The People’s Bank of China (PBOC) has released the country’s “Fintech Development Plan (2019 – 2021) establish and improve the “four beams and eight pillars” for China’s fintech development, providing guidance for the construction of big data infrastructure in the financial industry, empowering these institutions to build big data capabilities into one of their core competitiveness. As a leading financial enterprise, China Power Finance is responsible for providing financial services to the member units of the State Grid Corporation of China and the service targets approved by the China Banking and Insurance Regulatory Commission. Building a big data platform has become an important project on the road to its digital transformation.
China Power Finance launches industry first enterprise-level big data platform
On 1 April 2021, all construction tasks to the first phase of China Power Finance’s enterprise-level big data platform project were put into full production and application, realizing the industry’s cutting-edge "stream batch integration" function, combining the batch computing and stream computing into one, minimizing operation and maintenance costs as well as improving the consistency of data calculation results. This marks an important step forward in the concept and technology development of big data platform construction for the finance companies in China.
Since the launch of China Power Finance’s big data platform, more than 33 million data services have been provided to the public. The strong supports to the daily monitoring of financial data of the State Grid Corporation of China has provided valuable statistics on the operation and management data of China Power Finance, highlighting the aggregation and value-added role of financial big data.
Three highlights in achieving the leading big data platform for China Power Finance
China Power Finance’s big data platform adopts a "stream batch integration" data lake construction architecture to build a comprehensive data platform that covers data management, data operation and data services. It is industry-leading in terms of technology, data model and performance:
1. The first dual management model of business and company management, truly realizing one data pool
The big data platform integrates the results and concepts of the unified data model for State Grid SG-CIM and the financial business industry, comprehensively planning the two major data models of company management and business management. At present, all business data of China Power Finance has been included in the data model. In the follow-up phase, the realization of the construction of the company's management data model will continue to truly realize a unified pool of company data, fully meeting the needs of China Power Finance in data differentiation, standardization and characteristic management.
2. Advanced technology architecture with seamless docking of existing systems
The big data platform based on open source CDH enables planning of offline data and real-time data processing with fully incorporation of structured and unstructured data. Using impala-based memory computing to achieve efficient offline data calculations, Flink clusters to build real-time data processing routes, the popular BI tool to build the company's data analysis platform, a user-friendly interface implements the data service mechanism, the fundamental plans of the blueprint for the construction of the China Power Finance data platform system gradually solves the problems of China Power Finance in data management, data analysis and data operation.
3. Improves data computing performance by leaps and bounds
China Power Finance's enterprise-level big data platform adopts hierarchical design, memory computing and parallel processing mechanisms through cluster deployment, greatly improving the data computing performance. The data batch processing time has been shortened from 3 hours to about 45 minutes with an efficiency increase of 80%. Data accuracy rate has also been greatly improved, solving the bottlenecks issues in data accuracy, timeliness and efficiency.
Professional guaranteed road to building a big data platform
In March 2020, China Power Finance’s enterprise-level big data platform project was officially launched. Sunline sent a group of experts with rich experience in the construction of financial business data platforms to closely be involved in the project construction although it was during the high-risk period of the epidemic. In order to ensure the quality and progress of the project while avoiding the risks of the epidemic to the project, Sunline’s project team has always adhered to the SOP at the project site and adopted both virtual and physical discussion methods to advance the project progress in an orderly manner.
The two parties have overcome the resistance together and have successively completed the current situation analysis, demand analysis, design and development, system integration test, user acceptance test, performance test as well as other tasks on time.
The first phase was successfully launched on 7 September 2020 while the second phase was launched on 1 April 2021.
So far, the original reporting system has been fully switched to the big data platform, with more than 15 thousand total integrated source data items and more than 16 million collected data volume daily. It has successfully implemented 8 first-level business models covering 29 second-level themes. A total of 226 data entities and 7015 data items have been compiled into one source of internal data for China Power Finance.
The project was successfully put into production, enabling China Power Finance to be 5-10 years ahead of the industry in terms of architecture and performance. Sunline has once again created value for customers, helping China Power Finance to empower their digital transformation with once innovative gens and professional services.
China Power Finance has not only achieved a comprehensive upgrade of information technology and operational management capabilities but also as pioneered "stream batch integration" data lake construction project based on big data technology for finance companies, providing benchmark great significance in terms of modern data architecture to other finance companies in the country.
