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ICBC Vigorously Promotes Personal Banking Services to Secure People’s Well-being
 

  To stabilize economic fundamentals, securing people’s well-being is the baseline. Since the COVID-19 outbreak, Industrial and Commercial Bank of China (“ICBC”) has closely followed the requirements of ensuring stability on six fronts and security in the six areas, sped up the implementation of the strategy of building “No.1 Personal Bank”, actively provided secure, convenient and considerate financial services for the general public to achieve a better life, and done its utmost to secure people’s well-being. As of the end of April, ICBC has served 660 million individual customers, an increase of 10 million from the beginning of the year.

More inclusive - providing more financial services for entrepreneurs and start-ups

  Small and micro enterprises and individual businesses are important links for ensuring employment and promoting consumption, as well as social groups that suffer greatly in the pandemic and economic downturn. To better serve the entrepreneurs and start-ups, ICBC has put more effort into inclusive finance innovation, to provide more convenient financial services, and cut service costs.

  In terms of financing services, ICBC has given full play to its advantages of online and offline integration to offer diversified and easily accessible financing products. Specifically, ICBC launched e-Mortgage Quick Loan, a loan product popular with individual businesses and small and micro enterprises. Business owners can easily apply for personal business loans through mobile banking and other online channels, with a loan term up to 10 years and a maximum lending amount of RMB10 million. ICBC introduced a new repayment method for personal housing mortgages, consumption and business portfolio loans. In addition to traditional monthly repayment methods such as equal principal payment and equal loan payment, business owners can now pay the balance upon maturity. This method not only eases the repayment pressure of business owners, but also improves capital efficiency. So far, ICBC’s outstanding personal business loans have reached RMB360 billion, growing nearly RMB50 billion from the beginning of the year.

  In terms of serving entrepreneurs, ICBC has endeavored to integrate financial services into customer scenarios. Based on business characteristics during the pandemic, ICBC rolled out ICBC e-Wallet online payroll service. With the help of FinTech, ICBC salary account opening service has been transplanted into office systems of these enterprises, official account, official account of ICBC Link, WeChat Mini Program or WeChat official account and other online platforms, allowing enterprise employees to open ICBC electronic accounts online for salary and subsidy payment, whether they have an ICBC account or not. The payroll service has benefited nearly 100,000 employees in more than 1,000 enterprises, in which over 400,000 transactions on salary and subsidy payment were made.

  Besides, ICBC has also carried out the strategy of “serving rural revitalization via finance” in a proactive manner. Relying on the “intelligent government service – rural collective funds, assets and resources management platform”, it introduced the business card for “intelligent solutions to issues related to agriculture, rural areas and farmers”. This product allows customers to apply for group cards on mobile phones, provides fee reduction (including annual fee), free legal and medical consultation service, agricultural accident insurance and other benefits, helps village collective to achieve closed-loop supervision of non-cash payment and reimbursement, and thus facilitating village-level financial openness and transparent management of funds, assets and resources.

More convenient - stepping up supply of contactless services

  “Let technology run the errands for customers”. This is an important objective of ICBC to improve personal banking services. A typical example is the recent LPR pricing conversion service.

  ICBC is supposed to change the interest rate pricing method for all outstanding loans, from benchmark interest rate-based to LPR-based, before the end of August this year, a big project indeed. The outbreak of the pandemic also makes the conversion more difficult. Given the situation, ICBC, following policy requirements of the People’s Bank of China and the principle of “legitimate, simple and convenient”, steadily promoted the conversion for the convenience of customers. First, ICBC made the “one-click LPR conversion” function available on mobile banking, intelligent teller machines, SMS banking and other self-service platforms. This function is simple and easy to operate, basically covering all personal loan customers that enable them to make LPR conversion without leaving home during the pandemic. Second, multiple signature verification functions were launched, such as face recognition, self-service registration on ICBC mobile banking by co-applicant with bank cards of other banks and SMS confirmation by co-applicant, solving potential problems on online operations facing by non-ICBC customers, customers using non-smart phones and customers who lose signature verification media. For customers who have to handle business offline, ICBC’s all-connected service network allows them to make LPR conversion at outlet nearby with lending service, greatly improving customer experience.

  Personal customer manager “cloud studio” is another online service platform built by ICBC with the help of digital financial services, through which zero-distance financial services are provided online. Since its launch in February, nearly 20,000 customer managers have opened the service, with total visits exceeding 2.5 million.

  In addition, ICBC has also strengthened the integration of online and offline services, that offer one-stop services featuring convenient online application and mail shipping (receipt) for credit certification, debit card replacement without change of card number, thematic paper certificates of deposit, and breakdown printing.

More intelligent - accelerating innovation in intelligent financial services

  With the development of China’s economy and growing wealth of residents, demands for intelligent asset allocation are fast-growing. ICBC, in response, accelerated the launch of intelligent asset allocation business. Centering on requirements and objectives of individual customers and their families in a certain phase of the lifecycle, ICBC has utilized big data analysis, quantitative investment models and other FinTech to provide tailor-made product portfolio solutions, as well as complete and comprehensive investment and financial allocation recommendations to help customers make future investment plans, by taking financial situations and risk tolerance of customers into account. At the same time, this service has enabled grassroot customer managers to provide more standard and individualized services for customers with the help of FinTech.

  To meet residents’ diversified demands for investment and wealth management, ICBC thoroughly studied and predicted market trends and created the AI Index – ICBC Equity & Hybrid Fund. The fund has seen relatively high yields this year and ranks among the top in the equity & hybrid fund market. Meanwhile, the two FOF products, namely Fullgoal Zhicheng Selection and ICBC Zhiyuan Allocation which track ICBC Wealth Equity & Hybrid Fund Index and ICBC Wealth Allocation Fund Index, have also won recognition from both the market and customers. They are now the largest two FOF funds in the market, with a scale size of over RMB7 billion.

More secure - fully protecting the security of customer accounts

  In recent years, new types of telecommunication network fraud and crime, a cancer in the society, have seriously disturbed the financial order and endangered the property security of the general public, which become, calling for more secure personal banking services.

  ICBC, in response, developed and debuted the ICBC Intelligent Defender account security management service. Individual customers can use the service for free to manage account security in a comprehensive way. Specifically, customers can 1) conduct an overall “security check” for their accounts through the account security detection function and get corresponding solutions; 2) use account security lock to enable or disable account transaction permission by location or time based on their transaction habits; 3) customize management of their ICBC bank card accounts based on their card use habits and security needs. Up to now, ICBC Intelligent Defender has been used by more than 30 million ICBC individual customers for over 82 million person-times.


(2020-06-09)
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