| Banking is the main body of modern financial system and an important hub of national economy operation.China's banking industry has gone through several reforms and its competitiveness has been continuously improved since the reform and opening up,but it still faces many problems and challenges.As China's economic growth rate declines and the real economy enters a painful period of transformation,it is increasingly difficult for China's banking sector to acquire high-quality assets.The pace of financial reform represented by interest rate marketization is accelerating,and the supervision standards of the banking industry are gradually drawing closer to the international standards.The profit margin of China's banking industry is decreasing,while the operational risks are rising.Therefore,it is urgent to explore the ways to reform.The rise of Fin Tech provides a feasible path for the transformation and upgrading of China's banking industry.Through the organic integration with FinTech,the banking industry can reduce its own transaction costs,improve the efficiency of resource allocation,and break through the traditional business limitations to obtain new profit growth points.However,while bringing reform impetus,FinTech is also constantly influencing China's banking industry,forming a certain degree of negative impact.The emerging financial formats based on FinTech continue to encroach on the traditional business of the banking industry,divert customers and funds from the banking industry,raise the operating cost of the banking industry,and increase the operating pressure of the banking industry,especially the small and medium-sized Banks.Therefore,under the background of the two-way influence brought by FinTech,is the development of FinTech more positive or more negative to the competitiveness of China's banking industry? Can it become the lubricant and booster in the transformation and upgrading of China's banking industry?Based on the consideration of the above issues,this paper conducts theoretical and empirical research on the impact of FinTech on the competitiveness of China's banking industry.The main conclusions are as follows:(1)Through the horizontal and vertical comparative analysis of profit ability,risk control ability,flow ability and development ability among the TOP 5 of all kinds of commercial Banks in China,this paper found that,at present,the competitiveness of China's large state-owned commercial Banks and joint-stock commercial Banks relative to city commercial Banks and rural commercial Banks is stronger,but the city commercial Banks and rural commercial bank more development potential.(2)China is a major FinTech country,and its FinTech development is in a leading position in the world,but generally lags behind that of the United States.This paper believes that the lag in the development of underlying technologies is the main reason for this situation.By comparing strategic planning,academic research,industry development,and situation of talent pool of big data,artificial intelligence,block chain and cloud computing between two countries,this paper found that China's financial development of science and technology in terms of relative to the United States,there is a structural imbalance: in the aspect of industry development,the speed and efficiency of China's landing technology and industrial development is better than the United States,and benefited from China's huge population base,the financial industry development of science and technology is more promising than the United States.However,in terms of basic research,whether it is big data,artificial intelligence,cloud computing or block chain,there is a big gap between China and the United States,and there is a relative shortage of FinTech talents.(3)By analyzing the changing index various traditional businesses in China's banking industry in recent years,this paper finds that: in the last stage of FinTech development,the rise of internet finance has exerted varying degrees of influence on the liability business,asset business and intermediate business of China's banking industry.In the liability business,internet finance diverts the deposit funds of the banking industry,especially the household deposits are strongly affected,thus increasing the cost of obtaining funds for the banking industry,and bringing survival pressure to the banks,especially the small and medium-sized type.In the asset business,the internet credit which mainly aims at the long tail of traditional financial services,having impact on the banking industry owing to the different types of banks.The impact on the large state-owned commercial banks and joint-stock commercial banks are limited,while the city commercial banks and rural commercial bank has a larger effect.In the field of intermediary business,through the fast and efficient payment mode,the third-party payment has occupied a large number of the business space of payment and settlement in the banking industry.Meanwhile,wealth management business is also influenced by the internet financial management,Internet credit and other emerging financial models,the intermediary business of the banking industry has been greatly impacted.(4)At present,the development of FinTech in China is in a state of superposition of two periods.The impact of Internet finance on China's banking industry is still continuing,but the further integration of big data,artificial intelligence and other underlying technologies with the banking industry is playing an increasingly significant role in improving the competitiveness of China's banking industry.Some successful cases have shown that by the advantages of FinTech in the financial transformation and upgrading,the competitiveness of China's banking industry in terms of profitability,innovation and risk control has been continuously improved.(5)In this paper,the total factor productivity measured with Malmqusit index is used to approximate the change of comprehensive competitiveness of the banking industry.Since 2008,except several external macro factors impact,the total factor productivity in China's banking industry showed a trend of rising.Specificaliy,The total factor productivity of joint-stock commercial Banks rose the fastest,followed by large state-owned commercial banks,urban commercial banks and rural commercial Banks.FinTech has a significant positive effect on total factor productivity of China's banking industry by optimizing risk control level and strengthening innovation capacity.The development of FinTech has different effects on improving the comprehensive competitiveness of different types of Banks.The promotion effect on urban commercial Banks is the highest,followed by that on national commercial Banks,while the promotion effect on rural commercial Banks is not significant.Combined with the research conclusions of this paper,the following countermeasures are proposed in order to accelerate the organic integration of China's banking industry and financial technology and enhance the comprehensive competitiveness of the banking industry:(1)at the level of national policy,the government should strengthen the digital economy infrastructure construction,clear the banking financial technology barrier,give full play to the important role of FinTech in driving the transformation and upgrading of the banking sector,and expand the cultivation and supply of high-quality financial technology talents;(2)at the level of industry supervision,it is necessary to accelerate the improvement of FinTech legislation,establish an regulatory framework for the industry,deepen the effective integration of financial supervision and advanced technology,strengthen the contacts with foreign regulators and exchange the advanced FinTech regulatory concepts;(3)at the level of bank development,it is necessary to strengthen the concept of FinTech development,actively cooperate with FinTech enterprises in various aspects,invest in or acquire FinTech enterprises,deepen the awareness of new FinTech risks,strengthen the application of compliance technology,and improve the accuracy of risk control.At the same time,banks should give full play to the role of fintech in improving the quality of financial services,deeply explore their own comparative advantages,and determine the development strategy of fintech based on practical conditions. |
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