computing is not very large. With the advent of a new generation of artificial intelligence, the amount of computation will become very large by establishing mechanisms such as vector databases, which is also a challenge for financial institutions.
Based on the above situation, Zuo Chun believes that the promotion of AI technologies such as large models in the financial industry also needs to give full play to the power of ecology. For the basic large model, if it is to be applied to the management side of the enterprise, it is necessary to connect the large model with the business system, that is, the large model vendor needs to cooperate with the ISV that has domain knowledge. For vertical industry models, each financial institution will have a knowledge base, and it is necessary to integrate the platform capabilities of large model manufacturers, the domain knowledge of ISVs and the knowledge base of financial institutions, and then integrate with financial software to achieve in-depth application of vertical industry models.
From the current point of view, the application of intelligent technology by financial institutions is showing a clear upward trend. Taking HUAWEI CLOUD's digital human as an example, HUAKE Software integrates HUAWEI CLOUD's digital human capabilities into the system to provide it to customers, and insurance institutions can also customize digital humans with HUAWEI CLOUD to serve users. In this process, with the growth of intelligent technology applications such as digital humans, more computing power will be required. It can be seen that through ecological partners, cloud vendors can also accelerate the application scale of large models and artificial intelligence.
Enhance the overall strength of China's financial technology enterprises and compete with foreign enterprises
* The Financial Work Conference proposed to build a financial power, which pointed out the direction for the financial work in the next period and the development of enterprises in the financial technology industry chain. Zuo Chun believes that for ISVs such as Zhongkesoft, in order to contribute to the construction of a financial power, it is necessary to continue to improve the technical level and service capabilities, and play a competitive role in the world.
In the process of building a financial power, it is necessary for all parties in the financial ecosystem to work together and compete with foreign competitors in the process of common development. "Through ecological synergy, deep technology cultivation and rapid iteration, we will build stronger core competitiveness, and ultimately surpass foreign competitors and achieve international leadership. Together, we will build a stronger overall strength of financial technology and help build a financial power. Zuo Chun said.
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