Banks use fintech to drive change, key report finds

The rapid development of financial technology has seen listed Chinese banks continue a major drive to transform their branches and reform their operations, according to the findings of a report issued on Monday by Ernst & Young.

It analyzed the annual reports last year of 37 A-share and H-share listed lenders - five large commercial banks, nine joint-stock commercial banks, 22 city commercial banks and rural commercial banks as well as the Postal Savings Bank of China.

It found that Chinese-listed banks are paying ever-increasing attention to the application of finance technology, or fintech.