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Traditional Banking Evolution in China Amidst the Fintech Revolution
- 1 Faculty of Humanities and Social Sciences, University of Newcastle upon Tyne, NE1 7RU, UK
* Author to whom correspondence should be addressed.
Abstract
This paper aims to investigate how the evolution of fintech could impact the traditional banking industry in China by reviewing the existing research. It provides a brief introduction to Chinese banks, outlining their structures, and functions against the background of the development in the Chinese financial market. The paper also discusses how fintech could potentially interact with Chinese banks and the possible changes in bank financing systems, clearing systems, and credit rating systems in light of the fintech revolution. The final section of the report provides a summary of the accomplishments of fintech in the banking industry. It also explains the reasons behind the fintech revolution in the banking sector and suggests practical solutions for traditional Chinese banks to integrate fintech into their regular operations. This integration can help improve the efficiency of financing, clearing, and credit rating systems by utilizing fintech techniques already in use such as P2P lending, blockchain, and artificial intelligence (AI).
Keywords
banking, fintech, P2P lending, blockchain, artificial intelligence (AI)
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Cite this article
Li,S. (2024). Traditional Banking Evolution in China Amidst the Fintech Revolution. Advances in Economics, Management and Political Sciences,75,228-233.
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