| Recent years,financial technology such as big data artificial intelligence,and blockchain has subverted and restructured all links of traditional financial institutions,bringing new challenges and development opportunities to commercial banks,and impelling them to implement digital transformation.However,commercial banks meet challenges of digital transformation.Fintech plays an important role in alleviating problems of digital transformation.In order to solve development dilemma,China issued the Fintech Development Plan(2022-2025)in 2021,providing guidance on how to use Fintech to achieve the quality and efficiency improvement of digital transformation.Therefore,the study is of great importance to promote the transformation and modernisation of commercial banks.In terms of quantitative analysis,this paper takes 36 commercial banks from 2011 to 2020 as samples to empirically analyzes how financial technology affects the digital transformation of commercial banks and its mechanism.The results show that financial technology can promote commercial banks’ digital transformation,and the results are still stable after replacing the explanatory variable,replacing the explained variable,and the instrumental variable method.The result of mechanism analysis shows that Fintech further promotes the digital transformation and development of commercial banks by improving innovation and research capabilities,improving organizational management efficiency,and intensifying banking competition.In terms of qualitative analysis,this paper takes China Merchants Bank as the case to analyze the impact of financial technology on China Merchants Bank’s digital transformation.The result of the study shows that with the continuous development of financial technology,China Merchants Bank’s digital transformation level continues to improve.Fintech can not only promote commercial banks’ digital transformation through innovative research and development to strengthen the underlying technology base,build a flat organization to improve management efficiency,intensify competition to enhance competitive awareness,simplify business processes and improve business capabilities.According to the characteristics of the case bank itself,this paper also found that improving the customer acquisition ability of retail finance is also an important mechanism for Fintech to play a role in the digital transformation of commercial banks.On this basis,this article proposes the following recommendations in terms of policies and commercial banks:at the national policy level,accelerate the financial technology legislation and network infiastructure construction,and improve the quality and efficiency of digital transformation.At the level of commercial banks,they actively apply financial technology to technological innovation,develop personalized products to strengthen core competitiveness,simplify management models to improve management efficiency,and actively promote business process digitization. |
