| With the continuous deepening of China’s opening up,commercial banks are facing pressure such as interest rate liberalization,financial market disintermediation acceleration and uncertainty brought by the COVID-19 epidemic.Meanwhile,domestic financial technology companies and Internet enterprises rely on the advantages of platform technology and service channels to provide convenient and replaceable financial services such as payment and financial management for the majority of retail customers and seize the retail customers.Bank customers expect higher standards,personalized and characteristic service demands,and the financial service needs of long tail customers and customers in remote areas are still not met.The retail business of commercial banks has the characteristics of light capital,wide customer base and scattered risk,less affected by the fluctuation of economic cycle and stable operation.Based on the above factors,commercial banks have carried out structural adjustment one after another,and the transformation of retail strategy has become the consensus and trend of the industry.Science and technology has become an important driving force to promote business innovation.New technologies represented by artificial intelligence,big data,cloud computing and blockchain are widely used,deeply integrated with the financial industry,and effectively improve quality and efficiency in innovating business models,reducing service costs,improving operation efficiency and risk prevention and control capabilities,accelerating and promoting the transformation of retail business of commercial banks.This paper takes the case of Ping An Bank’s technology enabled retail business transformation as the research object.On the basis of relevant theoretical research,this paper states the development process,present situation and existing difficulties of China’s financial technology and retail business,and studies the financial technology enabled retail business transformation of Ping An Bank.This paper introduces the development process of Ping An Bank’s retail business and the process of financial technology enabled retail transformation,and analyzes the motivation of financial technology enabled Ping An Bank’s retail transformation from the perspectives of financial technology helping to insight into customer needs,the entry and horizontal competition of financial technology companies,the homogenization of banking products,and the innovation opportunities provided by financial technology Introduce the financial technology empowerment measures of Ping An Bank from the perspective of open banking.At the end of 2021,after five years of comprehensive technology enabled retail transformation,Ping An Bank achieved phased results in retail transformation,improved channel customer acquisition ability,enhanced overall strength,profitability and asset quality of retail business."Retail bank" and "technology bank" became the labels of Ping An Bank.Ping An Bank adheres to the guidance of science and technology and gives full play to the role of financial technology in enabling the transformation of retail business.The results of retail transformation are outstanding and remarkable benefits have been achieved.It is of great practical significance to study the transformation of retail business of Ping An Bank enabled by financial technology.This paper summarizes the successful experience of fintech enabled retail transformation of Ping An Bank,including formulating clear transformation strategic objectives,giving full play to scientific and technological competitiveness,adjusting organizational structure and mechanism to adapt to scientific and technological development,and providing enlightenment and suggestions for the transformation of science and technology enabled retail of other commercial banks.At the same time,according to the development stage of Ping An Bank,comparing the science and technology empowerment strategies and measures of leading commercial banks at home and abroad,this paper puts forward constructive suggestions from the perspectives of improving the precipitation capacity of retail demand deposits,expanding the wealth ecosystem,continuously deepening digital transformation. |
