The FINANCIAL — China Financial Industry Transformation and Innovation Summit and Award Ceremony 2015 organized by IDC took place here today. With the theme of “Financial IT Construction and Innovation in the Context of ‘New Normal’”, the summit included in-depth discussions on the transformation of the banking industry and its implications on China’s banking industry. Topics covered in the forum included Transformation and Innovation of China’s Banking Industry in Bank 3.0 Age, Cloud-based Internet Banking, How to Build IT Infrastructure in the Age of Internet Finance, and Opportunities of Internet+ for Banks.
Michael Araneta, Research Director, IDC Financial Insights Asia/Pacific, expounded on how to leverage digital capabilities to open up all-new business models and provide all-new financial service experiences. At the forum, IDC released the annual “China Banking Industry IT Solution 2015–2019 Forecast and Analysis” and “China Insurance Industry IT Solution 2015–2019 Forecast and Analysis”, which analyze the China financial industry IT solution market. The forum was ended with an award ceremony with the China Financial Industry Best Innovation Award 2015 presented to 18 financial institutions including Bank of China and Ping An Bank, according to IDC.
“The shift of China’s financial industry to the ‘new normal’ will be accompanied by profound changes in the way financial enterprises operate and grow,” said Frank Fang, Senior Research Manager, IDC China Vertical Industry Research & Consulting Group. “The third platform represented by big data, cloud computing, mobile and social is profoundly changing the content, scope and methods of traditional financial services. As reflected by the award-winning innovation projects in this time, the third platform has become a new engine of product and service innovations in China’s financial industry.”