How to Integrate Financial Big Data and FinTech in a Real Application in Banks: A Case of the Modeling of Asset Allocation for Products Based on Data

Round 1

Reviewer 1 Report

I have several comments on this manuscript as follows:

1. The English writing should be improved by a native speaker.
2. Please check the equation number.
3. The authors focus on how to optimize the allocation of available assets. However, there are various methods for optimization problems. Could you briefly discuss?
4. The results and discussion should be expanded.

Author Response

Dear Reviewer:

Thanks for your sincerely comments and suggestions with regards to our paper. Based on your comments, the paper has been revised, and attached pdf file is the final version (including the English editing).

Here are our responds to your comments in detail:

1. The English writing should be improved by a native speaker.

Authors: English writing Has been improved in language and format, please reference the attached pdf file.

2. Please check the equation number.

Authors: Equation number has been updated.

3. The authors focus on how to optimize the allocation of available assets. However, there are various methods for optimization problems. Could you briefly discuss?

Authors: Added a briefly discussion at the end of section 3.3, from Line 186 - 190.

4. The results and discussion should be expanded.

Authors: It is a very good question! Our research in this paper makes up for the theoretical and technical realization in the practical application of asset allocation (Line 270-272). So, there are two important part in this paper, one is the theoretical part, the modeling process, and the other is practice. So, from the real application view, what’s the first concern for those guys in banks with regards to their IT system? That is stable and quick response. So, we spend much time testing many cases in different situations to ensure to get a stable algorithm, not pending or breakdown. Also, testing the solving time to ensure to give a result within the respond limit time. Based your comments, in the collusion part, added some explanation (Line 279-282) to highlight why pay attention on testing the solving time in this research. Maybe it is just the value of this research compared with those general optimization researches in pure theoretical, as it more focuses on real application in practice.

Thank you very much for your time and review again!

Sincerely yours,

Jinwu Zhuo, Xinmiao Li, Changrui Yu

Reviewer 2 Report

The paper present an optimization problem, which is known as resource allocations per products. The paper claims that the resources and the products come from the financial domain. Examples for products and resources are given in tables 1 and 2.

My point of view is that the defined linear integer problem has to be related with real financial products and resources. Currently the description of the model has mathematical nature without relations with real financial case. That's why I recomend the authors to add in part 5 e real problem for optimization with financial components: assets and products. This will insist more kowledge about the financial market and financial technologies.

Some remarks with typos character:

• p.4, line 126. The asset table 2 doesn't have column N=5. Probably it means row N=5. 
• p=4, line 127. the same case for table 1. The correct numaration of P7 shoud addrfess row 7 of table 1.
• the term fintech is not clear. Please give notation about this short notation.

The paper claims usage of big financial data. The content of the presentation doesn't explain the content of the big data and how this information is aggregate to cathegories, given in tables 1 and 2.

My point of view is that this paper has potential for publication. But the version of the presented results is trivial: the integer programming optimization problem insist more time for it solution in comparison with the classical linear programming problem. Such trivial conclusion doesn't have research value.

I rcomend an improvement of the research and application parts of the paper.

Author Response

Dear Reviewer:

Thanks for your sincerely comments and suggestions with regards to our paper. Based on your comments, the paper has been revised, and attached pdf file is the revised version (including the English editing).

Here are our responses to your comments in detail:

1. The paper present an optimization problem, which is known as resource allocations per products. The paper claims that the resources and the products come from the financial domain. Examples for products and resources are given in tables 1 and 2. My point of view is that the defined linear integer problem has to be related with real financial products and resources. Currently the description of the model has mathematical nature without relations with real financial case. That's why I recommend the authors to add in part 5 e real problem for optimization with financial components: assets and products. This will insist more knowledge about the financial market and financial technologies.

Authors: It is a good question! Originally, we also planned to add a real problem for optimization with financial components. Then we found that the real tables are wide and long (500-2000 rows), not suitable to be shown in paper. It has little value if just demonstrates a part of the real product and asset table. So finally, we just introduced the whole workflow and effect.

2. Some remarks with typos character:

• 4, line 126. The asset table 2 doesn't have column N=5. Probably it means row N=5. 

Authors: Yes, it is row not column

• p=4, line 127. the same case for table 1. The correct numaration of P7 shoud addrfess row 7 of table 1.

Authors: Yes, it is row not column

• the term fintech is not clear. Please give notation about this short notation.

Authors: Line 29-32 has given a notation about fintech: fintech represented by the bank financial platform is undergoing a data service revolution, including personalized service, big data credit investigation, intelligent investment, risk pricing, quantitative investment, profiling tax and financial behavior and so on.

3. The paper claims usage of big financial data. The content of the presentation doesn't explain the content of the big data and how this information is aggregate to categories, given in tables 1 and 2.

Authors: Add the explanation on how this information is aggregated, Line 103-109.

4. My point of view is that this paper has potential for publication. But the version of the presented results is trivial: the integer programming optimization problem insist more time for it solution in comparison with the classical linear programming problem. Such trivial conclusion doesn't have research value. I recommend an improvement of the research and application parts of the paper.

Authors: Not like a typical optimization question, our research in this paper makes up for the theoretical and technical realization in the practical application of asset allocation (line 270-272). So, from real application view, what’s the first concern for those guys in banks with regards to their IT system? That is stable and quick response. So, we spend much time testing many cases in different situations to ensure to get a stable algorithm, not pending or breakdown. Also, testing the solving time to ensure to give a result within the respond limit time.  Based your comments, in the collusion part, added some explanation (Line 279-282) to highlight why pay attention on testing the solving time in this research. Maybe it is just the value of this research compared with those general optimization researches in pure theoretical, as it more focuses on real application in practice.

Thank you very much for your time and review again!

Sincerely yours,

Jinwu Zhuo, Xinmiao Li, Changrui Yu

Round 2

Reviewer 1 Report

The authors have been improved the paper as my comments. So, it can be accepted for publication.

Author Response

Dear Reviewer:

Thanks for your review again!

There are two points needed report to you:

1. With regards to English, this paper has been checked by the English editing service provided by MDPI except section 4.3, and the English-Editing-Certificate was attached.
2. Section 4.3 is a new added part, as the other review had strongly recommended that a real example should be introduced in the paper. Just let you know, why we added this part. And the English of this new section has also been refined.

Thank you very much for your time and review again!

Sincerely yours,

Jinwu Zhuo, Xinmiao Li, Changrui Yu

Author Response File: Author Response.pdf

Reviewer 2 Report

My point of view is that real example with financial data has to be added in the paper.

Currently the lack of such example doesn't prove research results in the paper.

Author Response

Dear Reviewer:

Thanks for your sincerely comments and suggestions!

based on your suggestion, a new section (4.3) was added to introduce a real example. With regards to English, this paper has been checked by the English editing service provided by MDPI except section 4.3, and the English-Editing-Certificate was attached. Of course, the English of section 4.3 has also been refined by our team.

Thank you very much for your time and review again!

Sincerely yours,

Jinwu Zhuo, Xinmiao Li, Changrui Yu

Author Response File: Author Response.pdf