1. Overview

1.1 what is financial information

According to the national standard 《GB/T 25000.51-2010Information Technology Service Management No.51Section: Terms in“ Information ”The definition,“ Information ”It refers to the process of using modern information technology to transform or build all aspects of social life, and to form information resources as the core element to support social and economic development and social management innovation.

According to the national standard 《GB/T 25000.51-2010in“ Finance ”The definition,“ Finance ”It refers to the economic activities that use money as a medium to carry out capital circulation activities and realize the function of capital allocation through various institutional arrangements.

Therefore, "financial information ”It can be understood as the use of modern information technology to transform or build the financial industry, and to form a process of supporting the development and innovation of the financial industry with information resources as the core element.

Specifically, "Financial Informatization ”Mainly include the following aspects:

Digital processing of business processes within the financial industry and seamless connection between business processes through network technology;

Intelligent identification of various customer needs outside the financial industry and real-time interaction with customers through Internet technology;

Effectively integrate all kinds of data resources inside and outside the financial industry, and realize in-depth mining and analysis of data resources through big data technology;

Effectively identify all kinds of risk factors inside and outside the financial industry, and realize the early warning and prevention of risk factors through artificial intelligence technology;

Effectively grasp all kinds of innovation opportunities inside and outside the financial industry, and realize the sharing and collaboration of innovation opportunities through blockchain technology.

1.2 what is the financial information industry

"Financial Information Industry”It refers to the industry that provides all kinds of information products and services for the financial industry. among them,“Products”Mainly refers to hardware equipment,“Software”Mainly refers to the software system,“Service”Mainly refers to consulting services, operation and maintenance services, training services, etc.

According to different types of products and services, the financial information industry can be divided into the following sub-sectors:

Data provider: mainly provides all kinds of financial data for the financial industry, including market data, industry data, company data, macro data, etc., as well as related data analysis and consulting services. Representative enterprises have Oriental Wealth, Flush, Hang Seng Electronics, Wande Information, etc.

Hardware equipment provider: mainly provides all kinds of hardware equipment for the financial industry, including servers, storage equipment, network equipment, security equipment, terminal equipment, etc., as well as related installation and maintenance services. Representative companies include Huawei, Langchao, Lenovo, HP, etc.

Software service providers: mainly provide various software systems for the financial industry, including core systems, support systems, management systems, application systems, etc., as well as related development and operation and maintenance services. Representative companies have UFIDA, Digital China, Haiyun Data, Ziguang Software, etc.

Financial technology service providers: mainly provide various financial technology services for the financial industry, including cloud computing services, big data services, artificial intelligence services, blockchain services, etc., as well as related innovation and consulting services. Representative enterprises include Alibaba, Tencent, Baidu, Jingdong, etc.

2. market size

2.1 Historical Data

In 2021, with the prevention and control of the epidemic and the recovery of the economy, the market size of China's financial information industry has rebounded for330Billion yuan, year-on-year growth10.0%. Among them, the market size of the banking sector is155Billion yuan, accounting47.0%; the market size of the insurance sector is63Billion yuan, accounting19.1%; the market size of the securities sector is51Billion yuan, accounting15.5%; the market size of the asset management sector is61Billion yuan, accounting18.5%。

In 2022, with the prevention and control of the epidemic and economic recovery, the market size of China's financial information industry has rebounded,380Billion yuan, year-on-year growth15.2%. Among them, the market size of the banking sector is180Billion yuan, accounting47.4%; the market size of the insurance sector is75Billion yuan, accounting19.7%; the market size of the securities sector is55Billion yuan, accounting14.5%; the market size of the asset management sector is70Billion yuan, accounting18.4%。

2.2 forecast data

According to data from the Champ Consulting Group,

With the acceleration of the digital transformation of the financial industry and the wide application of emerging technologies such as cloud computing, big data, artificial intelligence and blockchain, the market scale of China's financial information industry will maintain a high growth rate.2023The market size of China's financial information industry reached450Billion yuan, year-on-year growth18.4%. Among them, the banking sector will continue to maintain the largest market share, and increase investment in cloud-native architecture, open banking platform, intelligent wind control and other aspects. Champ Consulting Group expects2023The market size of the banking sector will reach215Billion yuan, accounting47.8%。

