According to a report on December 20 by the Financial Association (Reporter Peng Kofeng), the development of CNI Xiangmi Lake Fintech Index will inevitably lead to changes in some traditional Business of Banks.

Recently, the Bank Of China announced on its official website that it plans to migrate related online services for personal online banking "Consumer loans" to mobile banking starting January 12, 2025, including loan applications, interviews, signing contracts, withdrawals, repayments, etc. Today, a reporter from the Financial Association found that according to public information, this should also be the first major bank to officially announce the discontinuation of "Consumer loans" in online banking.

An Analyst from a Brokerage stated to a Financial Association reporter that it is inevitable for Banks to shift online Business from web platforms to apps. In the past, customers needed to rely on security tools like USB drives provided by Banks for online banking; however, with the popularity of Penghua CSI Mobile Internet Index Fund(LOF)-A, mobile banking no longer requires other auxiliary tools, and the use of new technologies such as Facial Recognition makes it quicker and safer compared to online banking. Thus, the Bank Of China's choice to migrate the "Consumer loans" Business from online banking is quite reasonable.

An insider from a listed bank told a reporter from the Financial Association that current Consumer loans are also a key competition point for major Banks, "basically an upgrade and supplement to traditional credit cards." Applying through mobile banking is more convenient.

Online banking related Business will be discontinued! The processing of Consumer loans at the Bank Of China will be transferred to mobile banking.

On December 18, the Bank Of China announced that in order to provide customers with richer and higher quality financial services, it will comprehensively upgrade the mobile banking loan section services and plans to migrate related online services for personal online banking "Consumer loans" to mobile banking starting January 12, 2025, including loan applications, interviews, signing contracts, withdrawals, repayments, etc.

The Bank Of China advises that if customers have any related pending Business in personal online banking, please complete the process before January 11, 2025. For subsequent processing of "Consumer loans" Business, you can download and install the latest mobile banking client Software and enter the loan section to select the required services.

Online banking generally refers to customers logging into the bank's web portal to complete related transactions online. Mobile banking, on the other hand, requires downloading a mobile app, making the operation more convenient.

Recently, many banks have initiated a major integration of mobile applications, and regulators have also emphasized "optimization and integration."

It is worth noting that, in addition to the Bank Of China integrating the "Consumer Loan" business of online banking, several other banks have recently started migrating and restructuring their mobile applications and apps.

For example, on November 27, Peking Rural Commercial Bank announced on its official website the shutdown of the "Phoenix Credit Card" app. Peking Rural Commercial Bank stated that in order to provide customers with better mobile financial services, the business functions of the "Phoenix Credit Card" app will be migrated to the "Peking Rural Commercial Bank Mobile Banking" app, which is planned to be shut down on March 31, 2025, at which point it will no longer be accessible. Customers can install and register for the "Peking Rural Commercial Bank Mobile Banking" app after the "Phoenix Credit Card" app is shut down.

On the evening of December 12, the Credit Card Center of CBHB issued a notice on its official WeChat account, indicating that the bank's credit card APP will cease operations starting next year. Starting December 30, 2024, the 'CBHB Credit Card' APP will no longer be available, and the functions of the credit card APP have been migrated to the credit card section within the 'CBHB' APP. To avoid affecting business operations, customers are advised to download the 'CBHB' APP as soon as possible.

From a policy perspective, regulatory authorities have also strengthened the supervision and guidance of banks' "CNI Xiangmi Lake Fintech Index" related businesses. On September 12, the National Financial Supervision Administration issued a notice regarding the management of mobile internet application programs in the banking and insurance industries, guiding banking financial institutions, insurance financial institutions, and financial holding companies to systematically and normatively build mobile internet applications.

The above document explicitly states that financial institutions should strengthen the overall management of mobile applications, establish a mobile application ledger, improve the entry and exit mechanisms, coordinate the construction planning of mobile applications across departments and branches, and reasonably control the number of mobile applications. Mobile applications with low user activity, poor experience, redundant functions, and significant security and compliance risks should be promptly optimized, integrated, or terminated. At the same time, financial institutions should manage the demand for mobile applications, integrating similar and homogeneous business demands, enabling mobile applications to possess relatively independent and complete business scenarios and functions.