CCB ramps up fintech efforts

State-owned bank leverages big data, internet to increase funding avenues for small businesses

China Construction Bank Corp applied financial technologies such as big data to the innovation of digital operating models and reconstruction of the credit granting process during its strategic development of a framework for financial inclusion.

The second-largest State-owned commercial lender by assets in China created accurate customer profiles by introducing more than 30 categories of data from the government and third-party institutions and cross-check the external data with the internal data from the bank to solve problems of information distortion and information asymmetry that exists between financial institutions and small businesses, said Liu Guiping, president of China Construction Bank.

To ensure the development of financial inclusion, which means that individuals and businesses have access to affordable financial products and services that meet their needs, the bank has realized smart risk management by innovating several hundred data models and having risk control standards embedded in its system.