Research on the Transformation of Traditional Commercial Banks Based on the Perspective of Financial Technology

With the rapid development of technology and the acceleration of the process of informationization, the financial industry has paid increasing attention to financial technology. The rise of financial technology can help improve the operational efficiency of the financial system, promote the structural change of the financial supply side, promote the development of "double cycle", and promote the high-quality development of China's economy. Fintech has had a profound impact on the business model of the traditional banking industry, transforming it from intermediary to platform. Emerging technologies such as artificial intelligence, big data analysis, blockchain and cloud computing have brought more efficient, convenient and personalized financial services to the banking industry. In the face of changing market demand and fierce competition, traditional banks have begun to transform with the help of technology. However, there are still certain challenges in the process of financial technology change. To achieve the transformation, traditional banks must develop a clear digitalization strategy and invest more in technology strength and architecture. Traditional banking firms should establish partnerships with fintech firms, innovative companies, and others to develop innovations and share resources. In addition, they should pay attention to customer experience and provide personalized, convenient, and high-quality financial services to customers. This project will contribute to an in-depth understanding of how fintechs change traditional business models and facilitate the transformation of commercial banks in the fintech environment.