The ambition of Chinese e-commerce brands is extraordinary, perhaps even miles above their counterparts in the West.
There's little to indicate (yet) that brands such as Google or Amazon will go after the financial institutions in the same way as the likes of Alibaba - but complacency from incumbents is always the error that leaves the door open.
Alibaba, a relative newcomer to financial services, has seen its small and medium-size enterprise (SME) lending business grow rapidly in the last four years, making it one of the leading lenders in China.
This result mirrors the competitive threats Amazon, Facebook, and Google pose to incumbents in the retail, health care, insurance, music, entertainment, and automobile sectors.
We looked at recent events in the Chinese banking industry to highlight how these massive digital newcomers gain powerful consumer experience insights from their digital ecosystems and how this changed the nature of competition for incumbents.
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Learning from China’s Digital Disrupters.