Research On The Application Of Fintech In Commercial Banks

With the continuous development of Fintech,Technologies such as Big Data,Artificial Intelligence,and Blockchain have become increasingly mature,and have become the weapon for the transformation and improvement of the traditional industries.At present,Fintech has been widely recognized by all walks of life,and the national level has also given enough attention and support.Commercial banks,as the core sector of China's financial industry,have accumulated decades of development experience.Therefore,the innovative application of Fintech in commercial banks has gradually become the focus of attention in the financial industry.At the level of understanding,Fintech is no longer seen as a hindrance to the development of commercial banks.On the contrary,the application of Fintech in commercial banks will further promote financial innovation.Various commercial banks have also laid out the construction of Fintech according to their own advantages,in order to achieve innovation and transformation.In recent years,the Bank of China has actively embraced Fintech and established the goal of “technology-led,innovation-driven”.The R&D funds invested in the program are not less than 1% of the operating income of the year,and vigorously carry out technological breakthroughs and promote digital transformation.Now it has carried out relevant pilot applications in the fields of network robots,intelligent customer service,face recognition,risk prevention and control,etc.Although some achievements have been made,the problems facing development have also come along.Based on the above background,this paper takes the Bank of China as an example to study the application of Fintech in commercial banks.Firstly,it introduces the relevant theoretical basis,introduces the concept,characteristics,mode,development process of Fintech,and related financial theories,and introduces the benign interaction mechanism of finance and technology,and analyzes the operational mechanism of financial innovation under the background of financial technology.Secondly,it expounds the impact of Fintech on commercial banks,analyzes the urgency and importance of commercial banking application of Fintech,and briefly introduces the overall situation of commercial banking application of Fintech.Then,taking Bank of China as an example,introduces the application status of its Fintech from six aspects: institutional innovation,organizational innovation,product innovation,channel innovation,technology innovation and risk control innovation.According to the research in this paper,Fintech has a great impact on the development of China's commercial banks.At present,there are still some problems in the innovative application of Fintech in major commercial banks in China.Therefore,based on the experience of advanced application of foreign Fintech,From the perspective of the bank itself and the external environment,it provides corresponding countermeasures for the innovative application of Fintech in China's commercial banks,and the layout of Mobile Internet,Big Data,Artificial Intelligence and Blockchain technology in commercial banks was prospected.