Author(s)

Deng Yuqi ¹, Wang Siwei ²

Affiliation(s)

¹ Industrial and Commercial Bank of China Limited, Beijing Branch, Beijing, 100080, China
² PICC Life Insurance Company Limited, Beijing, 100022, China

Corresponding Author

Deng Yuqi

ABSTRACT

In recent years, with the rapid development of the digital economy, the industrial landscape of China's financial industry has been changing. Through a comprehensive review and analysis of the deep integration and development of the digital economy and China's financial industry, the impact of the development of the digital economy on the innovative development of retail finance is explored. In particular, the new crown pneumonia epidemic has further driven the integration of finance and technology. In the normalised environment of the epidemic, digital technology has played a crucial role in safeguarding the business operations of the financial sector during the epidemic, and the importance of digital finance continues to grow. The epidemic has created a demand for digitisation in the financial sector, spurring the need for online and scenario-based consumer financial services. Through our research, we recommend promoting digital industry integration, tapping into the effectiveness of the digital economy and realising innovation in retail financial services; strengthening digital financial regulation, protecting the rights and interests of customer information and achieving stability in the retail financial market; and leveraging the advantages of the digital industry to seize opportunities in the financial market and upgrade the retail financial industry.

KEYWORDS

Digital Economy, Technology Finance, Retail Finance, Financial Regulation

CITE THIS PAPER

Deng Yuqi, Wang Siwei, A Brief Discussion on the Impact of the Digital Economy on the Development of Retail Financial Innovation. Information Systems and Economics (2023) Vol. 4: 26-32. DOI: http://dx.doi.org/10.23977/infse.2023.040303.

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