Research on the Digital Transformation Development Strate-gy of Commercial Banks under the Background of Financial Technology

Research Article
Open access

Research on the Digital Transformation Development Strate-gy of Commercial Banks under the Background of Financial Technology

Yining Zou 1*
  • 1 Tianjin University of Finance and Economics    
  • *corresponding author Zouyining2020112905@stu.tjufe.edu.cn
Published on 10 November 2023 | https://doi.org/10.54254/2754-1169/30/20231414
AEMPS Vol.30
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-081-3
ISBN (Online): 978-1-83558-082-0

Abstract

At present, implementing digital transformation has become the most common strategic choice of commercial banks, so it is important to study the digital transformation of com-mercial banks. The literature on Fintech and the digital revolution of conventional com-mercial banks is reviewed in this paper. This paper reviews the theoretical and empirical literature, focusing on three main issues: the influence of financial technology on commer-cial banks, the research on digital transformation of commercial banks, and the factors af-fecting the digital transformation effect of commercial banks. The vast majority of schol-ars believe that the use of financial technology can bring customers a more personalized service experience, reduce costs and increase profit levels, but it also means that the com-petitive environment for commercial banks will be more intense. According to the current development of science and technology, commercial banks must put digital transformation into practice in order to achieve sustainable development, and financial technology plays an indispensable role in the digital transformation of the banking industry. With the con-tinuous advancement of digital transformation practice, many factors affect the implemen-tation of digital transformation, including external factors such as government support, and internal factors such as the development of science and technology, digital transformation strategy formulation, and managers' awareness. This paper summarizes what people know about these issues and the questions for future research. People should look for more possi-ble factors that will affect the digital transformation of commercial banks, and study the security issues that may arise from the benefits that digitalization brings to commercial banks.

Keywords:

fintech, digital transformation, commercial bank, factors

Zou,Y. (2023). Research on the Digital Transformation Development Strate-gy of Commercial Banks under the Background of Financial Technology. Advances in Economics, Management and Political Sciences,30,21-26.
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References

[1]. Schueffel, P. M.: Taming the Beast: A scientific definition of fintech. SSRN Electronic Journal 4(4), 32-54(2016).

[2]. Philippon T.: The fintech opportunity. NBER Working Papers 22476 (2016).

[3]. ROSS, P., BUCKLEY, et al.: The evolution of fintech: a new post-crisis paradigm. Georgetown Journal of Inter-national Law 47(4),1271-1319 (2016).

[4]. Wu P. S.: Fintech trends relationships research: a bibliometric citation meta-analysis. ICEB 2017 Proceedings (Dubai, UAE) 16, (2017).

[5]. Young, R. D.: The financial progress of pure-play internet banks. BIS Papers chapters 07(March), 80-86 (2001).

[6]. Wonglimpiyarat, J.: Fintech banking industry: a systemic approach, Foresight 19(6), 590-603 (2017).

[7]. Cuesta C., Ruesta M., Tuesta D., et al.: The digital transformation of the banking industry. Oriental Art (2015).

[8]. Ferrari R.: Fintech impact on retail banking - from a universal banking model to banking verticalization. The Fintech Book (2016).

[9]. Chuen D. K., Teo E. G. S.: Emergence of fintech and the LASIC principles. Journal of Financial Perspectives, 3(3), 24-36 (2015).

[10]. Brews P. J., Tucci C. L.: Exploring the structural effects of internetworking. Strategic Management Journal 25(5), 429-451 (2004).

[11]. Gurbaxani V., Dunkle D.: Gearing up for successful digital transformation. MIS Quarterly Executive 18(3), 209-220 (2019).

[12]. Bughin J., Kretschmer T., Zeebroeck N. V.: Digital technology adoption drives strategic renewal for successful digital transformation. ULB Institutional Repository (2021).

[13]. Zhang X., Xu Y., Ma L.: Research on Successful Factors and Influencing Mechanism of the Digital Transfor-mation in SMEs. Sustainability, 14(4), 1-18 (2022).

[14]. Chen C. L., Lin Y. C., Chen W. H., et al.: Role of government to enhance digital transformation in small service business. Sustainability 13(3), 1028 (2021).

Cite this article

Zou,Y. (2023). Research on the Digital Transformation Development Strate-gy of Commercial Banks under the Background of Financial Technology. Advances in Economics, Management and Political Sciences,30,21-26.

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About volume

Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development

ISBN：978-1-83558-081-3(Print) / 978-1-83558-082-0(Online)
Editor：Canh Thien Dang
Conference website: https://www.icemgd.org/
Conference date: 6 August 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.30
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Schueffel, P. M.: Taming the Beast: A scientific definition of fintech. SSRN Electronic Journal 4(4), 32-54(2016).

[2]. Philippon T.: The fintech opportunity. NBER Working Papers 22476 (2016).

[3]. ROSS, P., BUCKLEY, et al.: The evolution of fintech: a new post-crisis paradigm. Georgetown Journal of Inter-national Law 47(4),1271-1319 (2016).

[4]. Wu P. S.: Fintech trends relationships research: a bibliometric citation meta-analysis. ICEB 2017 Proceedings (Dubai, UAE) 16, (2017).

[5]. Young, R. D.: The financial progress of pure-play internet banks. BIS Papers chapters 07(March), 80-86 (2001).

[6]. Wonglimpiyarat, J.: Fintech banking industry: a systemic approach, Foresight 19(6), 590-603 (2017).

[7]. Cuesta C., Ruesta M., Tuesta D., et al.: The digital transformation of the banking industry. Oriental Art (2015).

[8]. Ferrari R.: Fintech impact on retail banking - from a universal banking model to banking verticalization. The Fintech Book (2016).

[9]. Chuen D. K., Teo E. G. S.: Emergence of fintech and the LASIC principles. Journal of Financial Perspectives, 3(3), 24-36 (2015).

[10]. Brews P. J., Tucci C. L.: Exploring the structural effects of internetworking. Strategic Management Journal 25(5), 429-451 (2004).

[11]. Gurbaxani V., Dunkle D.: Gearing up for successful digital transformation. MIS Quarterly Executive 18(3), 209-220 (2019).

[12]. Bughin J., Kretschmer T., Zeebroeck N. V.: Digital technology adoption drives strategic renewal for successful digital transformation. ULB Institutional Repository (2021).

[13]. Zhang X., Xu Y., Ma L.: Research on Successful Factors and Influencing Mechanism of the Digital Transfor-mation in SMEs. Sustainability, 14(4), 1-18 (2022).

[14]. Chen C. L., Lin Y. C., Chen W. H., et al.: Role of government to enhance digital transformation in small service business. Sustainability 13(3), 1028 (2021).

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