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  Pursuing “Ingenuity” Remaining True to “Original Aspiration”

The 19th CPC National Congress was successfully held in 2017, and the Credit Card Center of Bank of Communications also achieved success in the same year. Under the correct leadership of and with the great support from the Head Office, the Credit Card Center timely responded to calls of the times and demands of our customers, thoroughly implemented decisions and arrangements of the CPC Central Committee, bravely cleaving through ups and downs in the ever-changing market, and calmly addressed policy changes and peer competitions. Its Mobile Credit Card was included in the “Top 10 Events of Financial Informatization in 2017”; its Platinum Credit Card ranked No. 1 in the “Better Choice • Better Life Best Credit Cards of the Year” and was awarded the “Outstanding Platinum Credit Card of 2017” by the 21st Century Annual Finance Summit of Asia; and its professional data analysis team won the first place in two group matches of “2017 Global Data Challenge Hosted by JD Finance”.

Promoting quick response to the market, intensified integration of channels, extensive application of technologies, early transformation of innovations and rapid development through party construction, the Credit Card Center completed all tasks assigned by the Head Office and won the Excellent Award of Bank of Communications for Operation and Management for two consecutive years.


I. Unlimited Improvements

Taking the “September 6th Reform of Card Service Fees” as an opportunity, the Credit Card Center made efforts in the following aspects:

Firstly, it made efforts in three aspects (direct selling, cooperative marketing by subordinating branches and on-line card issuance), quickly expanding the customer size and reaching a new high in the amount of card issuance;

Secondly, it constantly optimized the consumption structure, realizing the year-on-year growth of 92% and 11% in online consumption and overseas consumption respectively;

Thirdly, it kept looking for new profit points, achieving stable growth of income from inter-bank businesses, continuously rise of card service rate, and year-on-year increase of 69% in interchange income.

In 2017, the Credit Card Center realized the year-on-year growth of 17% and 42% in operating profit and non-interest net income respectively, and the year-on-year growth of 46%, 24% and 151% in newly-increased accounts, consumption amounts and receivables respectively. Thus, it successfully mitigated the adverse influences from reform of card service fees, realized the accelerated transformation and development of businesses, and rapidly improved its operation capacity.


II. Unremitted Innovations

Innovation is the primary driving force for development. The Credit Card Center took the lead in innovation, focused on ten innovation projects with the Fintech Innovation Laboratory as the major platform, made constant reforms in products, marketing & services, raised consumption amounts, accelerated the development of consumer credit services, improved business management capability and service capability, so as to set a solid foundation for business development in 2018.

Fintech Innovation Laboratory as an example of institutional reform:

As an important platform for the organization, experiment, pilot and spreading of innovations, the Fintech Innovation Laboratory provides the institutional guarantee for smooth promotion of innovations. Focusing on the practical application of advanced ideas and key technologies such as face identification, artificial intelligence, cloud technologies, microservices and big data processing, the laboratory adopts the project management system, aims at realizing quick breakthroughs in transboundary core technologies, and improves the fintech level of credit card business through the efficient integration of application, R&D, and tracking and reserve.

Mobile Credit Card as a label of the times:

As one of the ten key innovation projects of the Credit Card Center, Mobile Credit Card was included in the “Top 10 Events of Financial Informatization in 2017” selected by Financial Computerizing. Unlike the existing products of peer competitors which enable the use of “mobile credit cards” through binding with physical cards, Mobile Credit Card of the Credit Card Center is the first one “without card media”: new technologies such as face identification and visual processing are used for card application and activation, the “complete online mode” is adopted for instant card issuance (realizing a 65% processing rate within 30 seconds and a 89% processing rate within 3 minutes), and the scope of use covers both online and offline scenarios. Thus, Bank of Communications leads the whole industry by creating a label of the “cardless era”.


III. Unparalleled Strategies

Correct market orientation:

In 2017, the Credit Card Center correctly designed different brands for different customer groups, enhanced the cooperation with exterior partners, quickly responded to market developments, and enriched its products.

Its Y-POWER card targets at college students with great potentials; its 8 co-branded cards in cooperation with Zuzuche, Moonlight Blade, IQIYI, CRNET, etc. take game, e-commerce and railway services as key breakthrough points; its Platinum Credit Card ranked No. 1 in the “Better Choice • Better Life Best Credit Cards of the Year” and was awarded the “Outstanding Platinum Credit Card of 2017” by the 21st Century Annual Finance Summit of Asia.

