Mobile Banking, Online Payments and Business Intelligence to Drive Financial Technology Investment in China in 2011
An increasingly sophisticated customer-base is pushing Chinese financial institutions to change the way they interact with their customers, with mobile banking, online payments and business intelligence driving financial technology investment in China. In 2011, Chinese financial industry executives will be focussed on developing more robust channels and customer insight to better interact with clients and understand their specific financial needs, according to Kapronasia. The report, entitled ‘China Financial Technology 2011 – Top 10 Trends shaping the Industry’, details Kapronasia’s predictions on the 10 key technology areas that Chinese financial institutions will be focused on in 2011.
“The Chinese financial services industry is becoming increasingly competitive,” said Elsa Yan, a senior consultant at Kapronasia. “Institutions are looking to develop channels and analytics to better serve customers who have an increasingly wide choice of providers. Mobile banking, online banking, and more robust business intelligence are just three of the ways banks will be accomplishing this.”
This push to innovate is largely being driven by increasing competition, not necessarily from foreign banks, who are largely, due to regulations, limited in the products and services they can offer the market. The real competition is coming from the small and medium banks in China who are looking to capture market share from the larger incumbent banks as well as their increasingly competitive peers.
Some of the key findings in the report include: