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]

Core Viewpoint - 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 the credit card app landscape, moving from smaller banks to major state-owned banks amid a backdrop of declining credit card business and cost-cutting measures in the banking industry [1][5][17]. Summary by Sections Credit Card App Shutdown - Bank of China announced the gradual shutdown of its "Bountiful Life" app, which will have all its functions transferred to the main "Bank of China" app [1]. - This trend of shutting down credit card apps is not new, as several banks, including Shanghai Rural Commercial Bank and Beijing Rural Commercial Bank, have previously made similar moves [5]. Market Dynamics - The credit card app market is experiencing increasing differentiation, with a clear ranking in monthly active users [7]. - As of June 2025, the top 20 credit card apps include 5 state-owned banks, 9 joint-stock banks, and 2 city commercial banks, with the highest monthly active users exceeding 14 million for several apps [7][8]. - Bank of China's "Bountiful Life" app had only 1.55 million monthly active users, ranking 13th among state-owned bank credit card apps [7][9]. Credit Card Loan Scale - State-owned banks maintain a significant advantage in credit card loan scales, with China Construction Bank being the only bank with a credit card loan scale exceeding 1 trillion yuan, reaching 1,054.95 billion yuan as of June [10][11]. - Other major state-owned banks also report credit card loan scales above 500 billion yuan, while joint-stock banks like China Merchants Bank show strong performance with a credit card loan balance of 924.49 billion yuan [10][11]. User Engagement and Competition - The focus of credit card apps has shifted from acquiring new customers to retaining existing ones, as many consumers already hold multiple credit cards [14][15]. - The competition for user engagement is intensifying, with various lifestyle service apps entering the market, making it challenging for credit card apps to attract new users [15][19]. Operational Efficiency - The closure of independent credit card apps reflects a broader trend towards centralized management of banking channels [17]. - Regulatory guidance has prompted banks to streamline their mobile applications, focusing on user engagement and operational efficiency [18][19].

Core Viewpoint - The recent shutdown of credit card apps, particularly by major state-owned banks like Bank of China, reflects a broader trend in the banking industry towards consolidating digital services and reducing operational costs amid a shrinking credit card business [1][5][16]. Group 1: Credit Card App Shutdowns - Bank of China announced the gradual shutdown of its "Bountiful Life" app, migrating its functions to the main "Bank of China" app, which has drawn market attention [1][4]. - Several banks, including Shanghai Rural Commercial Bank and Beijing Rural Commercial Bank, have previously shut down their credit card apps, indicating a trend towards integrating these services into existing banking apps [5][6]. Group 2: Market Dynamics and User Engagement - The credit card app market is experiencing significant differentiation, with major state-owned banks and some joint-stock banks dominating user engagement metrics [7][8]. - As of June 2025, the top credit card apps by monthly active users include those from major banks, with Bank of China's "Bountiful Life" app ranking 13th with 1.5454 million active users, significantly lower than leading apps [7][8]. Group 3: Credit Card Loan Performance - State-owned banks maintain a strong position in credit card loan volumes, with China Construction Bank reporting a credit card loan scale of 1.0549 trillion yuan, the only bank exceeding 1 trillion yuan [9][10]. - Joint-stock banks also show robust performance, with China Merchants Bank's credit card loan balance reaching 924.49 billion yuan, accounting for 12.99% of its total loans [9][10]. Group 4: Digital Transformation and App Management - The closure of independent credit card apps is part of a broader strategy for centralized management of banking applications, as mandated by regulatory authorities to optimize user experience and reduce redundancy [16][17]. - Banks are increasingly focusing on comprehensive apps that integrate various financial services, moving away from multiple standalone apps to enhance operational efficiency and customer engagement [17].

Core Viewpoint - The recent announcement by the 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 the credit card app landscape, moving from smaller banks to major state-owned banks amid a backdrop of declining credit card business and cost-cutting measures in the banking industry [1][4]. Group 1: Credit Card App Landscape - The credit card apps have traditionally served two main purposes: connecting online and offline channels for customer acquisition and creating a digital tagging system for user behavior analysis [4][9]. - The closure of the "Bountiful Life" app follows similar actions by other banks, indicating a trend where standalone credit card apps are becoming less viable due to shrinking credit card business [4][10]. - As of June 2025, the "Bountiful Life" app had a monthly active user count of 1.5454 million, ranking 13th among state-owned bank credit card apps, significantly lower than leading apps with over 14 million users [5][6]. Group 2: Market Dynamics and Competition - The credit card market is experiencing increasing differentiation, with major banks like China Construction Bank leading in credit card loan scale, having surpassed 1 trillion yuan in loans [7][8]. - The competitive landscape for credit card apps is intensifying, with many banks focusing on retaining existing customers rather than acquiring new ones, as many consumers already hold multiple credit cards [10][11]. - The top credit card apps are increasingly integrated into lifestyle services, making it challenging for standalone credit card apps to compete for user attention in a saturated market [9][10]. Group 3: Operational Changes in Banking - The closure of independent credit card apps reflects a broader trend in the banking industry towards centralized management of mobile applications, as mandated by regulatory guidelines [12][13]. - Major banks are restructuring their digital operations, establishing dedicated centers to streamline app management and enhance user experience, which is expected to improve operational efficiency [12][13].