(Yicai Global) April 24 – While facing challenges from competitors who are increasingly tech-savvy, banks will need to continue enhancing their three core areas of competitiveness, namely, a mature credit system and strong reputation for credibility, high-quality financial data, along with expertise in asset transformation and risk management, said Jiang Jianqing, former chairman of Industrial and Commercial Bank Of China (ICBC) [SHG:601398].
Jiang, who is also adjunct professor of finance at Shanghai-based China Europe International Business School (CEIBS), told the CEIBS Hong Kong summit that the major trend in the overall financial industry towards digitization and doing transactions online and the ensuing transformation this phenomenon has brought in have changed the roles of the banks. They are no longer merely providers of financial services. "Successful banks of the future will be those which are data-savvy and know how to pro-actively leverage the internet and new technologies to provide more innovative services and products."
Prof. Jiang's comments carry weight as he knows China's banking industry quite well as he served 16 years as the chairman of China's biggest bank, ICBC. He is also the director of the highly-regarded think tank CEIBS Lujiazui Institute of International Finance, and the chairman of the influential Sino-CEE Fund (CEEF). The Fund is a vital plank in the Chinese government's effort to deepen ties with Central and Eastern Europe as China puts measures in place for the smooth operation of its ambitious Belt and Road Initiative.
China Europe International Business School (CEIBS, www.ceibs.edu) is among the top international business schools in Asia. It is the only business school in Asia to have simultaneously made it to the Financial Times' top 30 MBA, EMBA and Executive Education Programmes. CEIBS' world-class faculty – from both China and abroad – are experts in their fields. CEIBS has provided management education to over 130,000 executives both at home and abroad. CEIBS has campuses in Shanghai, Beijing, Zurich, Switzerland, and Accra, Ghana, and a teaching center in Shenzhen.