The three main areas to be disrupted by FinTech in China over the next five years are consumer banking, investment & wealth management, and fund transfers & payments. E-retailers, financial institutions and large technology companies will be the biggest sources of disruption.
FinTech offers opportunities to financial services in three areas:
Fintech brings challenges to the industry in three areas:
In response to these challenges, financial institutions and FinTech companies are coming together for the common good. Financial institutions are responding in three ways:
The survey highlights three innovative technologies that will impact the industry profoundly. Understanding their features and building capacity around them will enable financial institutions to stand out from the competition:
FinTech business model needs to follow the basis of financial services in order to be closely related to the development of the real economy. As the economy evolves to a digital, smart and personalised business model and lifestyle, financial services needs to transform to a 3.0 model. This means they need to evolve from a product and channel-oriented model to a customer-centred one, with technologies as an important pillar.
China Financial Services Leader, PwC China
Tel: + (21) 2323 3355
China Centre of Excellence Partner , PwC China
Tel:  (21) 2323 2655
China Banking & Capital Markets Leader, PwC China
Tel: + (10) 6533 2368
Partner, PwC China
Tel: + (21) 2323 5682
North China Financial Services Leader, PwC China
Tel: + (10) 6533 2236