A new report has found that China’s smaller-scale banks are focusing on the use of mobile and online banking channels in order to even the playing field with their established large-scale peers.
69.64% of banks surveyed are focusing their efforts on mobile banking and online banking, according to the “Small and Medium-sized Bank Fintech Development Research Report (2021)” (中小银行金融科技发展研究报告（2021）) released by OneConnect in conjunction with the Fintech 50 Forum on 23 November.
Key areas of focus include direct banking, financial services based on social media platforms, and online supply chain finance.
78.57% of banks surveyed said that they had already made use of mobile banking technology, while 73.21% had incorporated big data technology into their operations.
The report found that artificial intelligence, big data and the Internet of Things are also areas of focus for small-scale Chinese banks.