In an interview with “Konfuzius-Institut” – the Magazine, Daniel Fasnacht explains how the importance of money is beginning to change, how digital payment systems work in China and what role China could play in financial services and trade worldwide.
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The financial sector is currently facing one of its biggest challenges with the Corona pandemic: A collapse in economic growth, high unemployment, credit defaults and volatile stock markets. Furthermore, the old problems such as pressure on margins, increasingly intense competition, the shift of the customer interface towards innovative fintechs and the ubiquitous digitalization have not yet been solved. These developments challenge traditional business models of local banks, but also offer opportunities for those who are willing to change or reinvent themselves.
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Chinese tourists are big business in Europe. Their needs will give rise to disruptive business models with new digital payment services. Technology giants are about to build ecosystems that integrate QR code payment across Europe, threatening established and profitable banking businesses.
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Networking, collaboration, data – these are the new core concepts in wealth and asset management. On the one hand, it is about making all available and accessible in a digital format to increase the efficiency of business. On the other hand, it is central to understand the changing customer wishes and implement the right digitalisation strategy.
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