image: Average combined index of digital transformation of banks and its growth rate in 2010–2018 view more Credit: Xuanli Xie and Shihui Wang In recent years, digital technologies like big data, artificial intelligence and cloud computing have prompted transformation in many industries. The financial sector has been no exception, introducing novel services like digital payment, BigTech lending and robo-advisors. Although the technology entrants may led the transformation in the early years, commercial banks have become the major participants by taking the advantage of digital technologies to stay competitive and offer improved customer services. In 2020, the total investment of Chinese banks in financial technology reached CNY 207.8 billion, a 20% increase over 2019. Notably, some banks invested more than 4% of their revenues in technology, with the six largest banks invested CNY 116.5 billion in financial technology in 2022, an increase of 8.42% from 2021. In a study published in KeAi journal China Economic Quarterly International , researchers in China constructed an index system to quantitatively measure digital transformation of commercial banks in the country. Study authors Xuanli Xie and Shihui Wang from the National School of Development, and Institute of Digital Finance, Peking University, present the trend and […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
