Zhou Xiaochuan: the financial industry is a semi IT industry, the largest purchaser of IT technology.


Zhou Xiaochuan: the financial industry is a semi IT industry, the largest purchaser of IT technology.

Shanghai Stock Exchange News (reporter Zhang Jones) Zhou Xiaochuan, president of China Finance Society and former president of the People's Bank of China, said at the 9th Finance and New Summit on November 18: "It can be said that about half of the financial industry is doing the same thing as the IT industry, it can be said that half of the IT industry." Traditional financial industry has always been the main user of IT and financial technology, and financial industry is the largest purchaser of IT technology.

Zhou Xiaochuan pointed out that the development of digital currency and electronic payment is very rapid nowadays, and people also expect that electronic payment will change the status of the past payment industry to a large extent.

Zhou Xiaochuan said that in the past, some researchers believed that the financial industry, especially the commercial banks and insurance industry, was in principle an IT company whose main task was data processing. The vast majority of currencies have been digitized. For example, China's cash accounts for only 5-6% of the total currency, while the rest are in digital form, "all 0 and 1 stored in computers".

"This statement is a bit excessive, but it can be said that about half of the financial industry is doing the same thing as the IT industry, it can be said that half of the IT industry." Zhou Xiaochuan said that the traditional financial industry has always been the most important user of IT and financial technology. He said that we can use a time series to look at the development and changes of the financial industry in several major IT applications, and we can also see that the financial industry is the largest purchaser of IT technology.

Zhou Xiaochuan analyzed from four aspects, one is computing power, from early computers to cloud computing. Secondly, the storage capacity. The financial industry used to be the biggest purchaser of storage devices. Now it has audio, video, voice and so on. The storage of these information is much larger than that of structured data and text. Now the financial industry is no longer the first user, but it is still an important user. The three is the network, and the financial industry is highly dependent on the Internet. In addition, the financial sector is almost the largest database user.

"In short, from the time series, we can see that the relationship between financial industry and IT is very close, but also a kind of mutual promotion. Therefore, on this basis, the financial industry benefits from the development of IT technology, and improves the quantity, quality and efficiency of financial services. Therefore, the financial industry should genuinely welcome competition and welcome new technologies. " Zhou Xiaochuan said.

He admitted that in the process of specific technological development, a financial institution should also protect itself, and there is a competitive relationship between them, so sometimes it will show its own opinions or conflicting attitudes towards a certain technology. But we still need to look at the relationship between the financial industry and IT from the general direction.


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