Chart of the Week: Here's how Chinese banks respond to fintech

They are developing new services and strengthening existing ones.

China’s banking sector is responding to the challenges and opportunities brought by fintech by developing new digital services and strengthening existing ones, according to the Chinese Bankers’ Survey by the China Banking Association (CBA) and PwC.

They are upgrading and creating new mobile payment and online banking services, as well as strengthening their service offering through smart branches. Chinese banks also continue to focus on big data technology, mobile internet, and artificial intelligence.

“In 2017 we saw China’s five largest banks all announce major partnerships with FinTech giants such as Baidu, Alibaba, and Tencent,” says financial services partner for PwC China Benson Cheng. “While these banks have already made considerable strides in this field, they are continuing to investigate the potential of such innovations as the Internet of Things and Blockchain technology.”