The China Banking Regulatory Commission (CBRC) issued guidelines on financial innovation for commercial banks introducing the concept of what for the first time
Technology-driven innovation. It means that banks should actively use technology in the process of financial innovation, artificial intelligence, big data analytics, blockchain and other technologies to promote the innovation and development of the banking business.This concept requires banks to improve service quality, reduce costs, improve efficiency and explore new financial products and services to meet the needs of consumers and businesses through technology-driven.