China authoritative media released the < Market Review of China Financial Equipment 2020 >. In this report, GRGBanking ranks No.1 in the intelligent branch equipment market for 13 consecutive years. The company also has absolute advantages in innovation capability. Below are some excerpts from the report.
The most prevalent trend in the financial industry is the shift to digital, specifically mobile, and online banking (more on each of those in a bit). Traditional profits are under threat causing the banks to rethink the business and operating models. This digital transformation has led to increased competition from tech startups, as well as consolidation of banks and financial institutions.
Increasing demand for smart branch devices
Digital revolution has led to branch transformation. With innovative technologies, smart branch devices have satisfied with the diversification of customer demand, empowered the re-structure of branch infrastructure, and driven cost efficiency for banks.
According toissued by the People's Bank of China, the total number of ATM in China was 1,029,100 units at the end of the third quarter 2020, and 23,100 units decreased compared to the last quarter of year 2020. More smart devices have been migrated for branch devices replacement, and the quantity of smart devices exceeds the total number of traditional ATMs in year 2020.
Fintech-driven Bank Branch
At present, with the fast development of innovation and technologies such as biometrics, big data, blockchain, and artificial intelligence, the transformation of banks is towards high efficiency, customization, and intelligence. Banks are committed to driving the transformation of bank branch services, reshaping the experience, optimizing intelligent operations, reducing management costs, and increasing efficiency for “Scenario Intelligence”.
Live Branch of Bank of China (BOC)
Besides, banks integrate their digital banking services directly into the products of other non-bank businesses to expand the customer base. Banking as a Service comes in. Banking-as-a-Service (BaaS) helps firms streamline their distribution networks and significantly reduce operational costs. e.g. BOC leverages as BaaS platform with GRGBanking to employ intelligent retail terminals with a multi-partner distribution model in 16 cities, that generates high-volume customer acquisition. Also, the bank's system communicates via APIs and webhooks with that of the various industries, enabling the customers to access banking services directly through various industries’website or app to build scenario ecosystem.
As a leading innovative solutions provider, GRGBanking has been vigorously extending the innovative finance to more public scenarios. The company will promote industrial transformation with frontier technologies like big data, biometrics, artificial Intelligence, and 5G, creating better life as always.