Industry Highlights: Digital Transformation Path of Group Treasury and Financial Companies

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In the context of rapid IT development, how large group treasury and financial companies use big data, AI, blockchain and other innovative technologies to achieve digital transformation of enterprise finance has become the focus of attention in the industry. Jianxiang Zhu, Senior Vice President of iSoftStone, interpreted the key points of digital transformation in this field in an exclusive interview with China News on the 26th.

The 2019 Group Treasury and Finance Company Industry Development Summit was held in Chongqing. Participants were engaged in heated discussion on topics such as group treasury, fund management, note management, financial sharing, digital transformation, RPA robot, blockchain and so on, with the emphasis on innovative development and digital transformation of the financial industry.

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As a Leading China Innovative Software and IT Services Provider, iSoftStone has set up over 90 branches and 25 global delivery centers in 36 cities worldwide, with a total of over 50,000 employees.

During the interview, Zhu proposed that to achieve digital transformation, different industries and enterprises should take into account different means and key points. Taking large group treasury management and financial companies as an example. Firstly, they should pay attention to the better use of the existing group capital resources data and carry out big data analysis and risk control management; secondly, they should realize shift from desktop service management to mobile full-service processing; thirdly, they should adopt face recognition, robots and other new technologies to develop traditional manual operation towards digitization, automation, and standardization, so as to achieve full-service digital intelligent management.

Of the 255 licensed financial companies in China, iSoftStone has served 110, according to Mr. Zhu. The digital transformation in this field is still in its infancy, and its promotion is mainly affected by the importance attached by financial companies to big data analysis and the urgency of improving the level of intelligent management. Among them, financial companies including Dongfang Electric Corporation, China General Technology and China Southern Airlines have taken the lead in digital transformation. Three years ago, iSoftStone began helping Genertec Finance Co., Ltd. build a platform for financial data decision-making and analysis. The platform can perform multi-dimensional and multi-indicator "visualization" display and data analysis of traditional paper and electronic statements, such as the change of funds of an enterprise in all bank accounts, and the analysis of customer contribution through loan amount, settlement amount and so on. It can be predicted that an increasing number of enterprises will implement digital management.

Chongqing, as the only municipality directly under the Central Government in the central and western regions of China, is striving to promote digital industrialization and industrial digitization, and employs intelligence to "empower economy and enrich life.” In 2018, Chongqing's digital economy reached RMB715.7 billion, ranking 2nd in western China. The proportion of GDP reached 35.1%, ranking 1st in the western region of China.

Zhu believed that Chongqing is in a relatively prominent position in China in terms of financial innovation and digital economy. With a profound local manufacturing industry, it shows great potential demand for digital transformation. For example, the whole process of purchasing and production in the manufacturing industry has a strong demand for efficient management of enterprise funds. In addition, Chongqing enterprises need to connect upstream supply with downstream capital chain of production and marketing so as to solve the financing problem. In this regard, iSoftStone hopes to engage in diverse financial fields in Chongqing, and enhance cooperation with local financial institutions and enterprises with the aim of improving capital management of Chongqing enterprises.

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