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Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Group”, HKEx: 2318; SSE: 601318) is pleased to announce that its subsidiary Ping An Bank Co., Ltd. (“Ping An Bank“) is ranked 46th in The Banker’s Top 1000 World Banks, up nine places from last year.The Banker, owned by Financial Times, is the world’s premier banking and finance resource, read in over 180 countries.
The Top 1000 World Banks list is published annually, recognizing global leaders in the industry for their achievements.
Banks are assessed by Tier 1 capital, assets, capital/asset ratio, real profit growth, profit on average capital and return on assets.The Banker commented, “We can see that China has outperformed even more spectacularly in terms of absolute growth, compared to other Asian countries.”Fintech NewsOther top banks on the 2020 list include: Industrial and Commercial Bank of China, Bank of China, JP Morgan Chase & Co., Bank of America, Wells Fargo & Co., Citigroup and HSBC Holdings.Maintaining stable and healthy business growthIn 2019, Ping An Bank realized a net profit of RMB28,195 million, up 13.6% year on year, and the growth rate was the highest for the past three years.
Ping An Bank made significant progress in its strategic transformation to a retail banking focus.
Retail banking’s revenue and net profit recorded 29.2% and 13.8% growth year-on-year, accounting for 58.0% and 69.1% of Ping An Bank’s revenue and net profit, respectively.Leveraging technology advantages to combat COVID-19Amid the COVID-19 epidemic, Ping An Bank quickly resumed business through online digital operations.
The cost-to-income ratio declined by 1.68 percentage points year on year to 27.94%.Benefiting from powerful big data credit investigation capabilities and a platform for a risk control model for digital finance, Ping An Bank enables 24-hours-a-day, seven-days-a-week online service and processing via a variety of contactless service channels for mainstream financing products, such as credit, guarantee and mortgage products.
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Digital transformation has become an essential part of a business strategy in the finance industry .
The finance app development leads financial institutes to digital transformation by ensuring faster processes, meeting regulatory requirements, and improving customer experience.
The evolution of digital transformation trends in the finance sector is responsible for the rise of fintech, and remains beneficial for financial companies.
Without discussing the impact of digital transformation in fintech industry, let’s go through the key aspects that are transformed in the finance sector through customized digital solutions.
Scope of Digital Transformation in the Finance SectorHere we highlight a few aspects in which the digital transformation can bring radical changes.
Enhances AgilityIt improves the finance company’s capability to give an effective response to disruption on the basis of past events and experiences.
8 ways to make finance department fully digital
Without a doubt, digital technologies are making a big impression in finance departments around the globe — talk of processes becoming more accurate, leaner, faster and, as a result, more beneficial for the whole organization.
Here are 8 ways to go digital to boost your finance department’s overall productivity.
Sending digital invoices could be the solution to costly and time-consuming billing issues.
E-invoices guarantee a consistent invoice template; hence, you don’t have to always create invoices from scratch.
This means the organization gets paid faster, a thing any finance manager would love.