The vice-head of one of China’s big four state-owned banks says that fintech will play a vital role in driving the country’s efforts to expand financial inclusion.
Speaking at the inaugural China Financial Inclusion Innovative Development Summit (中国普惠金融创新发展峰) held by the People’s Daily on 5 August, Zhang Lilin (张立林), vice-head of China Construction Bank (CCB), said that fintech had helped CCB to effectively raise its financial services coverage, as well as levels accessibility and satisfaction.
“The capabilities of the next generation of core systems have raised our ability to identify customers and our risk management capabilities,” said Zhang.
“Fintech lifts CCB’s ability to identify and integrate the data of the financial inclusion client demographic.
“In the past CCB did not have financial network points below the county level, or even in several hundred counties. However, fintech has helped us to extend services range and coverage.
“Our understanding of customers has greatly increased the convenience with which customers can obtain financial services.”