Trends Report

Customer-Centric Innovation Is The Future Of China's Banking Industry

EA Professionals Should Lead The Innovation Practice For Business Transformation

July 21st, 2014
With contributors:
Michael Barnes , Alex Cullen , Di Jin

Summary

Enterprise architecture (EA) professionals at companies doing business in China should take a look at what the country's banking and financial services industry (BFSI) is doing to enable customer-centric innovation. The BFSI is one of the verticals with the longest history of business development in China; banks thus tend to have the most complex technology landscapes. Chinese banks also have a massive customer base and, as a result, face new customer needs on a scale that traditional architecture and legacy systems might not support. Finally, as near monopolies, Chinese banks have virtually guaranteed revenue streams that ensure they have sufficient budget not only to purchase best-of-breed products and solutions but also to pilot emerging technologies like cloud, big data, and enterprise mobility. But the age of the customer is changing all of that. This report analyzes the business challenges that Chinese banks face and describes a systematic approach to innovation that EA professionals should consider when planning their transformations.

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