| The development of science and technology has driven global industrial changes.The application of financial technology has become an important direction for the future development of finance,and along with the wave of the digital economy,it has become an important engine for economic growth.Emerging technologies such as big data analysis,blockchain,and artificial intelligence have had a widespread and profound impact on the world economy,industrial systems,and people’s daily lives.Financial service innovation driven by fintech has become an important focus of competition and collaboration in the global financial sector and the distribution of financial service resources.Since2020,the new crown epidemic has accelerated the trend of digital development.The eager demand for digital platforms,digital banks,contactless payments and other fintech-related services around the world has prompted financial enterprises,including banks,to continuously increase their investment in fintech.There are advantages and disadvantages to the development of my country’s banking industry.The empowerment of financial technology has provided new opportunities for the transformation and development of commercial banks,but financial technology has formed a huge impact on traditional banking businesses such as payment settlement,loan financing,investment and wealth management.How banks of different natures and characteristics will use financial technology to promote their leapfrog development and boost the development of RMB cross-border payment has become an urgent problem for my country’s commercial banks.This paper first analyzes the theoretical basis between financial technology and the comprehensive profitability of commercial banks from the perspective of economics,and further discusses the impact mechanism of financial technology on the comprehensive profitability of commercial banks.Taking the commercial banks as the sample,using the factor analysis method to calculate the comprehensive profitability score of each bank as the explained variable,and using the text mining method combined with the entropy method to calculate the comprehensive development index of financial technology as the explanatory variable,and introducing other possible The factors that will affect the comprehensive profitability of commercial banks in my country are set as control variables,and then the panel model is used for empirical testing.The research results show that financial technology has played an important role in promoting the comprehensive profitability level of Chinese commercial banks,and for commercial banks with different ownership structures,financial technology also has obvious differences in its effect.Among them,financial technology has the most obvious effect on joint-stock banks,mainly because joint-stock banks are moderate in scale,can make decisions quickly,and have enough funds to invest in the development of financial technology,apply financial technology to all lines of business in the whole bank,and improve themselves.The utility of financial technology for city commercial banks is inferior to that of joint-stock banks.Since city commercial banks mainly serve urban residents,their business areas coincide with the concept of long-tail customers that financial technology focuses on,but they are small in scale and financial strength.It is relatively weak and lacks financial innovation capabilities,and the research and development of financial technology requires a large amount of capital investment,and the cost and benefits are not equal,so the technology spillover effect of absorbing financial technology is inferior to that of joint-stock banks;and the management system of large state-owned banks is relatively backward,and the system is huge and bloated.In the face of financial technology impact,the decision-making process is also relatively cumbersome and there is a time lag in decision-making.Secondly,the most widely used financial technology is personal retail business and small,medium and micro enterprise business,but these businesses are not the most important source of profit for large state-owned banks,so The effect of financial technology is weak.Therefore,commercial banks with different shareholdings and characteristics should have different strategies when developing Fin Tech.Finally,this paper provides practical policy suggestions on how commercial banks can fully respond to the development of financial technology,in order to achieve the sustainable development of my country’s banking industry. |
