The mobile financial APP filing of agribusiness banks is proceeding in an orderly manner. Since the start of the mobile financial APP filing at the end of 2019, state-owned banks and joint-stock banks have also passed the compliance filing one after another according to the work arrangement after actively embracing the regulation and making a rapid response to the mobile financial APP filing.
The filing list of the thirteenth batch shows that the mobile financial APPs of agricultural and commercial banks such as Jiangyin Agricultural and Commercial Bank, Changshu Agricultural and Commercial Bank, and Shunde Agricultural and Commercial Bank are listed. In addition, Hebei Province Agricultural Credit Union, Heilongjiang Province Agricultural Credit Union, Guangxi Zhuang Autonomous Region Agricultural Credit Union, Jiangsu Province Agricultural Credit Union, Jiangxi Province Agricultural Credit Union, etc. also have related mobile financial APP through the record.
More than half of the registered institutions are urban and rural commercial banks
In response to the regulation of information collection of mobile financial APPs, the central bank and other regulators issued the corresponding documents as early as 2019.
In October 2019, the National Information Security Standardization Technical Committee issued the Basic Specification for the Collection of Personal Information by Mobile Internet Applications (APPs) for Information Security Technology (Draft), which put forward the concepts of minimum information and minimum scope of authority, and clarified the basic requirements for the collection of personal information by APPs (management requirements and technical requirements). Meanwhile, the appendix of the draft specifies the minimum information that can be collected for 21 common service types such as online payment and financial lending.
In November of the same year, the People's Bank of China (PBOC) issued the Notice on Issuing Financial Industry Standards to Strengthen the Security Management of Mobile Financial Client Application Software (i.e., Circular 237). According to the requirements of Article 237 and the Central Bank's Financial Technology (FinTech) Development Plan (2019-2021), on December 3, 2019, the China Mutual Fund Association held a pilot kick-off meeting for the filing and management of mobile financial APPs. The meeting made it clear that the pilot institutions should complete the material submission and filing application of the first batch of pilot filing APP by the end of 2019, and complete the filing work through the independent declaration of financial institutions, assessment and scoring, and public announcement.
With more and more service content provided by mobile financial APPs, for the collection and use of personal information by mobile financial APPs, regulators have also put forward specific and clear rules in regulating the information collection behavior of financial institutions.
Shan Jianfeng believes that, according to the experience of the previous filing work, the current regulatory policy for the collection of personal information standards are clearer, financial institutions have improved their awareness of information security, financial institutions, mobile APP in the filing of the number of problems exposed in the process of evaluation compared to two years ago has been substantially reduced.
According to the data released by the China Banking and Insurance Regulatory Commission (CBIRC) in March 2021, in 2020, there were 4,593 banking financial institutions across the country***, of which 4,113 were banking institutions, and most of the banks had two or more APPs. industry insiders speculate that there may be tens of thousands of mobile financial APPs in the stockpile, and that filing work will continue.
Technology, business synergies
At present, a number of listed agribusiness banks have clearly put forward the "retail transformation" strategy in their financial reports, such as Yu agricultural bank (601077.SH) will be the retail business as the basis for the development of the whole bank and the basis of the bank; Changshu bank (601128.SH) will be the retail business as the basis for the development of the whole bank; and the bank of the whole bank (601128.SH) will be the retail business as the base of the bank. （Changshu Bank (601128.SH) focuses on the retail business development trend of "customer rejuvenation, online service, and competitive differentiation", accelerates the online and offline integration, and promotes the transformation of retail banking; Jiangyin Bank (002807.SZ) accelerates the retail transformation, and takes the "three-horse carriage" of micro-enterprise, inclusive, and retail business as the foundation of the bank's development. Bank of Jiangsu Province (603323.SH) has taken financial technology as a powerful hand in retail transformation, realizing a rapid increase in the proportion of retail loan business; Zijin Bank (601860.SH) is strategically positioned as "the main promoter of large retail business, stabilizer of corporate business, and helper of financial market business"; and "the main promoter of large retail business, stabilizer of corporate business, and helper of financial market business". The strategic positioning of Zijin Bank (601860.SH) is "the main promoter of large retail business, the stabilizer of corporate business, and the booster of financial market business"; and Bank of Wuxi (600908.SH) puts forward the idea of highlighting the "power source" of the retail business and deepening the transformation of the marketing method and concept by focusing on the customers.
Under the strategy of retail transformation, agribusiness banks generally regard technology as the engine of innovation and the driving force of growth. The services that can be provided by the mobile APP platform, the richness of its functions, and the stability and security of the system are of great significance to the retail transformation strategy of the agribusiness banks.
At the same time, the mobile financial APP for the collection and use of personal information also reflects the financial institution's ability to control the risk of the asset side.
Shan Jianfeng believes that "the mobile financial APP collects personal information and business linkage, it will be applied to the asset side of the wind control model scoring, etc. Some small banks, financial technology companies, consumer finance companies, etc., the retail end of the weak means of wind control or tend to obtain more user information."
Previously, there are also industry insiders believe that "at present, financial institutions such as agribusiness banks to achieve compliance and reasonable use of personal information in the mobile terminal, there is no technical difficulty. The more critical point is that, after adjusting the personal information that can be collected permissions, it will involve the agribusiness bank in the business end of the wind control model change, such as stop collecting the user's personal real-time location and other data content of the cell phone end, may affect the wind control of the retail credit scoring."
In fact, for financial institutions, the mobile side of the information collected to make adjustments, may bring about a chain reaction, incorporating other dimensions to make up for or enhance the accuracy of the entire risk control model, from the business linkage on the discussion of how to optimize to circumvent the excessive collection of personal information.
The future of agribusiness will face how to through big data and other advanced technology for professional processing, deep mining, the bank's data stock into the business flow, the introduction of personalized, differentiated, customized exclusive services, to achieve the value of the "value-added" goals.