“The ’14th Five-Year Plan’ is a critical period for China’s wealth growth, and it is also a critical period for the realization of people’s wealth. Banks must play their part in helping people manage their finances. Guide funds, especially people’s savings, to enter the capital market through reliable channels to promote the economy High-quality development is the mission of CCB as a large state-owned bank.” In an interview with a reporter from the Financial Times a few days ago, Sun Na, general manager of the Personal Finance Department of China Construction Bank, said that we must seize the development opportunities in the new era, Regulations require that while doing a good job of transforming itself, it should convey correct financial management concepts to consumers and promote the high-quality development of financial management business.
Exhibition industry ushered in a golden age
“Innovation-based new economy industries are characterized by high risks and low fixed asset rates, and cannot be effectively integrated with the traditional indirect financing market based on bank credit funds and collateral guarantees. It requires a multi-level capital market direct financing system. Investment. Wealth management business connects wealth management and asset management, and runs through the cyclic value chain of’retail customers-wealth management-asset management-investment banking-corporate customers’.” Sun Na believes that China is currently undergoing “a century of great change, a dual cycle pattern” “Under the background of the two overall situations, it will bring broad development opportunities for the development of retail banking business and the expansion of investment and wealth management.
On the one hand, from the perspective of the new development pattern of “dual cycles”, expanding and strengthening the investment and wealth management business is to play the role of financial tools in optimizing the allocation of social resources and support the transformation and development of the real economy, especially to meet the needs of rapid development of new economic industries through direct financing. Serve the domestic cycle, strengthen the internal cycle momentum, and help the country’s strategic transformation.
On the other hand, from the perspective of the circular value chain of investment and financial management, for the B-side, it is an important way to solve corporate financing problems, improve the efficiency of resource allocation, and serve the production and operation of enterprises; for the C-side, it is an effective way to promote individual customers to participate in the sharing of national innovation and development. Dividends, managing wealth for the people, making the people rich, and benefiting the people’s livelihood are important measures to implement the “six stability” and “six guarantees.
“At present, my country has entered a stage of high-quality development. The per capita GDP has reached 10,000 U.S. dollars, the urbanization rate has exceeded 60%, and the middle-income group has exceeded 400 million people. The people’s requirements for a better life are constantly increasing. International trends are converging. Investment There is a significant positive correlation between the financial management rate and per capita GDP. From the perspective of international development history, when the per capita GDP exceeds 10,000 US dollars, it will enter the era of wealth management, and the proportion of investment and wealth management AUM will gradually increase.” Sun Na said.
At the same time, in Sun Na’s view, under the background of a century of great changes, my country’s residents’ wealth structure will undergo a major adjustment, showing the characteristics of “two ups and two downs”, which will also provide opportunities for the wealth management industry.
The first is the adjustment of the wealth structure. The proportion of real estate in residents’ wealth has fallen, and the proportion of financial assets has increased. 71% of China’s urban residents’ wealth is real estate. With the continuous implementation of the policy of “no real estate speculation”, real estate bids farewell to high growth and superimposes demand for elderly care. With the introduction of REITs, huge real estate assets will be revitalized through financial means. Real estate capitalization implies New opportunities.
The second is the structural adjustment of financial assets. The proportion of deposits in household financial assets has declined, and the proportion of investment and wealth management has increased. Residents’ financial assets account for more than 60% of deposits. During the “14th Five-Year Plan” period, with the development of the capital market and the superimposition of low interest rates, investment and wealth management ushered in golden opportunities.
Outstanding encirclement during the transition period
In the critical year of bank wealth management transformation, break rigid redemption, prohibition of maturity mismatches, strict separation of on-balance sheet and off-balance sheet requirements, separation of new and old products, advancement of wealth management subsidiary operations, and the impact of the epidemic on financial institutions’ capital and assets A two-way impact occurred at the end of the year, putting pressure on the bank’s financial transformation. Facing challenges, how does the banking industry respond? Sun Na introduced the measures of CCB from three aspects.
