When banks and other financial institutions are advancing their digital transformation journey, banks are also transforming their IT architecture.
The traditional financial services industry is facing severe challenges. The development of Internet finance and mobile Internet has greatly changed people’s habit of using financial services in the fields of payment, loan, investment, wealth management, customer engagement, and customer services. By incorporating Internet services, FinTech companies provide end users with extensive financial services, enabling disintermediation or turning traditional financial enterprises into channels.
Data, algorithms, scenarios — all are continuously interacting, in turn integrating more closely and driving new developments in Artificial Intelligence (AI). Simulating human behaviors and outcomes, AI is now capable of rapid processing and self-learning.
At a time when the majority of the banking industry is trying to adjust business models to reflect a more digital ecosystem, several financial and non-financial organizations in China have already brought together big data, advanced analytics, modern digital technology and an innovation culture to deliver exceptional consumer experiences. The question is, can financial institutions elsewhere in the world catch up?
Financial institutions are accelerating digital transformation and adopting "mobile first" and "data-driven" strategies to improve customer experience, efficiency, and risk control, all while reducing costs.