On May 15th, 2022, the 2ndFintech and Digital Economy Development High-level Forum was successfully held with the theme of "Fintech Empowering Education for Investor".Wang Shoujun, Vice President of Beijing Normal University, Cheng Gengli, Director of CBRC innovation Department, Zhao Weijiu, Associate Director of Beijing Local Financial Supervision Administration, Hu Jian, General Manager of Taiping Fintech Services (Shanghai) Co., LTD, Huang Yiping, Associate Dean of the National School of Development at Peking University, Wang Zhengwei, Associate Party Secretary and Associate Dean of Tsinghua University Wudaokou School of Finance, Gong Weihua, Chief Information Officer of Bank of Beijing, Chen Guangbo, Senior Deputy Manager of Digital Construction Office of China Construction Bank, Lin Sisi, General Manager of Ant Fund and others attended the forum. Qi Yudong, Dean of BNUBS, presided over the opening ceremony.

 

 

Wang Shoujun, VicePresident of Beijing Normal University, first delivered a speech.He pointed out that talent cultivation is the central work of universities, and discipline construction is the cornerstone of talent cultivation. This year marks the 120th anniversary of BNU and we must keep on remaining true to the original aspiration, always adhere to excellent teacher training, keep the mission firmly in mind and actively explore the cultivation of top-notch innovative talents. BNU opened the undergraduate program of fintech in 2021, which is a positive response to the spirit of the Central Talent Work Conference and the talent development plan during the 14th Five-Year Plan. In the past year, the cooperation between BNUBS, Beijing Municipal Financial Regulatory Administration and The Wudaokou School of Finance of Tsinghua University has achieved great results and it is hoped that we can further integrate resources from all walks of life, actively explore the construction of fintech disciplines, and provide new solutions and feasible schemes for talent cultivation under the new situation in the future.

 

Cheng Gengli, Director of CBRC's Innovation Department, wished the Forum a complete success. He pointed out that although fintech has driven profound changes in financial institutions, sales channels and forms of financial products, the essence of financial services and consumer protection has not changed, and the essence of fintech is still finance. What’s more, safeguarding the legitimate rights and interests of financial consumers is still an eternal theme of financial services and a constant requirement of financial supervision.The change and invariance of the era of fintech inspire us to adhere to the basic principles of invariance and solve the specific problems of change. For example, market entities should effectively assume the responsibility of educating financial investors, do a good job in consumer protection in accordance with the new connotation of consumer rights and interests, and make good use of technological means to improve the quality and efficiency of financial consumer protection.

 

Zhao Weijiu, Associate Director of Beijing Local Financial Supervision Administration, expressed his heartfelt thanks to all the leaders and professionals who have been caring and supporting the financial development of the capital for a long time.He elaborated on Beijing's efforts in pushing forward the development of fintech: First, we need to accelerate the construction of a fintech innovation center with global influence. Beijing is an international science and technology innovation center as well as a national financial management center, with a solid foundation of finance and technology industries and outstanding advantages in combination and integration; the second is that we need to promote the financial technology personnel training system. Beijing is home to a large number of key universities and research institutes, so it is rich in basic research and cutting-edge technological innovation resources. Through a series of measures, We hope to actively build a high-quality environment for the development of financial technology talents, and build Beijing into a high-level highland of financial technology talents; Third, we need to improve the financial consumers' fintech literacy and risk awareness, guide the institutions involved in the financial sector to fulfill their main responsibilities, and create warm financial services with responsible scientific and technological innovation.

 

 

Hu Haifeng, Dean of BNUBS, presided over the first half of the keynote speech.

 

Gong Weihua, Chief Information Officer of Bank of Beijing, spoke on deepening digital transformation and embracing the new wave of fintech. He pointed out that banks should take serving the real economy as their mission, seize the important opportunity of digital transformation, and build new first-class core competitiveness, which is embodied in four aspects: enabling the real economy, innovating business models, improving data governance, and preventing and controlling financial risks. As a financial enterprise rooted in the Capital, Bank of Beijing, while closely following the national development strategy, the capital's urban construction and the innovative practice of industrial transformation, has made active exploration and practice in terms of the building of a digital Bank by enhancing scientific and technological governance, the acceleration of business development by continuous improvement, the construction of a data governance system by following the standards and requirements, the establishment of intelligent risk control system in a agile way, the building of technological capability base by laying a good foundation and continuously protection of ecology and other aspects by following our original aspirations.

 

Hu Jian, General Manager of Taiping Fintech Services (Shanghai) Co., LTD., spoke about the upgrading of technology enabling insurance consumer services.In recent years, the value proposition, consumer behavior and service demands of insurance customers have changed significantly in terms of customers or the market where scenario-based active consumption and online services have become the new normal of insurance consumption.The innovative application of fintech in the main insurance industry has not only helped insurance service providers to better understand consumers, but also promoted insurance consumer education so that consumers can better understand insurance.Taiping Group, through the "5+1" three-dimensional customer service system, digital reengineering of operation process, and the construction of two ecological circles of health care and financial technology, has provided customers with more convenient, intelligent and warm insurance services, and strengthened consumer education and protection of consumer rights and interests in the whole service process. He also suggested that we should do a good job in data asset application, technological capability improvement, organizational innovation and digital security and other basic aspects.