The insurance sector will maintain the fastest growth rate and make breakthroughs in cloud transformation, intelligent claims settlement, and precision marketing. Champ Consulting Group expects2023The market size of the insurance sector will reach90Billion yuan, accounting20.0%。

The securities sector will maintain a relatively stable growth rate, and optimize and upgrade the trading system, wind control system, data analysis and other aspects. Champ Consulting Group expects2023The market size of the securities sector will reach65Billion yuan, accounting14.4%。

The asset management sector will maintain a high growth rate and make progress in the information construction of asset management models such as funds, bank wealth management and trusts. Champ Consulting Group expects2023The market size of the asset management sector will reach80Billion yuan, accounting17.8%。

3. Segments

3.1 banking area

The banking sector is the largest segment of the financial information industry, accounting for nearly half of the market share. Bank information mainly involves the following aspects:

Bank core system: is the foundation and core of bank informatization, mainly responsible for the bank's accounting processing, clearing and settlement, risk control and other functions. Currently, there are two main architecture models for banking core systems: the traditional centralized architecture and the emerging distributed architecture. The centralized architecture takes a large host as the core, which has the advantages of high stability and security, but also has the disadvantages of low scalability and flexibility. Distributed architecture is based on cloud computing, which has the advantages of high scalability and flexibility, but it also has the disadvantages of insufficient stability and security. At present, most banks at home and abroad still adopt a centralized architecture, but some banks have begun to try a distributed architecture, such as Industrial and Commercial Bank of China, Agricultural Bank of China, JPMorgan Chase and so on.

Bank support system: is an important part of bank information, mainly responsible for the bank's customer management, product management, channel management, marketing management and other functions. At present, there are two main development models for the bank support system: the traditional single system and the emerging open platform. A single system is based on an independent software system, which has the advantages of high professionalism and integrity, but it also has the disadvantages of low integration and compatibility. Open platform with open application program interface (API) As the basis, it has the advantages of high integration and compatibility, but it also has the disadvantages of insufficient professionalism and integrity. At present, most banks at home and abroad still adopt a single system, but some banks have begun to try to open the platform, such as China Construction Bank, China Merchants Bank, HSBC and so on.

Bank management system: is an important supplement to the bank's information technology, mainly responsible for the bank's financial management, human resources management, material management, audit supervision and other functions. At present, there are two main technical models for bank management systems: traditional on-premises deployment and emerging cloud services. Local deployment is based on self-built or purchased hardware and software systems, which has the advantages of high security and controllability, but also has the disadvantages of low cost and efficiency. Cloud services are based on leased or purchased cloud computing resources and software services, which have the advantages of high cost and efficiency, but also have the disadvantages of insufficient security and controllability. At present, most banks at home and abroad still use local deployment, but some banks have begun to try cloud services, such as Bank of Communications of China, Minsheng Bank of China, Deutsche Bank of Germany and so on.

Bank application system: It is an important expansion of bank informatization, mainly responsible for the bank's business innovation, customer experience, social responsibility and other functions. At present, there are two main innovative models for banking application systems: traditional independent research and development and emerging win-win cooperation. Independent research and development is based on its own research and development team and resources, which has the advantages of high independence and specificity, but it also has the disadvantages of high risk and cost. Win-win cooperation is based on external partners and platforms. It has the advantages of low risk and low cost, but it also has the disadvantages of high dependence and sharing. At present, most banks at home and abroad still adopt independent research and development, but some banks have begun to try win-win cooperation, such as Industrial and Commercial Bank of China, Agricultural Bank of China, Citibank of the United States and so on.

