New rules can put banks on digital path

Signs of that include, but are not limited to, banks that put "tech people" on their boards because it implies that it sees technology and digital strategies as important, strategic capabilities; banks that demonstrate they see the importance of being an integral part of customers' everyday lives; banks that embrace new solutions, developing in-house incubators and accelerators; banks that renew or replace core systems, instead of constantly reinvesting in legacy systems; banks that spend on acquisitions and partnerships to gain access to new digital technologies; and banks that bring business and technology together and create a joint culture around innovation of the customer experience, and reward people for that.

Banks in China have a choice when it comes to these new digital disruptors of Internet finance at their door. In fact, leading banks can demonstrate their leadership not only in their compliance capabilities, but also in technology innovation, when the market and the regulator request them to collaborate with the digital players, such as platforms for peer-to-peer online loans for small enterprises. They can stand back and watch their market share be eroded, or they can tune in and recognize the threat and decide that digital has to be a priority. Now.

Albert Chan is managing director and head of Accenture's greater China financial services business. David Levi is managing director of Accenture Strategy. The views do not necessarily reflect those of China Daily.