Big data reshapes the way of financial regulation in the future
Looking back at the history of financial innovation and development, every historical change in finance is closely integrated with advanced science and technology. Therefore, when finance develops into the Internet era, new financial changes will occur.
Establishing an Internet financial governance system should become an important part of China's financial governance system and financial governance capacity building. It is the only way to modernize financial governance by vigorously developing Internet finance and promoting the modernization of China's financial governance system and governance capabilities through Internet financial governance.
Schwab, the founder of the World Economic Forum and author of the Fourth Industrial Revolution, believes that the fourth industry based on the digital revolution has arrived. This is a systematic deep change, and decision making with big data is One of these changes.
Under the technological changes such as big data and cloud computing, what changes will happen in China's financial industry? What are the new challenges facing financial regulation? How to use big data for intelligent decision making? On these issues, the "Economic Information Daily" reporter interviewed Huo Xuewen, party secretary of the Beijing Financial Work Bureau.
The arrival of the big data era
Kevin Kelly is known as the prophet of the Internet economy. He accurately predicts the arrival of the Web 2.0 era and the law of the network economy. Kevin Kelly predicts that in the future, the combination of big data, cloud computing and mobile communication will stimulate big data, deep learning, voice intelligence, surveillance equipment, 3D printing, artificial intelligence, P2P, virtual currency, etc. Technology is abrupt, and these are becoming a reality.
Huo Xuewen believes that mankind will usher in the era of big data. The amount of information in one year now exceeds the sum of all the information accumulated since the beginning of human civilization. The expansion of future information volume is explosive and will reach an extent beyond our control. The future of life will be quantifiable, and each individual will also be tagged with digits.
The information in the era of big data is massive, and structured data is parallel with unstructured data. How to extract effective data from the complicated data and display it in a suitable way has become a problem that all walks of life must seriously consider. “Most of our analysis work is based on traditional two-dimensional data models such as pie charts and histograms. In the era of big data, the two-dimensional data model has only three dimensions for management and judgment. There is no need for a data model that requires multiple dimensions and complex relationships in the era of big data." Huo Xuewen told the Economic Information Daily reporter.
“In the past, we did research to make economic decisions. The most worrying thing is that there is no data as a basis for correct understanding of the development stage of things. Nowadays, massive data is flooding our world. When machine intelligence is not completed, human-machine needs. Interaction. Data visualization can help people directly perceive machine language and graphic images through visuals. It can bring more intuitive data association value." Huo Xuewen said.
However, the problem of information silos has always been one of the main obstacles to the role of big data. Huo Xuewen believes that data needs to be open to solve this problem. From the opening, sharing and interaction of data, to the opening of value extraction capabilities, to the opening of basic processing and analysis platforms, data flows like blood in the body of the data society, moistens the data economy, and makes open data thinking the norm.
In the future, the scale of big data will become larger and larger, and the economic value of big data will drive the formation of the big data industry chain. From data collection, data storage, data processing, to data analysis, data trading, and data applications, a number of big data producers, operators, and service providers will be created around these divisions.
“Data becomes assets, industry vertical integration, platform pan-financialization has become the mainstream trend of business development, and the industry chain has deepened and prolonged, prompting the emergence of business innovation models. The Internet has created new business models, shaped new economic forms, and created new economic ecology. Space, increase the boundary of production possibilities, reduce production costs and financing costs, Internet genes have been integrated into the underlying material technology structure of social operations.†Huo Xuewen said that reviewing the history of financial innovation and development, every historical change in finance Advanced science and technology are closely integrated, so when finance develops into the Internet era, new financial changes will also occur.
Technology drives financial industry change
Throughout the history of finance, technological change has always been the driving force of financial development, and technological leapfrogging has made great changes and great developments in the financial industry. From telegraphs and telephones to computer information systems, the financial industry has been a leading application of advanced technology and has been driven by advanced technologies.
"Finance and technology are like the two ends of Taiji's yin and yang fish, chasing each other and developing together. Modern information technology such as big data, cloud computing, mobile internet, smart terminals, communication technology is accelerating development and driving the transformation and development of the financial industry. They reshape the rules of financial competition, making the information and data carried by technology become the core competitiveness of the new financial era." Huo Xuewen said that the world of technological change in the future has four characteristics: Internet of Everything, information interaction, data integration, intelligent decision-making . These four characteristics have far-reaching implications for the future transformation of the financial industry, and are also the basic premise for us to think about innovative financial models.
