Chinese fintech solutions provider Pintec has been selected by East West Bank to provide digital banking services and support the bank in its digital transformation.
Under the present agreement, Pintec will apply its big data and artificial intelligence technologies to develop customized services for the bank, targeting the Chinese and Chinese-American customers.
The solutions and services will cover application processes, improve the bank’s user experience and strengthen customer acquisition capability. In the near future, the two companies aim to cooperate on mobile product development, payment, and business operations.
East West Bank is one of the largest independent banks in Southern California, operating from more than 130 location across the US and Greater China. The bank has an exclusive focus on the two markets.
East West Bank executive vice president and consumer and digital bank head Catherine Zhou said: “East West Bank is devoted to digital banking innovation to bring a superior mobile banking experience to our customers–especially Chinese clients in and coming to America–and to boosting the efficiency of cross-border financing.
“PINTEC is a valuable collaborator in our digital transformation drive, which requires not only the application of new technologies, but also breakthroughs in business process, technology framework, and integration of innovation and business value.”
Pintec has quoted a recent report from McKinsey stating that traditional banking landscape has been disrupted by the tightening of regulations, changing customer behavior and requests and new internet model.
The report stated that banks need to undergo digital transformation by adopting new business model, user-oriented digital services and deploy fintech solutions to be prepared for the challenges and opportunities ahead.
According to the financial solutions provider, the alliance with East West Bank exemplifies how it can empower financial institutions and is also an important process in Pintec’s international expansion.
As part of Pintec’s international expansion, it has launched two joint ventures in Singapore to serve the Southeast Asian market. The first is PIVOT Fintech, formed in 2017 with FWD Group to provide intelligent wealth management and robo-advisory services. The second venture is Avatec.ai (S), formed in 2018 with United Overseas Bank to offer digital credit assessment and decisioning solutions.