The first is to enhance customer value. “We continue to enrich the choice of customer asset allocation, coordinate the management of self-operated bank wealth management and agency sales of wealth management sub-products, new and old products, and deepen the customer base through digital operations, and adapt to customer needs Different types of products, precise design of marketing paths and contacts, closed-loop monitoring and continuous agile iteration.” Sun Na said.
The second is to improve product competitiveness. On the one hand, CCB Group’s wealth management product management departments and institutions actively and steadily promote asset-side rectification in accordance with the requirements of asset management transformation to improve standardized asset operation; on the other hand, CCB and wealth management subsidiaries implement the Party Central Committee and the State Council. Regarding the spirit of financial services to the real economy and increasing the intensity of fee reduction and profit sharing, the rate of some wealth management products will be lowered to maximize the benefits to investors.
In addition, optimizing product functions and enriching application scenarios. CCB combined with changes in customer behavior in the Internet era, in-depth research on the flow path of wealth management users, and applying new content, new models and new technologies to improve customer reach, transaction rates and coverage. “For example, we recently upgraded and innovated the original cash management product, CCB Wealth Management, “Longbao”, launched the 7×24-hour real-time redemption function, and launched the “Zhifuying” automatic wealth management service to provide mortgage and credit card customers Smarter and more convenient service.” Sun Na said.
“We have the new financial concept of spreading drip irrigation to the front line of the grassroots as a service consensus, and have a strong team execution; at the same time, we have strong scientific and technological strength to support business development, such as smart government affairs, Yunongtong, and housing rental platforms. A very strong ecosystem allows us to find customers that we can’t reach at our branches. In addition, we are still striving to build and build CCB’s professional wealth management brand.” Sun Na believes that in the competition with other peer institutions, CCB is Dimensions have the upper hand.
Comprehensively improve customer service
“In terms of retail business operations and personal customer financial assets, bank wealth management is still second only to personal deposits, and one of the most important products for personal customers of our bank. Bank wealth management promotes economic development, transformation and transformation on the supply side. Cultivating customers’ financial management needs on the demand side plays a very important role.” Sun Na said.
In Sun Na’s view, as far as customer service is concerned, in the future, investment and research capabilities of wealth management subsidiaries, investor training and education, and customers’ understanding and acceptance of net-worth wealth management products, there is still a long way to go. The power point of innovation and development. “Most customers are accustomed to buying traditional products that have just been redeemed, and it still takes time to adapt to net worth products. We are also constantly increasing our efforts to adapt to and actively transform.”
For this reason, in the recent “CCB Wealth Management Season”, CCB emphasized the need to improve core capabilities such as mother-child collaboration, product supply and product sales, and pay close attention to customer demand response, product tracking evaluation and dynamic management, and net value product sales. The organization is in place, the sales behavior management and risk prevention and control are in place, and the enterprise-level financial service brand and service image are in place.
“In order to further improve customer service, during the’CCB Wealth Management Season’, we built on the existing digital operations in the early stage, based on digital insights, opened up both sides of supply and demand, insights, mining and creation of customer needs in ecological scenarios, flexible configuration, and proactive provision And instant delivery, speed up the realization of the same frequency resonance of customer demand and product supply.” Sun Na said.
At the same time, CCB is also vigorously promoting consumer protection at the institutional level. “The promulgation of Order 5 requires us to have a brand new understanding and change in consumer protection. For this reason, we focus on the bottom logic of’people’s pursuit of a better life’ and insist on customer-centricity. Since the beginning of this year, from top to top The entire consumer protection structure has been reshaped, and our service system and rules and regulations have been restructured.” Sun Na said that this year CCB held a bank-wide consumer protection work meeting for the first time and regarded this year as the bank’s “Consumer Insurance Infrastructure Year”. , And established a Consumer Rights Protection Committee with leaders of the branch in charge as director and deputy director. At the same time, according to the plan at the beginning of the year, 10 system documents have been formulated and distributed, including the working procedures of the Consumer Protection Committee, the improvement plan for consumer protection capabilities, the consumer protection work management measures, consumer complaint management measures, consumer protection review management measures, and publicity and education implementation opinions.