The current situation of China's financial development

-Chinese banking fintech market status and development trend analysis in 2023, the eight major banks steadily increased fintech investment group chart

Industry major listed companies: Hang Seng Electronics ( 600470.SH); Shenzhou Information (000555.SZ); Yuxin Technology (300674.SZ); Xinyada (600571.SH) and so on

The core data of this article: China's commercial banks' total assets scale; China's eight major banks' fintech investment scale; the current situation of fintech application in the banking industry

Commercial banks' total assets growth rate has recovered

According to the CBRC, total assets of commercial banks reached RMB 288.6 trillion at the end of 2021, up 8.6% year-on-year, with the growth rate dropping by 2.4 percentage points compared with the previous year. The growth rate of commercial bank assets slowed down after two consecutive years of rapid expansion in 2019 and 2020.2022. China's commercial bank assets totaled 319.81 trillion yuan, up 10.8 percent year-on-year, with the growth rate recovering.

The eight largest banks continue to increase investment in fintech

In recent years, commercial banks have gradually increased investment in fintech to promote the digital transformation of their business architecture. Digital transformation has become an important means for banks to break through the shortcomings of customer acquisition, y cultivate the value of stock, improve service efficiency and strengthen risk management and control. From an application perspective, commercial banks are focusing on digital transformation in risk control, smart investment, identity verification and smart payment. Since the financial industry, including commercial banks, is one of the most data-dependent industries, commercial banks can use IT to improve their operational performance by increasing the level of intelligence, efficiency and security.

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Current status of fintech application in the banking industry

From the current status of fintech application in the banking industry, the current scenarios with wider application include two major segments, namely consumer credit, SME lending, and supply chain financial services. Specific applications are as follows:

The development trend of fintech in the banking industry

With the rapid development of information technology and the continuous upgrading of the market's demand for finance, commercial banks are facing competition from Internet finance and their peers, especially in the retail business, with Ali, Tencent and Jingdong as the representative of the Internet financial enterprises in recent years The market share and deposit and loan spreads of commercial banks are being gradually eroded. In this context, if commercial banks want to realize strategic transformation, they must leverage on financial technology to promote the transformation and upgrading of traditional financial business in order to better serve the real economy and enhance market competitiveness.

For more research and analysis of this industry, please refer to China FinTech Industry Market Outlook and Investment Strategy Planning Analysis Report by Juniper Networks.