Insights from Chen LiuSenior Vice President of Bairong Inc. on banks’ transition from a MAU-centric approach to digitization to an AUM one
BEIJING, August 15, 2022 /PRNewswire/ — Bairong Inc. (“Bairong” or the “Company”, 6608.HK), a leading independent AI-based technology platform in Chinaurged the banks to China to accelerate the digitization of its wealth management business to meet growing demand from emerging middle-class families.
It is expected that the total assets of personal capital management in China according to a study published by McKinsey, from 2021 to 2025 will grow by 10% annually.
“With the rapid development of artificial intelligence, 5G, blockchain and virtual technologies, the financial industry must use advanced technologies for digital transformation, and it is imperative for banks to digitize their wealth management business as the market undergoes significant changes,” said Chen Liusenior vice president of Bairong at a recent industry event in Qingdao, Shandong Province.
Digital potential has become a key factor in the development of the capital management business for financial institutions. According to a report by Boston Consulting, the digitalization of services will contribute to an increase in the total assets of capital management by 25-50% and help financial institutions to increase their revenues by 15-30% and profits by 25-50%. Group.
As banks in China have been trying to transform their business through digital technologies, monthly active users (MAU) have become the main target in the last few years and almost everything inside the banks has been mobilized to achieve the MAU target, including sales and marketing, operations, procedure, risk management and organizational structure .
“During the next decade, the main object for banks in China“, he said Chen Liu. “This shift in purpose will have significant implications for banks in their strategic planning, sales and marketing models, operations management and even corporate culture.”
Faced with the new trend, financial institutions will need to use digital technologies to expand services, reduce reliance on star managers, expand customer reach and improve collaboration efficiency, which will help them achieve MAU and AUM targets, he added. Chen Liu.
With a leading technology platform to empower financial institutions, Bairong is committed to supporting digital transformation China financial industry. With smart analytics services and solutions that cover the entire business process, Bairong’s customer base includes most state-owned banks, regional banks, consumer finance companies and major insurance companies. According to the results of the first quarter of 2022, the Company served 5,900 FSP customers in Chinaincluding 3,501 paid FSP customers.
About Bairong Inc.
Founded in March 2014Bairong is a leading independent AI-based technology platform China serves more than 5,900 clients of financial service providers. Bairong was the largest independent provider of big financial data analytics solutions China. Adhering to the mission of empowering every financial services provider in China with the help of intelligent and comprehensive data analytics, Bairong has created a cloud technology platform that supports the full business cycle of FSP customers, including data analytics, decision support and intelligent solutions for consumers, enabling them to improve their ability to manage risks, promote user activity and agility. Bairong also provides marketing and big data distribution services that enable FSP customers to reach and serve their target customers more effectively.
For more information, visit Bairong.
SOURCE Bairong Inc.