Digital Banking in Universal Inclusion Era
Hot focus
2017.07.10
Since 2014, digital banking has been noted in the government work report for 4 consecutive years and has been ascended as a national strategy.
1. Ecosystem – Future of an innovation must create an ecosystem and the core of interactions are the flow of data and capital, instead of flow of product in past ecosystems. From the introduction of computers to mobile and wearable devices, advancement of AI and internet of things (IOT), intelligent and mobile technologies will continue to become a larger part of our lives. With more comprehensive coverage of wireless broadband, wider usage of cloud computing, real-time updates from big data analysis and mass data flow, these technologies will become productive resources in the ecosystem.
2. Scenario – The core of scenario based technology is the flow: From the flow and fusion of products, user group as well as industry. Consumer financing and internet insurance will be the next outburst in scenario based growth. Others with greater opportunity include credit, investment, finance management. Digitization is the essential direction for these services.
3. Market – Third-party service providers are the new market for traditional financial institutes to leverage on for collaborations. One of the main characteristics of the digital economy that traditional financial institution can leverage on is having other market players cover the increasing service charges by prospering the market through addition of more third-party services.
4. Technology – The constant iteration of new technologies like block-chain, intelligent contracts, AI etc will continuously promote growth to the financial industry.
Based on the analysis of banking sector, there are 10 major trends in digital banking ever since the introduction of direct banking to the maturity of internet financial ecosystem today.
1. Ecosystem – Future of an innovation must create an ecosystem and the core of interactions are the flow of data and capital, instead of flow of product in past ecosystems. From the introduction of computers to mobile and wearable devices, advancement of AI and internet of things (IOT), intelligent and mobile technologies will continue to become a larger part of our lives. With more comprehensive coverage of wireless broadband, wider usage of cloud computing, real-time updates from big data analysis and mass data flow, these technologies will become productive resources in the ecosystem.
2. Scenario – The core of scenario based technology is the flow: From the flow and fusion of products, user group as well as industry. Consumer financing and internet insurance will be the next outburst in scenario based growth. Others with greater opportunity include credit, investment, finance management. Digitization is the essential direction for these services.
3. Market – Third-party service providers are the new market for traditional financial institutes to leverage on for collaborations. One of the main characteristics of the digital economy that traditional financial institution can leverage on is having other market players cover the increasing service charges by prospering the market through addition of more third-party services.
4. Technology – The constant iteration of new technologies like block-chain, intelligent contracts, AI etc will continuously promote growth to the financial industry.
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