The rapid pace of change in China is not let down by innovations in banking and payments. In fact, what KPMG found during a week of discussions with fintech disruptors was quite remarkable.
China is embracing fintech and digital payments with full force, as evidenced by the suite of innovative digital banks that took part in KPMG’s China Fintech Week 2018.
The conference revealed the remarkable scale and development of China’s fintech sector – for example one business said it had acquired 1.6 million customers in its first 4 months. Another fintech said it is now delivering 250,000 payment transactions per second on a typical day – 14,000 might be the norm for an incumbent financial services business.
In this report, we look at six areas in which Australian banking institutions can learn from China’s emerging fintechs – ranging from how they need to think radically about digital transformation to how they can put the customer at the heart of their value proposition.