China CITIC Bank prepares for disruption
(14 September 2015 – Hong Kong) China CITIC Bank International has recently set up an Innovative Banking team, tasked to prepare the bank to adapt and cope with the business impact of disruptive technologies.
“We are perhaps one of the few banks in Hong Kong to have a dedicated team like this,”, CIO and COO at China CITIC Bank International.
“It’s not a trivial exercise because to get headcount is already very difficult these days.”
The new team is looking into a range of new ideas and technologies such as mobility, cloud computing, big data, IoT and social media that are impacting on the traditional norms of the banking industry.
The team is currently comprised of six people, including Leung, and it focuses on four key areas: innovative banking, intelligent banking, workflow banking and bank-wide initiatives.
“This team is to explore something that we hope will help the bank to compete not so much with the banks next door, but more with those emerging and largely yet-unknown competitors of the future. This is the challenge for this team.” said Leung.
He expects that regulatory approvals by the Hong Kong Monetary Authority would help the bank to put these innovative initiatives into action.
“We will try to be proactive and see how far the regulators would allow us to go in terms of innovation, or in terms of ‘disruption’,”
“I think big data deserves a strong focus. With social media, mobility, IoT and everything getting connected, huge amount of data feeds into big data and then all the way down to business decisions and user experiences.” he said.
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