3.2 insurance field

The insurance sector is the fastest growing segment of the financial information industry, benefiting from the development and innovation of insurance technology. Insurance information mainly involves the following aspects:

Insurance core system: is the foundation and core of insurance information, mainly responsible for insurance product design, contract management, claims processing, fund management and other functions. At present, there are two main technical models for insurance core systems: the traditional single system and the emerging microservice architecture. A single system is based on a single software system, which has the advantages of high stability and security, but also has the disadvantages of low scalability and flexibility. Microservice architecture is based on multiple independent software services, which has the advantages of high scalability and flexibility, but also has the disadvantages of insufficient stability and security. At present, most insurance companies at home and abroad still adopt a single system, but some insurance companies have begun to try micro-service architecture, such as Ping An of China, China Life Insurance, and Antai of the United States.

Insurance support system: is an important part of insurance information, mainly responsible for insurance customer management, channel management, marketing management, service management and other functions. At present, there are mainly two development models of insurance support system: traditional internal construction and emerging external introduction. The internal construction is based on the self-built or purchased software system, which has the advantages of high professionalism and integrity, but also has the disadvantages of low integration and compatibility. External introduction is based on rented or purchased Internet platforms or software services, which has the advantages of high integration and compatibility, but it also has the disadvantages of insufficient professionalism and integrity. At present, most insurance companies at home and abroad still use internal construction, but some insurance companies have begun to try external introduction, such as China Taiping, Chinese people, Prudential and so on.

Insurance management system: is an important supplement to insurance information, mainly responsible for insurance financial management, human resources management, material management, audit supervision and other functions. At present, there are two main technical models for insurance management systems: traditional on-premises deployment and emerging cloud services. Local deployment is based on self-built or purchased hardware and software systems, which has the advantages of high security and controllability, but also has the disadvantages of low cost and efficiency. Cloud services are based on leased or purchased cloud computing resources and software services, which have the advantages of high cost and efficiency, but also have the disadvantages of insufficient security and controllability. At present, most insurance companies at home and abroad still use local deployment, but some insurance companies have begun to try cloud services, such as PICC, China Pacific Insurance, France AXA, etc.

Insurance application system: It is an important expansion of insurance informatization, mainly responsible for insurance business innovation, customer experience, social responsibility and other functions. At present, there are two main innovative models for insurance application systems: traditional independent research and development and emerging win-win cooperation. Independent research and development is based on its own research and development team and resources, which has the advantages of high independence and specificity, but it also has the disadvantages of high risk and cost. Win-win cooperation is based on external partners and platforms. It has the advantages of low risk and low cost, but it also has the disadvantages of high dependence and sharing. At present, most insurance companies at home and abroad still adopt independent research and development, but some insurance companies have begun to try win-win cooperation, such as Ping An of China, China Life, Berkshire Hathaway and so on.

3.3 securities field

The securities sector is a more mature market segment of the financial information industry, mainly focusing on trading systems, wind control systems, data analysis and so on. Securities information technology mainly involves the following aspects:

Securities trading system: is the foundation and core of securities information technology, mainly responsible for securities trading, transaction clearing, transaction supervision and other functions. At present, there are two main technical models for securities trading systems: the traditional centralized architecture and the emerging distributed architecture. The centralized architecture takes a large host as the core, which has the advantages of high stability and security, but also has the disadvantages of low scalability and flexibility. Distributed architecture is based on cloud computing, which has the advantages of high scalability and flexibility, but it also has the disadvantages of insufficient stability and security. At present, most stock exchanges at home and abroad still adopt a centralized structure, but some stock exchanges have begun to try a distributed structure, such as the Shanghai Stock Exchange in China and the Nasdaq Stock Exchange in the United States.

Securities wind control system: is an important part of securities information technology, mainly responsible for securities risk assessment, risk control, risk reporting and other functions. At present, there are two main technical models for securities wind control systems: traditional rule engines and emerging artificial intelligence. Based on the preset rules, the rule engine has the advantages of high accuracy and controllability, but it also has the disadvantages of low adaptability and flexibility. Artificial intelligence is based on self-learning algorithms, which has the advantages of high adaptability and flexibility, but it also has the disadvantages of insufficient accuracy and controllability. At present, most securities institutions at home and abroad still use the rules engine, but some securities institutions have begun to try artificial intelligence, such as China CITIC Construction Investment and Goldman Sachs in the United States.