Technology substitution will continue to expand the possibility boundary of financial services, continuously build a new financial ecological space, and constantly evolve a multi-level financial service system. Different financial models will serve specific groups, and the market will choose different according to the dynamic changes of revenue and cost. Business model, technology changes the financial landscape by driving dynamic adjustments between the costs and benefits of different businesses.
It can be seen that technology substitution is a continuous and complicated problem that will profoundly change the financial structure and financial structure, and replace some backward, high-cost and inefficient financial service models, but still retain considerable equivalents due to cost, culture, geography, etc. Some of the traditional forms of financial services, which are difficult to replace with traditional finance, will also be sublimated in the application of new technologies. Therefore, the future financial model must be the integration of traditional finance and internet finance in technology substitution.
Huo Xuewen believes that the wide application of smart phones has laid the foundation for technology, product apps and user integration innovation for Internet finance development. Data mining and analysis technology based on big data has created a new model of Internet finance. Mobile communication and mobile Internet have profoundly changed financial risks. Pricing and the way funds are configured. The era of great development and reform of the financial industry has arrived. Whether it is a traditional financial enterprise or a new Internet enterprise, it is inevitable to apply these technologies extensively and reshape their financial service models.
“Before big data technology is applied to credit technology, loans need to be reviewed for a long time, especially offline forensics, financial statements, mortgage guarantees, approval processes, leadership signing, final lending, etc., while Ali Xiaoyu is based on its internal The big data credit evaluation and internal control technology can realize the real-time calculation of the lender's credit limit and real-time lending within the credit line. This is unimaginable in the traditional financial field. This fast lending model will become the future Internet financial era. Standard configuration." Huo Xuewen said.
Data visualization can help both parties to simulate, evaluate and make decisions on the same platform. Financial information visualization has become an indispensable tool for economic analysis, management decision-making, performance evaluation, etc. It will always run through the entire process of financial activities. Driven by technological changes, financial visualization has become the future development trend.
Financial visualization is a collection of information that is jointly developed by a series of cutting-edge financial technologies, such as mathematical algorithms, network technology, data mining, and computer language. Technical means is a tool for financial visualization, and economic management theory is the basis of programming.
Huo Xuewen believes that the greatest value of financial data visualization is not only to present the data directly, but also to visually feel the data, but also to change the mode of thinking mode and decision-making. We should use data visualization to redefine the data model in the financial domain and determine the relationship between the explosion point and growth in the financial value model.
In addition, making decisions with big data is becoming possible. "Based on data integration, using big data, cloud computing technology, cleaning, processing, and then inputting models, we can restore the real world and obtain accurate information as a basis for decision-making. Subjective factors in future decision-making Will be weakened, the information provided by big data makes decision-making more scientific and intelligent, dynamic real-time." Huo Xuewen said.
Big data finance is a historical trend
In the 21st century, the financial industry is deeply integrated and innovative with emerging technologies such as big data, cloud computing, search intelligence, social networks, Internet of Things, and artificial intelligence. A new model of Internet finance emerges as the times require, and will become the carrier, platform and content of future finance. . Therefore, the development of Internet finance is an inevitable trend of historical development.
Traditional finance is based on paper media, with manual processing as the core, and manual processing of services by means of computer network platforms. Modern Internet finance is based on data media. It uses distributed computing to process data, and uses the entire network of the public Internet as a platform to supplement the data integrated by the internal network with data collected by the entire network. The typical feature of big data finance is to transform financial activities into intelligent data processing activities, which greatly reduces the interference of human factors and improves the ability of risk assessment, analysis and early warning.
"Internet finance is big data finance in terms of its content, making full use of the massive data generated by the Internet to mine user needs, evaluate user credit, manage financial risks, etc. Big data is the core asset of Internet finance, and the ability to use this core asset. Determined the possibility boundary of Internet finance." Huo Xuewen said.
The Internet has become the underlying material technology structure of economic operation, so the financial model equipped with the Internet will become the main carrier of future financial development. From the latest development trend of the financial industry, it can be seen that big data technology has become the standard configuration of risk management, cloud computing has ensured the efficient real-time processing of financial services, and peer-to-peer resource allocation methods have fully utilized financial functions, and more and more traditions Finance needs these new models of Internet finance as technology carriers, information carriers, and business carriers.
Internet finance has platform attributes. Through self-creation and self-development, the platform has developed financial business transaction platform, emerging technology application platform, risk control management platform, financial model innovation platform and inclusive financial service platform. The shaping of modern finance in Internet finance is reflected in the functions of these platforms.
