Best transaction bank for electronic banking services 2019
China Merchants Bank
China Merchants Bank is so serious about improving its customer experience that its transaction banking division recently set up a specialist unit, employing 10 people to research client interactions, both online and offline. The team is using the research results to improve the bank’s service interfaces, both online and offline, as well as to help its biggest clients to tailor-make and build entire e-banking services.
Dozens of Chinese conglomerates have signed up. For example, CMB helped Sinopec set up its Easy Trade B2B platform, which allows for cloud billing.
Cloud billing enables Sinopec to make digital gateway payments, guarantee payments and process order payments. Cloud billing, in effect, gives Sinopec direct payment access to all of its clients globally without actually going through banking channels.
CMB is investing in a broad-based fintech strategy that includes building a large system of industrial chain financing for all its enterprise customers. For instance, the bank helped telecom infrastructure builder China Tower Corp set up a supply chain financial cloud platform that accommodates multi-core enterprises, multiple funds and multiple product architectures.
Led by Hou Weirong, general manager of the transaction banking department, CMB executives believe that blockchain, big data risk control and other financial technology applications can help its clients to solve billing issues, including improving digital mutual trust, the mitigation of financial risk, and ultimately one-click financing, with funds delivered quickly to accounts.