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Analysis of the current status and development path of digital transformation in Chinese commercial banks
Journal of Digital Banking,
9
(3),
222-237
(2024)
Abstract
The transition to digital operations is identified as an essential catalyst and a vital strategy for commercial banks to elevate the calibre of services and achieve qualitative growth. This paper discerns that the digitisation of commercial banking is the outcome of a confluence of both intrinsic and extrinsic motivational factors. Yet as this transformation deepens, it has unveiled an array of challenges and issues, which might result in developmental missteps for the industry. To navigate around these digital development traps, the paper articulates well-defined objectives for the digital transformation of commercial banks. The study is positioned to offer beneficial guidance and reference points for the digital evolution of commercial banks in China, propelling them towards a more stable and enduring growth within the digital paradigm.
Keywords: Commercial banks; digital transformation; financial technology; development path
The full article is available to subscribers to the journal.
Author's Biography
Huang Kaihui is Research and Planning Expert at the China Zheshang Bank. He specialises in industry research on digital transformation in commercial banks and has a rich academic background and practical experience in the field. Kaihui has authored several monographs on digital transformation in the financial industry, providing theoretical support and practical guidance for the digital transformation of the banking sector. As of 2024, Kaihui has been appointed as a technical expert by the Beijing FinTech Industry Alliance, where he offers strategic technical advice to alliance members, contributing to the healthy growth of the entire industry.
Zhang Yi is Head of the Technology Planning Center at the China Zheshang Bank. She is dedicated to systematically planning the bank’s digital transformation strategy, overseeing the implementation of important annual tasks related to technological innovation, leading to the compilation of the bank’s digital transformation work plan, and innovatively proposing the ‘MICROSEA’ ecosystem, which has helped to promote the formation of the bank’s ‘185N’ framework for digital transformation and facilitate the implementation of various digital transformation initiatives. In January 2024 Ms Zhang was awarded The People’s Bank of China Financial Technology Development Award.
Wang Hao is Senior Executive at the China Zheshang Bank’s Technology Division, spearheading financial technology and the sector’s digital metamorphosis. His strategic direction of important digital projects has substantially bolstered the bank’s tech prowess and operational acumen. Wang’s stellar contributions earned him the prestigious People’s Bank of China Financial Technology Development Award in 2022, and in October 2023, he was acknowledged as a top-tier professional. Wang exemplifies distinguished leadership in technology and project management, while propelling innovation and progress in Zheshang Bank’s financial technology sector. He is dedicated to elevating the bank to the status of a digital industry benchmark.
Xiao Zhengjin , PhD, is Senior Project Manager and Senior Engineer at the China Zheshang Bank. He is also Off-campus Master’s Supervisor of Zhejiang University, Senior Technical Expert at Beijing FinTech Industry Alliance, Expert of the Professional Committee of Financial Digital Transformation and the Professional Committee of Regulatory Technology. Dr Xiao has participated in the digital transformation practice of the China Zheshang Bank and has written several reports on the digital transformation of the Chinese banking industry.
Yang Bo is Digital Transformation Team Member at the China Zheshang Bank. He drives digital transformation at the bank. Yang actively participates in project planning, execution, monitoring and evaluation to ensure the successful implementation of digital transformation.
