China's best bank for digital solutions 2022: Ping An Bank
Ping An Bank
Ping An Bank’s transformation over the last five years has given it an undisputed, and long, lead over its peers in digital solutions.
Its business fired on all cylinders in 2021. Operating revenue jumped 10.3% to Rmb169.4 billion ($24.3 billion) and net profits rose by 25.6% to Rmb36.3 billion, both year on year.
The growth came across various business lines. Operating income from retail banking grew 8.4% and the corporate business by 10.4%. Ping An’s share in bond trading, foreign exchange and interest rate derivates also saw meaningful growth.
Much of that all-round success is down to Ping An’s strategic transformation fuelled by digitalization. The core of that is the firm’s five-in-one business model that puts customers front and centre through a data-driven approach. Five-in-one refers to open banking, artificial intelligence banking, remote banking, offline banking and comprehensive banking.
The idea is that customers acquired through Ping An’s open banking platform will be seamlessly absorbed by the rest of its banking chain – of AI, remote and offline banking – to connect the various pieces together and provide the right services to the right customers at the right time and place.