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Banks must build internet

作者:admin 2020-10-22

Banks must build internet

China's central bank on Monday cut benchmark lending rates by the steepest margin since August 2019 when the market-oriented loan prime rate regime was adopted. The nation is striving to repair the damage of the coronavirus outbreak,which caused GDP to contract in the first quarter. Photo:cnsphoto

The banking industry needs to build internet-based user operations and enterprise-level sharing capabilities when facing challenges ahead, consulting firm McKinsey & Company said in a report on Wednesday.

Many traditional companies were trying to build digital ecosystems before the epidemic, and the virus has accelerated the pace, making the banking industry face challenges from internet companies. These include a slow response to business needs, insufficient cross-department collaboration, and insufficient customer operation capabilities.

Banks should strengthen their confidence and realize that the key point is shifting from product-centric and bank-centric to customer-centric, in a bid to realize practical results, John Qu, senior partner at McKinsey, said in the report.  

China's biggest banks have suffered their worst profit declines in more than a decade as loans to businesses across China go bad, Bloomberg reported earlier, citing Citigroup analysts led by Judy Zhang.

Zhang wrote that China's banks have had to further cut loan yields to subsidize the real economy, and they also need to accelerate counter-cyclical provisioning and adopt more conservative non-performing loan assumptions in setting provisions.

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