We need banking, but we don't need banks anymore.

Bill gates

As China enters a new stage of development, digital technologies such as 5G, cloud computing, big data, Internet of Things, industrial Internet and blockchain are developing rapidly, which is rapidly promoting the transformation of digital economy. In addition, the COVID-19 epidemic objectively played an "accelerator" role in the digitalization of banks.

No matter this year's government work report or the outline of the 14th Five-Year Plan, it is proposed to "speed up the development of digitalization and build a digital China", which indicates that the digital transformation and the construction of digital China will be accelerated in an all-round way, and the era of digital economy has come.

Financial reform is gradually expanding in depth, and commercial banks are also accelerating digital transformation. However, there are also many challenges in this process. After finishing, there are four main aspects, namely:

① Financial disintermediation. For a long time, the competitive advantage of spreads formed by China commercial banks relying on institutional dividends is being weakened;

② The cross-border influx of financial technology companies, Internet and other technology giants has brought great impact to traditional banking institutions, and business scenarios and customer behaviors are quietly changing;

③ A new round of technological innovation represented by big data, cloud computing, artificial intelligence and blockchain is profoundly changing the underlying architecture of banks, and the operating system and business model of traditional banks are challenged;

④ New internal and external environmental changes, such as capital constraint under strong supervision and carbon neutrality at the peak of carbon dioxide emission, have brought new challenges to the development of banking institutions.

Based on the above four challenges, Murphy Studio of CITIC Publishing has specially launched the theme list of bank transformation, four themes and 15 monograph to help banking institutions grasp the trend and actively explore the road of practical transformation.

PART 1 facing the challenge

Help banks face the crisis and challenges brought about by the development of science and technology and formats.

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Disappearing bank

By Sean Richmond

Translated by Wang Haoyu and Yang li Ping

Zhongxin publishing group

In the face of financial technology storms such as blockchain and artificial intelligence, is the traditional retail banking industry adapted or replaced? This is a crisis choice that bankers have to face in recent years.

The book "The Disappearing Bank" accurately and concisely recorded the destructive impact of the digital revolution on the banking industry, and other banking and innovation professionals also commented on their own experiences.

This book outlines the main trends facing the global banking industry: digitalization and data changes, emerging competitors in the banking industry, changing regulatory framework and quietly changing customer behavior. Established banks have encountered many challenges, even being replaced, reduced and disintegrated.

02

Bank transformation 2025

He Dayong Chen Benqiang Zhu

Zhongxin publishing group

Looking at the world, how can the banking industry achieve rebalancing under the new normal? Focusing on China, how to realize banking transformation under the background of supply-side reform? Boston Consulting Group (BCG) has summarized and refined the trends, opportunities and paths of banking transformation in China in the coming 10 year, which will help the banking industry to break through the transformation and turn "crisis" into "opportunity" in the cold winter.

Boston Consulting Group, the world's top consulting firm, interviewed more than 100 experts from supervision, banking, pan-financial industry, internet industry, universities, research institutions, media and 85 offices in 48 countries around the world, and put forward the key words of China's banking industry in the next 10 year to help the banking industry open the door to success with rich experience and concise wisdom.

03

Future bank

Jonathan mammillan

Zhongxin publishing group

Part 2 Exploration of Transformation

Help banks and financial technology enterprises understand the specific paths and ways of transformation in different fields.

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Babel in the blockchain

[Austria] Igor Pagek

Translation: Wang Yong and Chen

Zhongxin publishing group

Blockchain is the underlying technology that supports Bitcoin and other cryptocurrencies. This technology can change the rules of the game, which may save huge costs for enterprises every year and simplify the global currency trading process.

The book Babel of Blockchain focuses on blockchain technology and its innovation diffusion, application scenarios, competition trends and management strategies. It gives an authoritative explanation of blockchain technology, explains people's misunderstanding of it, and also explains the practical application of blockchain and how it affects traditional institutions and their future scenarios. Pagek skillfully explained the logic and protocol behind the blockchain, broke the barrier between the enthusiasm of pioneers and the anxiety of traditional practitioners, and provided a calm and feasible operation guide for the application of this subversive technology today.

