Since 2013, the huge impact of Internet Finance on banks has made us feel a great threat. The threat mainly comes from a new business model. It allows banks to disintermediate with front-line users, then promotes banks to disintermediate with scenes, and finally makes banks disintermediate with data. In fact, the future bank will become a so-called back office bank or even a "shadow" bank until it no longer exists.

This is unacceptable to banks, so we see banks actively or passively seeking fintech transformation.

Different from the IT transformation of the previous generation, fintech transformation is essentially not the introduction of technology, but the transformation of business model. From the perspective of the first half of bank transformation, the technology that we valued in the past maximized the profit margin between borrowing and lending. Now it has begun to shift to such a business model that values customer experience and takes user based Mau as ecological profit.

So the second half of bank transformation we defined is an essential change in the profit model.

Since 2018, CMB has focused on the introduction of Mau index into the business system, which used to exist only in the Internet industry, and gradually emerged in the banking industry.

CMB chooses Mau (monthly activity, which is considered active when users open APP) as the key link, and calls it "Polaris index" (Polaris is the brightest star in the constellation Ursus, which is very close to the north celestial pole and almost facing the earth's axis. From the northern hemisphere of the earth, its position is almost unchanged, and it can be used to identify the direction - excerpted from Baidu Encyclopedia). Everything else is changeable, but Polaris remains unchanged. From the scene ecology, business strategy to process reconstruction, technology restructuring, all around the Polaris index - user activity.