Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Finance

    Banks use fintech to drive change, key report finds

    By CAI XIAO | China Daily | Updated: 2017-05-23 07:07
    Share
    Share - WeChat

    A bank clerk tells a customer how to use the mobile banking services at a bank in Nantong, Jiangsu province, Sept 21, 2016. [Photo/VCG]

    The rapid development of financial technology has seen listed Chinese banks continue a major drive to transform their branches and reform their operations, according to the findings of a report issued on Monday by Ernst & Young.

    It analyzed the annual reports last year of 37 A-share and H-share listed lenders-five large commercial banks, nine joint-stock commercial banks, 22 city commercial banks and rural commercial banks as well as the Postal Savings Bank of China.

    It found that Chinese-listed banks are paying ever-increasing attention to the application of finance technology, or fintech.

    Of the 37 listed banks, 30 mentioned fintech in their 2016 annual reports.

    Chinese listed banks have continued use fintech to drive the transformation of the branches and operational reforms. In 2016, the total number of branches in large commercial banks declined for the first time, it found, while the proportion of smart branches increased further.

    The lenders continued to push the use of such digital tools as mobile banking, online banking and popular social media platform WeChat, while optimizing their brick-and-mortar branches. The report found that last year the extent to which digital channels substituted branch business further increased.

    "Fintech such as big data, artificial intelligence and blockchain have changed and will continue to bring profound change," said Steven Xu, financial services partner at Ernst & Young.

    "It will drive the transformation and upgrade of the traditional financial services industry and help financial institutions achieve innovations in products and service offerings and business models," Xu added.

    The transformation of the branches was accompanied by a restructuring of staff. According to the report, over the past three years the growth in the head count of the listed banks slowed each year-particularly in the large commercial banks, whose total head count declined for the first time in 2016.

    "In the long run, the optimization of branches and restructuring of personnel by listed banks will be conducive to improving their service capabilities at reduced costs," said Frank Jiang, financial services partner at Ernst & Young.

    He said the process would improve the professional competence of employees in risk management and internal controls and sustaining banks' competitiveness.

    The 37 listed banks reported total net profit of 1.5 trillion yuan ($218 billion) in 2016, up 3.7 percent year-on-year, compared with 2.9 percent year-on-year growth in 2015.

    Looking to the future, Ernst & Young's Geoffrey Choi said 2017 was an important year for the implementation of China's 13th Five-Year Plan and a year for the continued deepening of supply-side structural reform.

    "China's banking industry is still undergoing critical transformation, where both opportunities and challenges coexist," said Choi, assurance leader of EY financial services in Asia-Pacific.

    "To cope with the complex and ever-changing environment, listed banks will continue to explore the path to transformation and development and fintech will inject new impetus into the shaping of future banking."

    Choi added that banks should strengthen their risk prevention and controls during transformation, to achieve long-term sustainable development.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    久久精品无码一区二区三区日韩 | 久久激情亚洲精品无码?V| 中文字幕在线免费观看| 国产羞羞的视频在线观看 国产一级无码视频在线 | 日韩区欧美区中文字幕| 午夜精品久久久久久久无码| 日韩精品久久无码人妻中文字幕 | 最近中文字幕免费2019| 亚洲AV永久无码天堂影院| 久久久久久无码Av成人影院| 中文字幕乱偷无码AV先锋| 亚洲日本中文字幕天天更新| 熟妇人妻无码中文字幕| 最好的中文字幕视频2019| 精品久久久无码中文字幕| 国产精品无码无需播放器| 无码av免费网站| 亚洲VA中文字幕无码毛片 | 亚洲一区爱区精品无码| 日韩乱码人妻无码中文视频| 新版天堂资源中文8在线| 中文字幕人成高清视频| 无码AV大香线蕉| 无码人妻精品一区二区蜜桃百度| 国产AV无码专区亚洲精品 | 亚洲Aⅴ无码一区二区二三区软件| 日韩精品无码AV成人观看| 亚洲AV无码成人专区片在线观看 | 色偷偷一区二区无码视频| 西西午夜无码大胆啪啪国模 | 特级无码毛片免费视频尤物| 亚洲成AV人在线观看天堂无码| 久久亚洲精品无码VA大香大香| 特级做A爰片毛片免费看无码| 无码不卡av东京热毛片| 国产aⅴ激情无码久久| 狠狠精品久久久无码中文字幕| 99精品人妻无码专区在线视频区| 亚洲国产精品无码专区| 精品久久久久久久无码| 久久影院午夜理论片无码|