Digital Transformation of Traditional Chinese Banks - Open Journal of Business and Management

OJBM > Vol.8 No.1, January 2020

Open Journal of Business and Management

Volume 8, Issue 1 (January 2020)

ISSN Print: 2329-3284 ISSN Online: 2329-3292

Google-based Impact Factor: 1.13 Citations

Digital Transformation of Traditional Chinese Banks ()

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Download as PDF (Size: 264KB) PP. 68-77

DOI: 10.4236/ojbm.2020.81005 1,179 Downloads 5,332 Views Citations

Author(s)

Ziyun Shu^1*, Shuk-Yu Tsang², Taoxuan Zhao³

Affiliation(s)

¹Sichuan International Studies University, Chongqing, China.
²Po Leung Kuk Celine Ho Yam Tong College, Hongkong, China.
³Tianjin Yaohua High School, Tianjin, China.

ABSTRACT

The paper examines the status quo of traditional Chinese banks under the attack of the new digital giants in China—Alibaba (Alipay) and Tencent (WeChat). Traditional banks urgently need their own analysis and corresponding changes in order to stand out in the tide of the times and not be oppressed by digital giants. Banks have also launched their own e-commerce platform, but there are many shortcomings. Based on the analysis of characteristics of digital platforms, the paper put forward corresponding suggestions to banks in the ecosystem to better cope with future opportunities and challenges. Using a case study approach showing the traditional services provided by CCB’s mobile banking (China Construction Bank, one of the famous traditional banks in China) and corresponding improvements, the paper concludes that traditional Chinese Banks can protect themselves in four ways—emphasizing more on digital platform services, designing credit card platform, cooperating with third party on the platform, and establishing E-commerce and bank APP for users.

KEYWORDS

Digital Giants, CCB (China Construction Bank), QR Code, Sensor, App, Digital Platform Services

Share and Cite:

Shu, Z. , Tsang, S. and Zhao, T. (2020) Digital Transformation of Traditional Chinese Banks. Open Journal of Business and Management, 8, 68-77. doi: 10.4236/ojbm.2020.81005.

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