Research on the Status and Strategy of Developing Financial Technology in China Commercial Bank

Abstract

Financial technology is a technology-driven financial innovation. The emergence and application of financial science and technology in recent years have brought about significant changes in the overall financial system, increased competition in the banking market, and also provided a new direction for China’s financial development. At present, the scale of domestic commercial banks has slowed down, their profitability has declined, and the amount of non-performing loans has continued to increase. Bank operating pressures have continued to increase and operations are in a critical period of transition. Financial science and technology gives full play to the enabling role of technological innovation in financial development, broadens the boundaries of financial development, and further promotes the changes in business concepts, business models, and service methods of commercial banks, and thus plays a role in the transformation of financial science and technology competitiveness in banking operations. It is of utmost importance that domestic and foreign commercial banks have increased investment in R&D for financial science and technology and promote the application of new technologies. At present, China has developed into the world’s largest mobile payment and Internet market. Many populations, as well as changes in demand and habits, have also laid a solid foundation for commercial banks to develop financial technology. To this end, in this new phase of financial and technological integration and win-win situation, if commercial banks can grasp the development opportunities of financial technology as quickly as possible and strengthen the development of financial technology, they will inject new business into the new round of business development. To enhance the competitiveness of bank operations, so as to achieve business transformation. This article analyzes the domestic banking business situation and the impact of financial science and technology, further analyzes and summarizes the status quo and experience of domestic and foreign commercial banks in the development of financial technology, and combines domestic commercial banks’ actual conditions to propose relevant development proposals.