GUILIN, China, Aug 15, 2019 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or "the Company"), a leading technology-as-a-service platform for financial institutions in China, launched Data Governance Solution, which is the first end-to-end data governance solution based on big data technology in China.
OneConnect is an associate company of Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or "the Group", HKEX: 2318; SSE: 601318), one of the world's largest financial institutions and a global leader in the digital transformation of financial services. Leveraging the strong partnership with Ping An, the Company has established world-leading technology capabilities for financial services in AI, big data analytics and blockchain.
Global banking industry has reached a consensus on the digital transformation and is entering a new stage of data governance. According to the "Fortune 1000 Management Annual Survey", as of April 2018, a number of leading financial institutions including Bank of America, Capital One, Citibank, Goldman Sachs, Wells Fargo, and JP Morgan Chase have set up Chief Data Officers.
"Lots of top banks have set up their CDOs, but we don't have the position in China. We should pay more attention on data governance, which is a global trend for banking industry," said Mr. Ye Wangchun, CEO of OneConnect.
However, according to the report "Fintech Development of Small and Medium-sized Banks (2019)", written by OneConnect, IFAB (Internet Finance Association of Small and Medium-sized Banks), and Accenture, most small and medium-sized banks in China still have not formed a mature and complete data management and control system. The report shows that only 9% of them have realized effective data governance with mature data management systems, and fully implement big data applications.
In fact, the Chinese banking industry has put more emphasis on data governance. In May last year, China Banking and Insurance Regulatory Commission published the "Guideline for the Data Governance of Banking Financial Institutions", which required banks to improve the authenticity, accuracy, timeliness and integrity of data, and protect the privacy of clients through enhanced data security measures.
"Our end-to-end data governance solution is based on big data technology, which is essentially different from solutions for traditional databases," said Hannah Qiu, Co-General Manager of OneConnect.
"The complete digital banking management system should cover three layers," she continued. "The first is the basic data layer, the second is the business application layer, and the third is the management layer. Only the three-tiered system is intelligent and digital that the bank can build a complete digital banking management system. Among these three layers, the construction of the basic data layer is the basis of business application and business management."
With AI and big-data technology, OneConnect's solution can support smart management for all scenarios and massive amount of data. It is more flexible and convenient in software and hardware expansion and iterative upgrade. The deployment time is shortened by 1-2 months compared with traditional products. It finally helps small and medium-sized banks realize their goal - "data drives business, data drives decision-making".
About OneConnect Financial Technology
OneConnect ("the Company") is a leading technology-as-a-service platform for financial institutions in China. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. These solutions enable our customers' digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
OneConnect is an associate of Ping An Group. As of June 30, 2019, Ping An Group was China's second-largest financial institution and the fifth-largest globally by market capitalization. OneConnect leverages the Group's 30 years of extensive experience in financial services and accurately addresses the needs of different financial institutions. The Company's 12 technology solutions strategically cover multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses - from sales and marketing and risk management to customer services and operations, as well as technology infrastructure such as data management, program development, and cloud services.
OneConnect's customer base includes all of China's major banks, 99% of its city commercial banks, and 38% of its insurance companies.
For more information, please visit http://www.oneconnectft.com/.