Core Insights - The article discusses the trend of banks merging multiple apps to streamline operations amid rising competition and high customer acquisition costs, with Bank of China (BOC) announcing the shutdown of its "Bountiful Life" app and migrating its functions to the main "Bank of China" app, marking the end of a 12-year service [1][4] - The credit card apps have historically served dual purposes: connecting online and offline channels for customer acquisition and creating digital profiles for targeted financial services, but the profitability of standalone credit card apps is declining [2][10] Industry Trends - Several banks, including Shanghai Rural Commercial Bank and Beijing Rural Commercial Bank, have closed their credit card apps, shifting functionalities to their main banking apps due to the shrinking credit card business and the need for cost efficiency [4][16] - The credit card business is facing significant challenges, including a drop in loan volumes and increased competition from other financial services, leading to a focus on customer retention rather than acquisition [10][13] User Engagement - User engagement with banking apps is declining, with average daily usage time dropping from 4.93 minutes to 2.70 minutes, indicating a saturation in mobile banking app traffic and a need for improved user experience [9][6] - The competition for user attention is intensifying, with lifestyle apps from companies like Meituan and Douyin entering the market, making it harder for credit card apps to attract new users [15][19] Financial Performance - Data shows that major banks are experiencing a decline in credit card loan volumes, with Bank of China reporting a 13.89% decrease year-over-year, highlighting the overall downturn in the credit card sector [5][16] - The credit card market is transitioning from a growth phase to a more mature stage, with banks needing to adapt their strategies to meet the evolving demands of younger consumers who prefer integrated financial services [17][19] Strategic Recommendations - Banks are encouraged to enhance the synergy between online and offline channels and focus on creating differentiated digital paths that align with their unique characteristics, rather than pursuing a one-size-fits-all approach [23][24] - Implementing advanced data analytics and AI-driven models could help banks better understand customer needs and improve service delivery, ultimately enhancing user experience and operational efficiency [21][22]
中行关停“缤纷生活”信用卡APP