"The development of Internet finance is both a historical necessity and a new logical starting point for the future. It is not only a continuation of the profound impact of information technology on finance in the past, but also the beginning of the development of information technology to a new stage, and the revolutionary impact of new information and communication technologies on finance. The impact of the Internet on finance that we can see has only just begun. The impacts that we can't see and that are hard to imagine will continue to come, especially the impact of the development of blockchain technology on finance is coming." Huo Xuewen said .
We still can't say that the Internet finance form has matured, and the existing exploration of Internet finance is just beginning. The development of internet finance is still on the road, there is no best, only better. With the innovation and introduction of technology, with the mining of financial services, with the continuous accumulation of big data, with the continuous improvement of financial algorithms, with the improvement of regulatory tolerance, with the continued growth of large financial institutions The integration of Internet technologies, ideas and methods into traditional systems, the transformation of traditional finance by Internet finance, the innovation of financial services, and the reconstruction of the future development of the financial industry should be said to be only the beginning.
Big data reshapes financial regulation
"Our financial business has undergone profound changes. Advanced information and communication technologies, big data technologies, and cloud computing technologies have long been widely used in various types of financial enterprises. If our financial supervision is still a traditional model, it is difficult to achieve supervision. Effectiveness, timeliness, and low cost." Huo Xuewen said.
In fact, when the financial industry is still at a relatively junior stage, subject to limited resources, cost factors and information asymmetry, financial supervision has a certain lag, and it is difficult for the regulatory authorities to take timely regulatory measures. The advanced technology of Internet finance actually provides a good opportunity for financial supervision to be more effective. Advanced information systems can detect dynamic big data in financial markets and enterprises in a timely manner, while electronic channels effectively reduce the cost of regulatory search. Multi-channel sources of information data can reduce the information asymmetry problem faced by regulation, and through machine learning can build an intelligent supervision and monitoring system. These informatization financial supervision methods are derived from the market, acting on the market and detecting the market. This is the only way for the modernization of financial supervision.
Huo Xuewen believes that Internet technology, especially big data and smart technology, will reshape the way of financial regulation in the future. Taking illegal fund-raising as an example, in the Internet era, criminals use the virtuality and wide-spreading characteristics of the Internet to attract investors through high-yield commitments. In recent years, due to the economic downturn, illegal fund-raising cases have occurred frequently, which has a greater impact on the financial order and the legitimate rights and interests of residents. Internet technology provides a powerful tool for combating illegal fundraising, improving the efficiency and accuracy of financial regulation.
According to Huo Xuewen, Beijing has built an illegal fundraising monitoring and early warning platform and played a good role. It is a typical case of using Internet thinking and advanced technology to improve supervision. The design of the illegal fundraising early warning platform includes two sub-platforms: one is the front desk for the registration of formal financial products, and the data collection is done by registering the information of financial products sold on the website. Product registration, information disclosure, and fund custody are the three major regulatory measures for Internet finance. Financial institutions register and record information such as the territorial name, territorial number, date of issue, organization number, and product number of the product on the platform. The second is to find the background of illegal fund-raising clues to combat illegal crimes and keep the bottom line. The front desk provides information to consumers and the background against illegal fundraising. The basic construction idea is to use the Internet to collect information, use big data mining and cloud computing technology, and through a series of steps of two comparisons, one intervention, and final confirmation, to achieve different levels of disposal and response to enterprises suspected of illegal fund-raising.
“Specifically, the platform is based on the characteristics of past illegal fund-raising cases, comprehensive legality, illegal fund-raising feature words, high yield, negative feedback index, and communication power. Empowerment, and finally form a 'smoke index'. In the illegal fundraising feature words, the platform collects 500 characteristic words, covering a wide range, only big data has the ability to collect information of this scale. The higher the smoke index The more the characteristics of illegal fund-raising are, the more the supervisory department can monitor and early warning, so as to 'play early and fight small'." Huo Xuewen said that after the platform is successfully built, six mechanisms are realized: clue discovery mechanism, clue tracking mechanism, monitoring and early warning. Mechanism, coordination and warning mechanism, supervision and control mechanism, and information sharing mechanism.
Finance is at the heart of the modern economy. The modern financial governance system is an important part of the modernization of the national governance system and governance capacity. Huo Xuewen said that the establishment of an Internet financial governance system should become an important part of China's financial governance system and financial governance capacity building, and an important part of China's financial development. It is the only way to modernize financial governance to vigorously develop Internet finance and promote the modernization of China's financial governance system and governance capabilities with Internet financial governance.
Source: Economic Information
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