The use of new technology may help mainland banks outgrow their large international competitors, software supplier Misys Banking Systems predicts.
While many key western banks are making do with systems half a century old, frustrating their adaption to change, younger, more agile Chinese lenders are buying up state-of-the-art software to improve treasury trading as well as branch and risk management.
'Stunning economic hypergrowth in China is creating an environment where banks can expand to the extent that they displace many US, Japanese and European banks among the top 20 of the world's largest banks,' Misys Asia-Pacific regional director John Palmiero said.
The more visionary Chinese banks are installing software that will enable them not only to compete with international players domestically but also internationally.
'What we've been asked by our clients in China to do is not catching up,' Mr Palmiero said. 'It's leading.'
Misys, listed in London, is the only supplier of the entire spectrum of banking software, including those for exchange and money market trading, managing international branches, trade financing, retail banking and risk management.