 

HuangYiping, AssociateDean of the National School of Development at Peking University, shared his latest academic study, "Data as collateral", which focuses on the role of data in making credit decisions. Firstly, he talked about how data can replace mortgage. Compared with traditional risk assessment models, the big technology credit risk assessment model based on big data platform mines useful information to predict credit default from many non-traditional variables (such as behavioral variables and real-time variables).Second, data has replaced mortgage and become a new credit decision-making mechanism, providing possibilities for inclusive micro-credit or personal credit, and providing loans for those who lack financial data and mortgage assets, or even no credit. In addition, by replacing collateral, data can weaken the "financial accelerator" mechanism and enhance financial stability at a macro level.

 

Chen Guangbo, Senior AssociateManager of Digital Construction Office of China Construction Bank, delivered a speech on the challenges and practices of investor education in the digital era. He pointed out: first, investor’s education is in accordance with the need of the people and the Time; Second, investor’s education is an important part of consumer rights protection in this era. Third, investor’s education should keep pace with the Time. Chen Guangbo believes that investor education in the digital era faces many challenges, such as the balance between customer experience and risk control compliance, the contradiction between accurate identification of customers and personal information protection, the comprehensive balance between investor protection costs and social costs, and the contradiction balance between digital operation and employee compliance.He introduced CCB's exploration on how to integrate investor education in the process of digital operation, emphasizing serving investors well is a new task in the digital era.

 

Lin Sisi, General Manager of Ant fund emphasized financial behavior and the improvement of the sense of investment in her speech. She said that the large majority of customers of ant funds is ordinary individual customers, so they are not likely to be investors compared with most offline and professional companies. What lies behind the huge gap between investor's supposed earnings and actual earnings is actually behavioral gap and cognitive gap. Mass personal financial users tend to pay high attention to the benefits of choosing products, while ignoring the costs caused by transaction behaviors. Therefore, Ant fund is keen to help investors do better in three aspects: better selection, balanced allocation and long-term investment. Ant Fund has established a service system for investors to better help investors grow in cognitively.

 

 

The keynote speech of the second half was moderated by Jiang Jie, Director of Fintech Project of BNUBS.

 

Wang Zhengwei, Associate Secretary of the Party Committee and Associate Dean of Tsinghua University Wudaokou School of Finance, delivered a speech on financial literacy and investor education.He first explains what financial literacy is and how to measure it and through international comparison, he points out that there is still a certain gap in the financial literacy of Chinese financial consumers.On this basis, a series of academic studies on financial literacy of his research team are introduced, including that the lack of financial literacy will lead to the deviation of investment behavior, the improvement of financial literacy is helpful to promote the transition of income class, and fund management cannot completely replace personal financial literacy.Finally, he has given relevant policy suggestions, such as the establishment of a scientific financial knowledge evaluation system, the establishment of financial education information and resources sharing platform.

 

Gao Feng, Associate Professor of School of Economics and Management, Tsinghua University, shared his research on fintech and fund investment.The core issue of this study is to explore whether third-party Internet platforms can improve the investment returns of fund investors.  The convenience and low cost of third-party platforms have its advantages but it may lead investors to overtrade, increase the total cost of transactions, increase the probability of transaction errors, and thus reduce the return on investment. The research shows that the difference of fund investment returns between traditional channel and third-party channel investors is mainly affected by the number of transactions. The more frequently you trade, the lower your investment returns. This suggests that a modest increase in trade friction is not necessarily a bad thing.

 

Lu Ruichang, Associate Professor of Guanghua School of Management, Peking University, focused on social network heterogeneity and investor protection in his speech. Based on the data of a P2P platform in China, he studied the relationship between social network difference and local preference, and found that investors have a common local preference (lending to local investors), and this preference will lead to worse investment returns. Moreover, investors with higher cognitive dimension and trust dimension tend to be worse.The research suggests that the heterogeneity of investor social network should be fully understood and utilized in investor protection, so as to achieve twice the result with half the effort. And he proposedpossible correction schemes: one is to conduct targeted behavioral intervention for investors;The second is to introduce the third party intermediary correction.

 

Hu Conghui, Associate Professor at BNUBS, focused on intelligent investment and personal fund investment.Intelligent investment is an important application of a new round of technological revolution in the field of financial investment. He shared his research from three aspects, one is the impact of intelligent investment on customer financial investment performance, the other is the impact of intelligent investment on customer independent investment, and the third is the universality of intelligent investment. The results show that intelligent investment portfolio has lower volatility and higher return to risk ratio, which can help customers avoid investment behavior bias, optimize customer independent fund investment through fragmented and repeated guidance and imperceptible behavior correction and guidance, which is the way to realize investor education. However, the inclusive value of intelligent investment service still needs to be realized through the reform of fund sales industry and the strengthening of investor education.

 

 

 

 

The success of this forum is of special significance as it coincides with Investor Protection Publicity Day on May 15.More than 100 undergraduate students of Finance and Fintech and master students of Finance from BNUBS attended the conference online, while more than 6,000 people from all walks of life watched the live streams of the conference through XUESHUO platform.

 

 

Provided by LanRuJia

Edited by Jiang Jie

Reviewed by Cai Hongbo