according to the plan, BOC plans to change the original personal finance department, wealth management and private banking department, online finance department and bank card center into three departments: personal digital finance department, consumer finance department and credit card center.

this will be the first personal digital finance department in the banking industry, which consists of two secondary departments: digital finance center and private banking center.

in terms of personnel, Liu Min, former general manager of wealth management and private banking department, will be the general manager of personal digital finance department, and Guo Weimin, former general manager of network finance department, will be the chief scientist of Bank of China.

through organizational restructuring, BOC has taken a big step forward, and its key words are digitalization and consumer finance.

in the process of promoting reform, it is often difficult for financial institutions to break the barriers of departmental interests. It is a bold attempt for BOC to integrate the original three departments and set up the personal digital finance department.

it's not just the financial industry. At the end of September last year, in order to accelerate the to B business, Tencent launched the third strategic restructuring in the company's history.

It should be pointed out that it is easy to shout slogans, and it is not so difficult to adjust the organizational structure. However, the organizational change and business transformation that go deep into the soul are long and arduous.

BOC really needs to accelerate the pace of change. In the contest with the other three major banks, BOC is in a backward position and the market value is at the bottom; If it doesn't rise again, its market value will soon be overtaken by China Merchants Bank.

The most noteworthy is the Personal Digital Finance Department, a super-large new department, which includes the main businesses of the original personal finance department, wealth management and private banking department and online finance department.

Compared with network finance, digital finance is a more accurate and representative concept of the future. In fact, it has long been suggested in the industry that the online finance department will be a transitional product.

this is consistent with the "technology leading" proposed by BOC in recent years: injecting technology elements into the whole business process and all fields, and building a digital bank with extreme user experience, rich scene ecology, online and offline collaboration, flexible product innovation, efficient operation and management, and intelligent risk control.

It can be expected that BOC will formally establish online channels as the development focus of personal finance, and the importance of mobile banking will be further highlighted.

According to the Bank of China's 218 annual report, the number of active customers and transaction volume of the bank's mobile banking basically doubled last year. By the end of last year, the number of mobile banking customers of BOC had reached 145 million, a year-on-year increase of 26%; Last year, the transaction amount reached 2.3 trillion yuan, an increase of 82.68%.

it is likely to cause some controversy to remove the wealth management and private banking department and merge the relatively leading private banking business in the market into the personal digital finance department.

but from another perspective, BOC originally did not have a special private banking department. Under the new personal digital finance department, the private banking center is two secondary departments juxtaposed with the digital finance center, and its position is still outstanding.

among major commercial banks, BOC should be the first to set up a separate consumer finance department.

according to the organizational information disclosed in the financial reports of banks in 218, ICBC has set up a personal finance business department, a bank card business department (Peony Card Center), an online finance department and a private banking department in the retail business line; CCB has set up personal finance department, wealth management and private banking department, housing finance and personal credit department, credit card center and online finance department. Agricultural Bank of China has set up a credit card center, a private banking department, a personal finance department, an online finance department and a personal credit department.

the consumer finance department of BOC probably inherited the personal loan business of the former personal finance department.

from the perspective of BOC official website, its personal loan business has 21 products, including housing mortgage loan (provident fund loan), automobile loan, personal business loan and personal credit loan, as well as new products such as BOC e-loan and personal network revolving loan.

at present, it is uncertain whether the consumer finance department has included the mortgage and car loan business. Because according to the general definition of consumer finance, mortgage and car loan do not belong to consumer finance.

in its 218 financial report, BOC mentioned: accelerating the development of consumer finance business, deeply applying Internet and big data technologies, optimizing and improving the risk management and control model, and continuing to promote the full-process online consumer loan service of its flagship product "BOC e-loan" and maintaining a relatively rapid growth rate.

as a personal online consumer loan product under BOC, BOC e-loan provides online credit consumer loan services for payroll customers, wealth private bank customers and mortgage customers of BOC, with a maximum amount of 3, yuan.

it is a long-overdue change for BOC to change its bank card center into a credit card center.

before this, ICBC, CCB and ABC all set up credit card centers long ago, and the credit card centers have become the standard of stock banks and even some city commercial banks.

Little known is that BOC is a pioneer in the credit card market in China. In 1985, Zhuhai Branch of Bank of China established Zhuhai Credit Card Co., Ltd., the first credit card company in China, and issued the first credit card in China-BOC Card. In 1986, BOC issued the first domestic credit card-the Great Wall Card.

However, in the tide of credit card development in recent years, BOC's ranking in the market has been declining, not only falling behind ICBC and CCB, but also being overtaken by ABC, and its disadvantages are also expanding compared with China Merchants Bank and Bank of Communications.

Data show that by the end of last year, the cumulative number of credit cards issued by BOC was 11,657,3, which was lower than that of ICBC and CCB. The credit card consumption is 1,619.555 billion yuan, which can't even squeeze into the top ten of the industry; The balance of credit card loans was 426.338 billion yuan, ranking ninth in the industry.

the potential and value of credit card business cannot be underestimated. For example, last year, China Merchants Bank's credit card business income reached 66.7 billion yuan, accounting for more than half of its total retail business revenue.

in the credit card battle, BOC must pull it back.

among big banks, BOC was the first to set up the online finance department, and the first to cancel it.

in March, 214, the head office of China Bank cancelled the e-banking department and established the online finance department. The online banking and mobile phone business of the e-banking department were all assigned to the newly established channel management department, which was mainly responsible for the innovative internet finance business such as e-commerce.

Looking back, "e-commerce and other innovative Internet financial services" is obviously an immature formulation, but in the environment at that time, it represents the mainstream cognition of the banking industry on new finance.

However, the online finance department of Bank of China was cancelled, which is actually traceable.

at the end of 218, BOC took the lead in setting up a transaction banking department among state-owned banks, which was integrated on the basis of the former trade finance department and integrated the cash management function of the former corporate department and the enterprise network finance function of the network finance department.

It is worth mentioning that Dong Junfeng, president of Netlink, previously served as the deputy general manager in the online finance department of Bank of China.

in this adjustment, BOC has set up the post of chief scientist, which is also a pioneer in the traditional banking industry.

Another similar example is that Weizhong Bank hired Yang Qiang, a well-known scientist in the field of international artificial intelligence, as the Chief Artificial Intelligence Officer (CAIO) this year.