2011 China Financial Technology Investment Is Set to Be Driven by Mobile Banking, Online Payments and Business Intelligence - Says Kapronasia
SHANGHAI, Jan. 26, 2011 /PRNewswire/ -- An increasingly sophisticated customer-base is pushing Chinese financial institutions to change the way they interact with their customers. In 2011, Chinese financial industry executives will be focused on developing more robust channels and customer insight to better interact with clients and understand their specific financial needs believes Kapronasia. These insights and more are detailed in the report entitled "China Financial Technology 2011 – Top 10 Trends shaping the Industry" which details Kapronasia's predictions on the 10 key technology areas that Chinese financial institutions will be focused on in 2011.
"The Chinese financial services industry is becoming increasingly competitive," says Elsa Yan, a Senior Consultant at Kapronasia. "Institutions are looking to develop channels and analytics to better serve customers who have an increasingly wide choice of providers. Mobile Banking, Online banking, and more robust Business Intelligence are just three of the ways banks will be accomplishing this."
This push to innovate is largely being driven by increasing competition, not necessarily from foreign banks, who are largely, due to regulations, limited in the products and services they can offer the market. The real competition is coming from the small and medium banks in China who are looking to capture market share from the larger incumbent banks as well as their increasingly competitive peers.
"With China recently reporting GDP growth of over 10% in 2010, the country remains a key part of the global economic story and will only increase in importance in 2011," said Zennon Kapron, MD of Kapronasia. "China's financial industry is changing rapidly and so are the demands on the technology that supports it. Channels and analytics are two of the key ways Kapronasia sees the industry changing in 2011."
Besides providing Chinese financial institutions with a look at what their competitors will be focusing on in 2011 to innovate and drive their business, the report also offers key insights for technology vendors on how best to position their offerings to complement the priorities of their customers.
The report is available through the Kapronasia website and will be distributed on January 31st, 2011.
Press contacts: |
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Jane Li - Email: jane(dot)li(at)kapronasia(dot)com |
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+86 21 6171 1605 |
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Kapronasia Marketing |
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SOURCE Kapronasia
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