Securities data analysis: is an important supplement to securities information, mainly responsible for securities data collection, data processing, data display and other functions. At present, there are two main technical models for securities data analysis: traditional data warehouses and emerging big data platforms. Data warehouse is based on structured data, which has the advantages of high standardization and normalization, but also has the disadvantages of low capacity and speed. The big data platform is based on unstructured data and has the advantages of high capacity and speed, but it also has the disadvantages of low standardization and standardization. At present, most securities institutions at home and abroad still use data warehouses, but some securities institutions have begun to try big data platforms, such as Guotai Junan in China and Morgan Stanley in the United States.

3.4 asset management field

The field of asset management is a relatively new market segment of the financial information industry, mainly related to the information construction of fund, bank wealth management, trust and other asset management models. Information management mainly involves the following aspects:

Capital management core system: is the foundation and core of capital management information, mainly responsible for the product design, contract management, asset management, income distribution and other functions of capital management. At present, there are two main technical models for the management core system: the traditional single system and the emerging microservice architecture. A single system is based on a single software system, which has the advantages of high stability and security, but also has the disadvantages of low scalability and flexibility. Microservice architecture is based on multiple independent software services, which has the advantages of high scalability and flexibility, but also has the disadvantages of insufficient stability and security. At present, most domestic and foreign asset managers still use a single system, but some asset managers have begun to experiment with microservice architectures, such as China Southern Fund and BlackRock.

Asset management support system: It is an important part of asset management informatization, mainly responsible for customer management, channel management, marketing management, service management and other functions of asset management. At present, there are two main development models for the management support system: traditional internal construction and emerging external introduction. The internal construction is based on the self-built or purchased software system, which has the advantages of high professionalism and integrity, but also has the disadvantages of low integration and compatibility. External introduction is based on rented or purchased Internet platforms or software services, which has the advantages of high integration and compatibility, but it also has the disadvantages of insufficient professionalism and integrity. At present, most domestic and foreign asset management institutions still use internal construction, but some asset management institutions have begun to try external introduction, such as ICBC Credit Suisse of China and Schroeder of the United Kingdom.

Asset management system: is an important supplement to asset management information, mainly responsible for the financial management, human resources management, material management, audit supervision and other functions of asset management. Currently, there are two main technology models for asset management systems: traditional local deployments and emerging cloud services. Local deployment is based on self-built or purchased hardware and software systems, which has the advantages of high security and controllability, but also has the disadvantages of low cost and efficiency. Cloud services are based on leased or purchased cloud computing resources and software services, which have the advantages of high cost and efficiency, but also have the disadvantages of insufficient security and controllability. At present, most domestic and foreign asset management institutions still use local deployment, but some asset management institutions have begun to try cloud services, such as China Huaxia Fund and American Pioneer Fund.

Asset management application system: is an important expansion of asset management information, mainly responsible for the business innovation, customer experience, social responsibility and other functions of asset management. At present, there are two main innovation models for asset management application systems: traditional independent research and development and emerging win-win cooperation. Independent research and development is based on its own research and development team and resources, which has the advantages of high independence and specificity, but it also has the disadvantages of high risk and cost. Win-win cooperation is based on external partners and platforms. It has the advantages of low risk and low cost, but it also has the disadvantages of high dependence and sharing. At present, most asset management institutions at home and abroad still adopt independent research and development, but some asset management institutions have begun to try to cooperate and win-win, such as China Harvest Fund and Morgan Stanley of the United States.

4. competition pattern

4.1 traditionITEnterprise

TraditionITEnterprises are one of the important participants in the financial information industry, mainly relying on their advantages in hardware equipment and software services to provide overall solutions for the financial industry. The representative enterprises are:

Huawei: Huawei is China's largest communications equipment provider and the world's leading provider of cloud computing, artificial intelligence, and the Internet of Things. Huawei has rich experience and customer resources in the field of financial informatization, mainly providing hardware equipment including servers, storage equipment, network equipment, security equipment, terminal equipment, etc. for the financial industry, as well as software services including cloud services, big data services, artificial intelligence services, blockchain services, etc. Huawei's main customers in the field of financial informatization include Industrial and Commercial Bank of China, China Construction Bank, Ping An of China, and China Life Insurance.

