Fintech wave to boost banks' deployment of technology

Information technology deployment by Chinese lenders is expected to increase over the next three years to cope with the challenges and opportunities arising from the rapid development of financial technologies or fintech, according to a new survey.

About 45.7 percent of the lenders plan to substantially increase their investment in IT deployments, while more than 28 percent believe that IT deployments are crucial for business innovation and development, said the survey conducted by the China Banking Association and global accounting and auditing firm PwC.

The survey was based on responses from 1,920 individuals in the banking sector in all the 31 provinces, municipalities and autonomous regions across China.