02

The road to the future bank

Liu xingsai

Zhongxin publishing group

The future banks are smart and big data banks, online and offline integrated banks, ecological cooperation and ecological competition banks, public service banks embedded in production and living platforms, banks that cultivate the spirit of scientific and technological innovation with internal entrepreneurial organizations, and banks that solve the governance difficulties of head offices and branches with intelligent operating systems. The future has been mapped in the picture of industry competition, but where is the realistic way for banks in the future? The Road to the Future Bank analyzes the future prospect of China's banking development and the future banking form under the background that the traditional banking development logic dividend has been completely released and the internet giant's cross-border finance has brought new development logic.

03

The Transformation of Commercial Banks in the Digital Age

Zhang Chunzi, Zhang Xiaodong

Zhongxin publishing group

The new technological revolution is subverting the economic world. After the global epidemic and the world economic shock, the economic environment, financial environment and market competition environment for the development of commercial banks will undergo major changes, and opportunities and challenges will coexist.

In their book The Transformation of Commercial Banks in the Digital Age, Zhang Chunzi and Zhang Xiaodong put forward the strategic framework for the transformation and development of banks in the digital age, the road map for digital transformation, and the strategies for digital transformation, international operation, group management and systematic financial risk prevention.

It has important enlightenment and practical reference value for commercial banks to formulate and implement new development strategies and win this tough battle of "digital transformation".

04

The transformation of bank outlets in the digital age

Authors: Gao Jun, Hu Qingneng

Zhongxin publishing group

China has more than 200,000 bank outlets. In the digital age of mobile Internet, are these outlets still necessary in the future? What will the future outlets be like?

How should future outlets be managed?

Gao Jun and Hu Qingneng, in their book The Transformation of Bank Branches in the Digital Age, based on a lot of practical experience of advanced banks at home and abroad, combined with the changes in customer demand in the digital age, put forward the coping strategies for future bank branches.

The author points out that the transformation of bank outlets in the digital age should start from three aspects: hard transformation, soft transformation and digital transformation, and use various emerging financial technology means and refined management means to enhance the comprehensive competitiveness of bank outlets.

Bank managers at all levels, bank managers, various investment institutions that study banks, institutions and suppliers that provide various products and services for banks, and scholars from universities and scientific research institutions can all get inspiration from this book. Finance+technology+management experts cross-border creation, providing insights, frameworks, feasible methods and action guides for the transformation of bank outlets.

05

The foundation of a rich country

king

Zhongxin publishing group

In the 2008 financial crisis, Wells Fargo, which overtook the curve and went against the trend, has become a highly respected benchmark in China banking industry in recent years. China banking has also made great achievements in Wells Fargo's community banking model, microfinance experience and cross-selling strategy.

In the book "The Foundation of a Rich Country", Wang Li expounded the trend and path of China's banking industry in urgent need of transformation under the new financial environment. Through a comprehensive interpretation of the global banking benchmark-the way of growth, management, merger and acquisition, transformation, culture and communication, this paper provides reference for the banking industry in China and puts forward some thoughts and directions for the development trend of the banking industry in the new era.

The third part is the trend prospect

Help banks see clearly the future development direction of banks and make clear the layout points.

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Open bank

Liu Yong Lida.

Zhongxin publishing group

With China's economic development entering a new normal, the competitive advantage of spreads formed by commercial banks' long-term dependence on institutional dividends has gradually weakened, and the rise of open banks has provided new opportunities for the transformation of commercial banks.

In their book Open Bank, Liu Yong and Li Da analyzed the mainstream mode of open bank, and made a detailed analysis and elaboration on the influence of the underlying technology of financial technology on open bank. The book appropriately integrates the new typical cases of open banks at home and abroad, analyzes the influence of open banks on financial formats and their future development prospects one by one in combination with current laws, regulations and regulatory policies, and provides rich theoretical knowledge and practical cases for banking and financial technology-related practitioners.

