Research on the Digital Transformation of Ping An Bank’s Retail Business under the Background of FinTech

DOI: https://doi.org/10.62517/jel.202514525

Author(s)

Ruiling Kong

Affiliation(s)

School of Economics, Guangzhou College of Commerce, Guangzhou, China

Abstract

Since the beginning of the 21st century, the digital economy has gradually become a core driving force for global and Chinese economic growth. Against the backdrop of deepening digital economy development, digital transformation has become an inevitable trend for commercial banks—an essential response to the continuously evolving economic environment of the Internet era and a necessary path aligned with FinTech advancement. As a major source of profit and revenue for commercial banks, the digital transformation of retail banking has emerged as a critical focus in the development strategies of major financial institutions. The development of FinTech has also provided strong technological support for the digitalization of retail banking. This paper takes the digital transformation of Ping An Bank’s retail business as a research subject and conducts an in-depth analysis of the innovations in retail banking digitalization, including technological innovation, business model innovation, and intelligent service innovation. It further examines the key challenges faced during transformation, such as shortages in technological talent, inadequate risk control for core retail products, and insufficient FinTech support capabilities. Based on these findings, the study proposes corresponding recommendations, such as cultivating interdisciplinary talent, enhancing asset quality of core products, and increasing investment in FinTech.

Keywords

FinTech; Ping An Bank; Digital Transformation; Retail Business; Igital Economy

References

[1] Wei Xu. Exploration and Reflection on the Digital Transformation of Retail Business in Commercial BanksModern Finance Guide, 2023(12): 65-67. [2] Liang Zhang. Research on the Digital Transformation of Retail Business in Commercial Banks. Financial literature circle, 2023(12):109-111. [3] Hongzhi Wang, MinFeng Lu. A Brief Analysis of the Digital Transformation of Retail Business in Commercial Banks. Chinese banking industry, 2023(9):68-69. [4] Hao Deng. Research on the Innovative Development of Bank Retail Business under the Background of Digital Transformation. Today's wealth, 2024 (34):35-36 [5] Fang Zheng. Research on the Innovation of Marketing Model for Retail Business of Commercial Banks Based on Credit Card Business. Shanghai Business,2024(05):58-59 [6] Xiaozhen You. Research on the Innovative Thinking of Retail Finance in Urban Commercial Banks under the Background of New Era Fintech. Modernization of shopping malls,2024(06):42-43 [7] Fang Zheng. Research on the Innovation of Marketing Model for Retail Business of Commercial Banks Based on Credit Card Business. Shanghai Business,2024(05):14-15 [8] Zhenpeng Guo. A Brief Analysis of the Path Selection for Digital Transformation of Small and Medium-sized Commercial Banks. Northern Finance, 2023(8):103-106 [9] LiBin Zeng. Research on the Connotation, Path and Development Trend of Digital Transformation of Commercial Banks. Regional Finance Research, 2023(9):22-29 [10] Zhenxi Wong. Promote the integrated development of corporate and retail businesses of commercial banks through digital transformation. The era of fintech, 2023, 31(7):13-19.