Inspur: Inspur is one of the largest server providers in China and one of the world's leading providers of big data, artificial intelligence, and Internet of Things technologies. Inspur has profound technology accumulation and market influence in the field of financial informatization. It mainly provides hardware equipment including servers, storage devices, network equipment, etc. for the financial industry, as well as big data platform, artificial intelligence platform, Internet of Things platform, etc. Software services. Inspur's main customers in the field of financial informatization include Agricultural Bank of China, Bank of Communications of China, PICC, China Pacific Insurance, etc.

Yonyou: Yonyou is one of the largest management software providers in China and one of the world's leading providers of cloud services, big data, artificial intelligence and other technologies. UFIDA has a wide range of product lines and customer base in the field of financial informatization. It mainly provides management software including financial management, human resource management, material management, audit supervision, etc., as well as cloud services, big data services, and artificial intelligence for the financial industry. Software services including services. UFIDA's main customers in the field of financial informatization include Bank of China, China Minsheng Bank, China Life Insurance, China Taiping, etc.

4.2 Internet Enterprise

Internet companies are one of the important participants in the financial information industry, mainly using their technical strength and user traffic advantages in cloud computing, big data, artificial intelligence, blockchain and other aspects to provide innovative financial technology services for the financial industry. The representative enterprises are:

Alibaba: Alibaba is China's largest e-commerce platform and the world's leading provider of cloud computing, big data, artificial intelligence, blockchain and other technologies. Alibaba has strong innovation capabilities and market influence in the field of financial informatization. It mainly provides financial technology services including Alipay, Sesame Credit, Ant Group, etc. for the financial industry, as well as including Alibaba Cloud, Ali Digital Plus, Ali Dharma Institute, etc. Technical services. Alibaba's main customers in the field of financial informatization include China Construction Bank, Agricultural Bank of China, Ping An of China, and China Life Insurance.

Tencent: Tencent is China's largest social networking platform and the world's leading provider of cloud computing, big data, artificial intelligence, blockchain and other technologies. Tencent has rich experience and resources in the field of financial informatization, mainly providing financial technology services including WeChat Pay, Penguin Credit, Tencent Financial Technology, etc. for the financial industry, as well as technical services including Tencent Cloud, Tencent Digital Technology, Tencent Research Institute, etc. Tencent's main customers in the field of financial informatization include Industrial and Commercial Bank of China, Bank of Communications of China, China Pacific Insurance, and PICC.

Baidu: Baidu is China's largest search engine platform and the world's leading provider of cloud computing, big data, artificial intelligence, blockchain and other technologies. Baidu has outstanding technical advantages and innovation capabilities in the field of financial informatization. It mainly provides financial technology services including Baidu Wallet, Baidu Credit Card Center, Baidu Financial Services, etc., as well as including Baidu Cloud, Baidu Big Data Platform, Baidu Smart Cloud and other technical services. Baidu's main customers in the field of financial informatization include Bank of China, China Minsheng Bank, China Life Insurance, China Taiping, etc.

4.3 specialized enterprise

Specialized enterprises are one of the important participants in the financial information industry, mainly focusing on a certain segment or a certain technical field, providing specialized products and services for the financial industry. The representative enterprises are:

Flush: Flush is one of the largest securities data providers in China and one of the world's leading securities data analysis and consulting service providers. Flush has deep data accumulation and market reputation in the field of financial informatization, mainly providing securities data including market data, industry data, company data, macro data, etc. for the financial industry, as well as data services including data analysis, data mining, data visualization, etc. Flush's main customers in the field of financial informatization include China Guotai Junan, China CITIC Construction Investment, Ping An of China, China Life and so on.

