At a time when the majority of the banking industry is trying to adjust business models to reflect a more digital ecosystem, several financial and non-financial organizations in China have already brought together big data, advanced analytics, modern digital technology, and an innovation culture to deliver exceptional consumer experiences. The question is, can financial institutions elsewhere in the world catch up?

iStock-964216226.jpg

As part of a recent week-long trip to Shenzhen, China, I visited some of the most technologically advanced organizations in the world. Starting with a rare two-day private tour of Huawei Technologies, I was then provided exclusive access to executives from Ping An Financial Services, WeLab, Alibaba and WeBank (founded by Tencent). These meetings provided an unfiltered perspective on the future of technology and how financial services can be delivered.

Beyond allowing me to experience how a city of the future operates, each stop greatly expanded my horizon of what has been achieved by businesses in this region. It also enlightened me on the potential of what can be achieved if financial and non-financial organizations followed the lead of China in the areas of data analytics and privacy, building an innovation culture, committing to ongoing research and development, focusing on financial inclusion, and taking advantage of the potential of collaboration.

Upon arrival in Shenzhen, it was immediately apparent I had arrived in a “city of the future.” From the eerily quiet impact of near 100% electric vehicle penetration to the masses of bicycles — and cameras — on every corner, the contrast to a typical city in the West was striking. Unlike the feel of a “normal” city, virtually nobody is on the streets except before work, during lunch, or after work during a normal workday. That workday still lasts 12 hours, six days a week at most companies. Shenzhen sometimes feels like a vacated metropolis.

Above street level, the architecture exemplifies the rapid development of this 40-year old city, with multiple city centers, ultramodern designs, and ever-increasing heights. Once a small agricultural border town, Shenzhen is now home to more than 20 million, with an area that has expanded sixfold, a population that has increased by 40 times, and a GDP that has grown by nearly 9,000 times since 1978.


Sourced from The Financial Brand - written by Jim Marous

Comment