80% of Chinese Banks Will Employ Cloud-based Fintech Solutions by 2024: IDC Report

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A new report anticipates widespread adoption of cloud-based fintech solutions over the next several decades.

The report from International Data Corporation (IDC) sees around 80% of Chinese banks purchasing and integration fintech solution from the cloud market by 2024.

40% of Chinese banks are expected to cooperate with fintech companies via cloud ecosystems by 2022, while IT spending by the Chinese banking sector is expected to rise to 220.8 billion yuan (approx. USD$31.61 billion) in 2020.

By the end of 2020, IDC forecasts that 20% of Chinese bank transactions will use digital platforms for pre-settlement.

IDC also forecasts widespread adoption of insurtech solutions by the Chinese insurance sector.

By 2021 around 30% of Chinese insurance companies will collaborate with at least three insurtech firms, while by 2022 25% of insurance companies will use artificial intelligence and voice interaction solutions to achieve automation of claim settlements.

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