Digital China: Digital China is one of the largest software service providers in China and one of the world's leading software development and operation and maintenance service providers. Digital China has a wide range of product lines and customer base in the field of financial information technology, mainly providing software systems including core systems, support systems, management systems, application systems, etc., as well as software services including software development, software operation and maintenance, software testing, etc. Digital China's main customers in the field of financial informatization include Industrial and Commercial Bank of China, China Construction Bank, China Life, China Pacific Insurance, etc.

Tongdun Technology: Tongdun Technology is one of the largest risk control service providers in China and one of the world's leading risk control technology and solution providers. Tongdun Technology has outstanding technical advantages and innovation capabilities in the field of financial informatization, mainly providing wind control services including identity authentication, anti-fraud, credit assessment, etc. for the financial industry, as well as wind control technologies and solutions including wind control engines, wind control models, wind control platforms, etc. Tongdun Technology's main customers in the field of financial informatization include Industrial and Commercial Bank of China, Bank of Communications of China, Ping An of China, China Life and so on.

5. development trend

5.1 opportunity

The financial information industry will face the following opportunities:

The national policy has given active support and guidance to the development of financial science and technology. In recent years, the state has issued a series of policy documents, such as "on the promotion of" Internet+”The guiding opinions on in-depth development, the action plan for promoting the development of big data, the guiding opinions on promoting the development of artificial intelligence, and the guiding opinions on promoting the innovation and development of blockchain technology have clarified the development direction and objectives of financial science and technology, and put forward the support measures and guarantee conditions of financial science and technology, It has created a good policy environment for the development of financial information industry.

The digital economy and digital society put forward higher requirements and expectations for financial services. With the continuous innovation and application of digital technology, digital economy and digital society have become an important driving force and direction of social development. The digital economy and digital society put forward higher requirements for financial services, such as inclusiveness, convenience, security, personalization, etc., and also put forward more expectations for financial services, such as innovation, value, and sociality. Wait. This has brought huge market demand and space for the development of financial information industry.

The continuous innovation and breakthrough of emerging technologies have brought more possibilities and space for financial informatization. In recent years, cloud computing, big data, artificial intelligence, blockchain and other emerging technologies have been widely used and explored in the financial field, bringing more possibilities and space for financial informatization. For example, cloud computing provides more powerful computing power and storage capacity for financial informatization; big data provides richer data resources and analysis methods for financial informatization; artificial intelligence provides more intelligent decision support and service interaction for financial informatization; block chain provides more secure trust mechanism and cooperation mode for financial informatization.

5.2 Challenges

The financial information industry will face the following challenges:

Financial security risks and data security risks are increasing, and higher standards and requirements are put forward for financial informatization. With the complexity and diversification of financial business, as well as the development and change of network technology, financial security risks and data security risks are increasing, such as network attacks, data leakage, identity theft, fraud and so on. This puts forward higher standards and requirements for financial informatization, such as system stability, data reliability, identity authentication, and risk prevention.

User needs are increasingly diversified and personalized, which puts forward higher flexibility and adaptability to financial informatization. With the expansion and differentiation of user groups, as well as the improvement and change of user cognition, user needs are increasingly diversified and personalized, such as product diversity, service differentiation, experience quality, value co-creation and so on. This puts forward higher flexibility and adaptability for financial informatization, such as system scalability, service customization, interactive friendliness, and innovation synergy.

The increasingly fierce and complex competitive environment has put forward higher efficiency and quality for financial informatization. With the intensification and change of market competition, as well as the improvement and adjustment of industry norms, the competitive environment is becoming increasingly fierce and complex, such as inter-industry competition, cross-industry competition, international competition, regulatory competition and so on. This puts forward higher efficiency and quality for financial informatization, such as system speed, service level, product superiority, compliance legality, etc.

6. Conclusion

The financial information industry is an industry full of opportunities and challenges. With the continuous innovation and application of digital technology, as well as the continuous development and transformation of the financial industry, the financial information industry will face more possibilities and space. Participants in the financial information industry should grasp the opportunities of policy orientation, market demand, technological innovation, etc., and at the same time respond to the challenges of security risks, user needs, and competitive environment, and continuously improve their core competitiveness and market position. Contribute to the digital transformation and innovative development of the financial industry.