BEIJING, Oct. 22 (Xinhua) – Commercial banks in China are accelerating the pace of digitalization amid their efforts into building unified big data platform, recruiting talents, improving online channels and offline services, told a report released last Friday.
The report, jointly unveiled by the financial technology development and research committee of National Internet Finance Association of China (NIFA) and Liaowang Institute, was formed on basis of a survey among commercial banks and fintech companies.
As the report holds, commercial banks of different types vary much in their capabilities of digitalization, and state-owned large commercial banks, joint stock commercial banks and new internet banks boast relatively advantages in digitalization. By contrast, urban and rural commercial banks are relatively weak in terms of capabilities in digitalization.
For technological application, big data and biometrics are widely applied in commercial banks polled by the survey while block chain and the Internet of Things technologies were not applied much.
Currently, the lack of supportive systemic procedures and trans-department coordination mechanisms, insufficiency in innovative technology talents, and data quality and governance issues are the main challenges troubling digitalization of Chinese commercial banks.
However, digitalization of commercial banks in China basically stays at the same level with the world and owns comparative advantages in clients size, data resources and application scenes. (Edited by Duan Jing, firstname.lastname@example.org)