02

Platform bank

Liu xingsai

Zhongxin publishing group

What is the realization form of the future bank? In the book Platform Banking, Liu Xingsai believes that under the impetus of a new round of technological innovation represented by big data, cloud computing, artificial intelligence, Internet of Things and blockchain, especially with the development of industrial Internet and smart agriculture, human society will be deeply connected with the Internet platform.

The economy represented by China is moving from the era of platform enterprises and platform economy to the stage of platform society. Under this background, the organizational structure, organizational form and social operation mechanism of human society will undergo profound changes. Humans will enter a social form based on data operation and linked by nodes of the scene ecological platform.

Platform bank is a bank form in the era of platform society. It embeds banking services into Internet-based and platform-based scenario services, and realizes the development of platform banks through platform services, platform governance and competition among platforms. The development prospect of platform society and platform bank will trigger a new revolution in the current world banking industry. Banks will build their own platform service system in the process of promoting economic and social digitalization, and promote the in-depth reform of the banking operation system and the technological corporatization of their own behavior in the process of continuously strengthening the application of financial technology.

03

Future Smart Banks: Financial Technology and New Ecology of Banks

Zhang Xiaopu and Yao Yong

Zhongxin publishing group

Will banks disappear?

In the book "Future Smart Bank: Financial Technology and New Ecology of Banks", Zhang Xiaopu and Yao Yong comprehensively combed the information technology background, theoretical background and development process of Internet banking, defined Internet banking and expounded its characteristics. Based on a large number of empirical research results, this paper makes a deep and dynamic analysis of online banking from remote account opening to business model, risk management to industry supervision, realistic challenges to future sublimation.

Part IV Business Opportunities

Help banks find new business opportunities and advantages in the digital age.

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Behavioral Finance of Private Banks

Sorsen hen Clemena buckman

Translated by Zhang Chunzi

Zhongxin publishing group

Behavioral finance of private banks provides a working framework and practical tools for private banks to apply behavioral finance, that is, when private banks provide financial services to high-net-worth customers, how to evaluate their risk status according to different goals, attitudes and behaviors of different customers, and make optimal asset allocation and investment decisions accordingly.

02

Bill revolution

Author: Zhang Lizhou

Zhongxin publishing group

Judging from the historical development of China bill market, it is undoubtedly a "market revolution" with subversive characteristics. Based on the realistic goal and future direction of the development of the bill industry, the book Bill Revolution aims to provide rational insight and systematic suggestions for the construction and development of China's bill market, with a view to promoting and accelerating the transformation, innovation and development of the bill market.

03

Emerging asset custody business

Authors: Yang Hong and Fang Minghui.

Zhongxin publishing group

At present, asset custody business has become a new business of commercial banks. In the book Rising Asset Custody Business, Yang Hong and Fang Minghui summarized and put forward the business development model of "commercial bank+investment bank+custody" based on the experience of corporate business, retail business and asset custody business of commercial banks for more than 30 years. This book systematically expounds the operation points of each link of asset custody business from three parts: theory, practice and case, and can be used as a working manual of asset custody business.

04

New personal financial management model

He Dayong, Zhang Yue and Liu Yue.

Zhongxin publishing group

In The New Pattern of Personal Finance, He Dayong, Zhang Yue and Liu Yue not only revealed the unique social value of personal financial services, but also combined with the challenges of new technologies in the network era, and deeply discussed the endogenous power and main "grasping hands" of this financial "blue ocean" from the perspective of overall strategy, and analyzed the related business innovations and business models of different sub-sectors, which was of great practical value.

It also points out that personal finance in internet plus era has different competition pattern, competition mode and winning factors from traditional finance, and summarizes the new impetus, new pattern and new strategy of personal financial service innovation in the future. Describe the future reform and transformation path of personal financial services such as retail banking, insurance, brokerage and equity crowdfunding.

(This article is the author's personal opinion and does not represent the position of the Institute. )

Lian 'an Research Institute is the first independent private think tank with the theme of "economic security" in China. Committed to the research in the fields of development and safety, public safety and safety science and technology, creating a new perspective of safety and development research, improving the quality and efficiency of safety through the innovation of safety science and technology, and realizing the research purpose of "opening up a broad vision of safety through systematic research".