Core Insights - The recent announcement by Bank of China to gradually shut down its "Bountiful Life" app and migrate its functions to the main "Bank of China" app highlights a shift in focus from credit card apps of joint-stock and rural commercial banks to those of state-owned banks [1] - The trend of shutting down credit card apps is driven by the shrinking credit card business and the overall need for banks to reduce costs and improve efficiency [1] Summary by Sections Credit Card App Shutdown - Bank of China is closing its "Bountiful Life" app, moving functionalities to its main app, reflecting a broader trend among banks to consolidate their digital offerings [1] - Several banks, including Shanghai Rural Commercial Bank and Beijing Rural Commercial Bank, have previously shut down their credit card apps, indicating a growing trend in the industry [1] Market Share and Performance - As of June, the credit card loan scale of major banks shows significant disparities, with China Construction Bank leading at 1,054.95 billion yuan, followed by China Merchants Bank at 924.49 billion yuan [2][4] - The market share of credit card assets is heavily concentrated among state-owned banks, which hold 46.83% of the total, while joint-stock banks hold 46.52% [5] User Engagement and App Performance - The monthly active user data for credit card apps shows a clear tiered structure, with top apps like China Merchants Bank's "Palm Life" having over 14 million active users, while Bank of China's app had only 1.5454 million [3] - The focus of credit card apps has shifted from acquiring new customers to retaining existing ones, as many consumers already hold multiple credit cards [7] Digital Transformation and Management - The closure of independent credit card apps reflects a broader trend of centralized management in banking, as highlighted by regulatory guidance to streamline mobile applications [9][10] - Banks are restructuring their digital operations, with institutions like China Construction Bank establishing dedicated operational centers to enhance the management of their digital platforms [11][12]
首现大行关停独立信用卡App 银行渠道运营集约化加速