Research On The Impact Of Big Data Strategy On CITIC Bank’s Profitability

The 19th National Congress of the Communist Party of China has proposed "to promote the deep integration of the Internet,big data,artificial intelligence and the real economy,to promote the deep integration of the Internet,big data,artificial intelligence and the real economy,and to accelerate the digitization,networking and intelligence of the manufacturing,agriculture,and service industries." This is after the Ministry of Industry and Information Technology has taken " advancing the construction of a big data standard system" as a key task,and explicitly made the development of big data one of the national strategies,reflecting the important role of big data as a new wealth in the information age.As one of the earliest joint-stock commercial banks to plan and deploy a big data strategy,CITIC Bank insists on implementing big data innovations.Planning big data projects has made it achieve dazzling results in recent years,which is worthy of research and exploration.This article takes "the impact of big data strategy on CITIC Bank’s profitability" as its core research content,and hopes to answer two sub-questions: "What impact will the implementation of big data strategy have on CITIC Bank?","Does the use of big data enhance CITIC Bank? Profitability? ".Firstly,this article reviews and summarizes the concepts,characteristics,and development of big data through theoretical review and analysis of the literature;analyzes and summarizes the universality and particularity of commercial banks’ profitability;and the impact of big data on commercial banks Research and groom.Then,take CITIC Bank,a pioneer in the development of big data strategies among domestic commercial banks,as a case study object,sort out its big data strategy and the development process of big data projects,and analyze the business,operations,risk control,and financial aspects of big data.Impact,answer the first sub-question.Then use Du Pont analysis method to analyze the corresponding financial indicators of CITIC Bank since the development of its big data strategy,supplemented by the industry’s contemporary indicators as a comparison to exclude the influence of industry trends,and answer the second sub-question.The research results of this article are as follows:(1)Big data strategy promotes CITIC Bank’s business innovation through accurate customer management and portraits,precise business opportunity transformation,precise scene setting,and precise channel coordination;(2)Big data strategy promotes operational innovation,streamlines administrative procedures,Improved customer satisfaction,strengthened cost management,and optimized CITIC Bank’s operations;(3)The big data strategy helped CITIC Bank to manage risks by controlling credit risks and identifying real-time risks;(4)CITIC Bank’s revenue and profits improved during the implementation of big data However,the asset risk has also increased;(5)The big data strategy has improved the profitability of CITIC Bank and the improvement of this profitability has not come at the expense of high leverage.Based on the research results,this article puts forward suggestions and countermeasures for commercial banks to implement big data strategies from the aspects of in-line data management,data governance,big data project application channels,data security,and accounting work.The application value of this paper lies in:(1)Enriching the research on financial technology big data innovation of commercial banks.(2)Provide reference for commercial banks that implement big data strategies in the future,and help domestic commercial banks transform and develop.