A senior official from one of China’s big six state-owned banks has highlighted the critical role that fintech will play in shoring up the competitiveness of commercial lenders in future.
Xie Kai (谢凯), deputy-general manager of Agricultural Bank of China’s (ABC) online finance department said that the growth of online finance had come as a major shock for China’s commercial banks, prompting ABC to adopt a comprehensive digital transformation strategy over the past two years.
“In future the core competitive capability of banks will lie in ‘data + algorithms'” said Xie on 20 November at the “2020 Digital Economy Leadership Summit” (2020数字经济领航者峰会) held in Beijing.
“Data transformation is the most difficult as well as the most valuable change,” said Xie. “We hope to use the ‘Four Transformations’ (online transformation, openness transformation, data transformation and smart transformation) to enable Agricultural Bank of China to achieve full online and offline integration, and become a true smart commercial bank.”