Trends in Big Data Applications in China’s Financial Industry
Since the publication of Big Data Strategies in the Chinese Banking Industry, big data has come to be widely used in credit, credit cards, guarantees, financial matching, and investments.
In the report Trends in Big Data Applications in China’s Financial Industry, Celent examines the new applications, strategies of nonfinancial companies, and providers.
Major banks have completed the construction and promotion of e-commerce, social networking, P2P, and big data platforms. By utilizing these platforms, these banks are able to better obtain customer data. Some leading insurance companies, including Ping An Insurance and Taikang Life Insurance, have begun to establish big data centers to improve service standards. In the securities industry, Haitong Securities has developed analysis techniques on customer behavior and characteristics.
The major big data vendors include Global Big Data Exchange, Jusfoun, Credit Sesame, 3Golden, Bairong Financial Information Services, and CIITC.
“In the future, large financial institutions may also capture data offline. This will form a closed loop from online product browsing, to offline product experience, to online transactions and sharing,” says Hua Zhang, an analyst with Celent’s Asian Financial Services practice and author of the report.
This report describes the market, looks at cases, and examines industry trends.
This report is also available in Chinese.