In accordance with the strategic requirement of “transformation to a consumer credit service provider”, the Credit Card Center introduced “Hao Xian Dai” for large-sum cash loans and “Hao Shang Dai” for loans covering automobile, house decoration and overseas study, providing its customers with the combination of credit card business and consumer credit service in the modes of “simultaneous application for card and loan” and “attracting customers with loans”. Besides, it offered online services of “Hao Xiang Dai”, “Hao Xian Dai” and “Hao Shang Dai” on the “Mai Dan Ba” APP, correctly responding to demands for consumer credit services. In 2007, its online consumer credit service realized the year-on-year growth of 12%.

Strong risk control:

Taking advantage of the big data system, the Credit Card Center included the inquiry of exterior data such as social security information into its business process, restricted the transactions related to real estate and overseas insurances in accordance with the regulatory requirements, enhanced the risk control on cash loans, and earnestly prevented against risks related to online cash loans. It efficiently identified suspect customers with high risks, and adopted early-warning education and many preemptive measures such as restriction on amount adjustment, reduction of amount and restriction of installments. It achieved repeated successes in striking against frauds, and attracted extensive attention of the industry with its success in the first case of China related to the vicious denial of fraud. At the same time of accelerating the development of assets operation, it stuck to the keynote of “stability and sustainability” and showcased its best performance in risk control.

Deep integration of finance and technology:

By enriching ten scenarios of the “Mai Dan Ba” APP, the Credit Card Center attracted more than 40,000,000 card holders within two years and 19,600,000 active users in a month, raising its market ranking for 3 places. In cooperation with the Head Office’s technology department, it successful passed the large-volume transaction tests of “Super Friday”, “Double 11” and “Double 12”.


IV. Unconstrained Services

Upgrading of service capability is the foundation of customer operation. In 2017, the Credit Card Center adopted the mode of “artificial intelligence + process optimization”, attracted and maintained customers by improving their satisfaction as well as raised the consumption amount by proactive and correct marketing, setting a solid foundation for serving the real economy with financial services.

In 2017, by upgrading nine services and establishing key service indicators, the Credit Card Center reduced the average monthly external complaints by 30% on year-on-year basis, lowered the average complaints per card in 1,000,000 active cards by 42% on year-on-year basis, and ranked No. 1 in the industry in a customer satisfaction survey made by a third party. Relying on the “Mai Dan Ba” APP, it realized the division of incoming calls by adopting new technologies such as live video, video activation and voiceprint recognition, and realized the accurate marketing through outgoing calls by adopting the initiative service mode, adjusting the calling strategy and optimizing the allocation of resources. As a result, it reduced the average incoming calls per card by 20% on year-on-year basis.

At the same time, the Credit Card Center actively explored approaches for intelligent customer services, constructed the intelligent knowledge base, carried out researches on smart service agents, and created the new mode of “manual service agents + smart service agents”. In 2017, it reduced 223 service agents, and lowered the telephone traffic of manual service agents by 13%, achieving good results in cost decrease and efficiency raise through intelligent customer services.


V. Unconfined Beliefs

Greater improvements can be made with strong beliefs in heart:

In 2017, responding to the call of the CPC Central Committee and General Secretary Xi Jinping for “remaining true to our original aspiration and keeping our mission firmly in mind”, the Credit Card Center Party Committee organized a total of 47 persons including its members and cadres at or above the general manager’s assistant level to Yan’an, the Holy Land of China’s revolution, for a 5-day class studying the Yan’an Spirit in October; and its internal publicity platform “Lan Xin” opened a new account named “Learning the Spirit of the 19th CPC National Congress” in November, accumulatively releasing 123 articles including the Head Office’s documents on party construction, news about learning activities of various party branches and reflections of staff members on the spirit of the 19th CPC National Congress.

Recently, members of the Credit Card Center Party Committee visited the site of the 1st CPC National Congress together with secretaries of the Head Office’s party branches, reviewed the history of the Communist Party of China and its admission oath, creating a climax for learning the spirit of the 19th CPC National Congress in the Credit Card Center.

2018 is an important year for implementing the “Thirteenth Five-year Plan”, and is also the 110th anniversary of Bank of Communications.

The Credit Card Center will resolutely implement the decisions and arrangements of the Head Office Party Committee with the “spirit of craftsmanship and labor models”, actively promote the joint actions with branches, take the lead in deepening reforms, further enhance fintech application, become a pioneer of innovations in the whole industry, catch up with and surpass peer competitors and turn into a mainstay of profit earning.

In accordance with the “Five-in-One” overall layout and the “Four Comprehensives” strategic blueprint, the Credit Card Center will implement “Three Increases and Three Decreases”, and create a good beginning for realizing the three-year goal of “Double Hundred Millions and Benchmark Surpassing”, so as to celebrate the 110th anniversary of Bank of Communications.