Brett King, technology futurist and acclaimed author of Bank 3.0, predicts that we are entering a new era for financial services, where banking will no longer be “somewhere you go, but something you do”. As we leave era 1.0 and 2.0, which was typified by the shift from brick and mortar branches to e-banking, we enter a new age of fully mobile real-time services environment, which can provide virtual services focusing on people without any physical infrastructure. To meet the demands of modern customers and stay relevant banks must adapt to key behaviors of mobile internet users, which can be characterized as real-time, on-demand, all-online, DIY and social.

In terms of bank 3.0, this means a pioneering shift will be made from a business-centric financial model to a consumer-centric one, and in doing so completely redefine the user experience. In the front office, at the point where customers interact with banks, there will be a real time awareness of changing needs and fully customized services. In the back end, banks will need to revamp their operational management flow, and focus on integrating backstage platforms and resource sharing in order to provide as powerful support to the critical front office as possible. In order for banks to offer a fully customer-centric service, they will need to respond to their consumers’ needs immediately.

With regard to this new model, China Merchants Bank (CMBC) is emerging as one of the country’s most innovative banks which are processing the service transformation of customer-centric Bank 3.0. Facing the trend of internet banking, CMBC is restricting decision and service mode based on financial big data to improve competitiveness and user experience. Meanwhile, as the growing of financial data volumes and types, CMBC is innovating the traditional IT infrastructure and data processing platform to further harness framework and manage customer data and respond to a need to increase its competitiveness and user experience.

In order to make this vision a reality, CMBC is cooperating with Huawei, making use of their pioneering agile ICT technologies such as cloud computing and big data. As their customer-centric data integration is strengthened, CMBC will edge closer to the ultimate goal of real-time, on-demand, all-online, DIY and social customer experiences.

A key step CMBC will take is to modify its traditional IT architecture and data processing platforms to combine back end cloud-enabled infrastructure with big data application platform, giving rise to a “fast business deployment, fast product development and fast supporting business development” model. Secondly, when constructing this big data platform, CMBC actively applied front end-mobile user needs when developing new products, along with a mobile internet finance service, which put the bank’s services completely in the hands of the user.

As the demands of consumers are increasingly shaped by technological advancements, CMBC is changing its mode of communication, service and sales to meet those needs and create new value. By focusing on the customer experience as the point where innovation yields the greatest effect, CMBC hopes to drive its business toward future success. At the consumer touch point, alerts about new products can be targeted to suit the individual user. Customers can then experience on-demand and real-time online self-service for long term inquiries about past transactions. At the back end, credit investigation services are being shortened from 3 days to a little more than 10 minutes. It’s estimated that this could lead to a ten-fold increase in customers looking for short terms loans.

Looking into the future, such scenarios might come true: banks are all-online Apps which exist only in users’ devices rather than brick and mortar branches. All bank service can be provided anytime, anywhere. Personalized and customizable financial services mean that banks’ customers will have a service similar to having a 24-hour private wealth manager on their phone. Transformation happening in CMBC is exactly foundation of everything.

Although creating customer-centric extreme experience acts only as a great vision, CMBC as a leading role in this industry is building for it every day.

Constantly Huawei is helping more and more banks build real-time, on-demand, all-online, DIY and social interactive experiences through big data, cloud computing and interconnections and other ICT technologies. Within banks’ internal structure, meanwhile, shaft-well and streaming operation system frameworks are helping to deliver agile business innovation that promises unparalleled ubiquitous banking services.

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