Ping An Bank Wins Gartner Innovation Award for Financial Services
HONG KONG and SHANGHAI, Nov. 17, 2020 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 02318; SSE: 601318) announced that Ping An Bank received the "Eye On Innovation Award for Financial Services 2020" from research and advisory company Gartner. Ping An Bank is the first in Mainland China's banking industry to receive the annual award, recognizing the Bank's capabilities in risk management and the impact of China's fintech in Asia-Pacific.
Guo Shibang, Vice President of Ping An Bank, said, "The Intelligent Risk Control Platform is an integrated process platform for Ping An Bank to carry out complicated and innovative business operations in areas such as investment, financing and supply chain. It is also an integrated risk control platform with risk policies, risk regulations and risk management. The six intelligent applications for approval, control, lending, early warning, analytics and monitoring help anticipate trends, make timely decisions and take quick action for effective risk management."
Combining machine intelligence with experts' experience, intelligent credit approval has formulated rules to exclude customers in financial distress, involved in financial whitewashing, or subject to close monitoring for money laundering, terrorist financing or special risks. In the customer approval process alone, efficiency has improved by more than 30%. For risk control, intelligent credit approval has identified over 3,000 high-risk customers. Automated processes have also streamlined business operations, reducing manual processes for relationship managers by 80%.
With big data and smart algorithms as the core technologies, intelligent early warning analyzes massive amounts of internal and external data and scans customers through rule models, scene models and machine learning models to achieve the full process of closed-loop management from "pushing a warning signal, screening risk information, confirming whether to launch a warning, adopting control measures on risky clients to releasing the warning". It has improved the accuracy of the 90-day early warning to more than 90%. Since the beginning of this year, the system has enabled Ping An Bank to avoid potential risks that amounted to more than RMB50 billion.
Empowered by internal and external databases, Ping An's intelligent lending realizes three-factor machine authentication by incorporating models for risk information, special risk control and management, credit risk mitigation, credit limit control and management. Smart lending is comprised of smart control, machine assistance and automatic review functions, which enables Ping An to complete real-time services in five minutes or less, 24 hours, seven days a week. In comparison, other banks may take a few hours to complete the same services.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 214 million retail customers and nearly 579 million Internet users, Ping An is one of the largest financial services companies in the world.
Ping An has two over-arching strategies, "pan financial assets" and "pan health care", which focus on the provision of financial and health care services through our integrated financial services platform and ecosystems. Our "finance + technology" and "finance + ecosystem" strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China's first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai.
In 2020, Ping An ranked 7th in the Forbes Global 2000 list and ranked 21st in the Fortune Global 500 list. Ping An also ranked 38th in the 2020 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list. For more information, please visit group.pingan.com.
About Ping An Bank
Ping An Bank Co., Ltd. (hereafter "Ping An Bank", SZ:000001) is a nationwide joint-stock commercial bank headquartered in Shenzhen. It was formerly known as Shenzhen Development Bank Co., Ltd. and renamed as Ping An Bank in July in the same year after the merger of former Ping An Bank Co., Ltd. in June 2012. As at the end of September 2020, Ping An Bank's total assets amounted to RMB4,346.921. billion. Ping An Bank provides diversified financial services to enterprises, retailers and government departments through 99 branches and 1,078 outlets across China.
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