| Summary: | 碩士 === 國立成功大學 === 高階管理碩士在職專班(EMBA) === 104 === SUMMARY
As the globe marching forward to the era of Bank 3.0, Bank 4.0 and FinTech, many inventors who do not work in finance industries are beginning to utilize scientific technology to create new platforms to offer financial and managerial services. The booming of various public wealth management platform has created potential rivals for fortune management businesses. Under the trend of integration between physical and virtue realities and the marriage between scientific technologies and financial services, the definition of banking industries can no longer be limited to banks but instead it is now a behavior, and scientific technology will combine customized financial service to become a new powerful industry in the finance and banking sectors. This research seeks to understand how banking sectors in Taiwan handle the challenges coming from rapid and global development of digital financial technologies through case studies. In our discoveries, we have found that many banks are planning to introduce the latest financial technologies and integrate those technologies to the existing banking system in order to cope with the growing requests of financial technologies among clients.
INTRODUCTION
With the development of information technology, mobile devices such as smartphones are becoming a necessity in our daily lives and Taiwan financial management and monitoring committee has declared year 2015 as the first year of “Finance 3.0”and the harbinger of state policies promoting financial community and a digitalized invest environment with more possibilities to virtue market routes. Among those policies, the “Financial Technology 3.0”, which deregulated financial institutions’ transformation to investors, received the most attention. Many investors have shown increasing interest an demand in financial tools of different types. Clearly, financial technologies of high quality has become one important considerations for investors and banks must be ready to provide the best personal fortune management service with the latest technologies and proper marriage between technologies and financial services.
MATERIALS AND METHODS
This study went through data collection and summarization, as well as in-depth interview with managers and VIP clients of major banks to study the fortune management departments in major banks in Taiwan and what’s their counter strategies against the current trend of financial technologies. This study also adopted some of the personal experience of the composer of this research where it is relevant.
RESULTS AND DISCUSSION
Facing the powerful and never-ending waves of digitalization, the bank in our case study has proposed and executed following counter strategies: To clearly define functions of branches and subsidiaries, to redefine the value and role of headquarters and branches, to provide up-to-date digital services, to improve the function of big data analysis system, to improve internet technologies and information security, to better risk evaluation and control, to introduce the KYC (Know Your Customer) system, to use big data to identify new clients, to provide training programs to produce qualified leaders in information technologies, and to recruit more qualified financial managers. Although the main revenues for most of banks come from financial services, but amid competitions from people outside the finance sector, many banks need to look for other added values and understanding of clients at individual level to build closer ties with customers through added value. Clients typically expect conveniences, speed, and participation from banking services and using both computerized information and suggestions from professional managers can help clients quickly understand the financial plans they need. In addition, clients also value strong protection over the information of their assets and other financial information.
CONCLUSION
Fortune management is not a standardized service but instead of personal one, for each individual fortune bares different risk characters and unique demand in resource allocation. Digital technology, while can satisfy the need of systemization and automated plan matching, but it cannot yet completely replace the role of human advisors. If we examine the effect of 2016 Brexit referendum, computerized consultants could not perform preferences and immediate risk warning, and the following effects after the “leave” decision such as the plummet of British Pound, the postpone of USD interest rise, the increase of risk in RMB fluctuations and other impacts on global economy cannot be pre-installed into a computer program. The core competiveness for fortune management business still comes from the analysis quality and resource allocation ability of a financial product, the stabilization of bank’s core competitive advantages, the overall upgrade of computer technologies and combinations between existing internal advantages and external technological assistances. Digital technologies, while indeed are important tools for better marketing and higher level of customer satisfaction, they do not serve the entire purpose of build a solid and accurate financial plan.
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