Core Viewpoint - The banking industry is focusing on cost reduction and efficiency improvement in response to narrowing net interest margins and declining asset yields, with strategies including managing high-cost deposits, optimizing operational expenses, and integrating digital ecosystems [1] Group 1: Cost Management Strategies - Commercial banks are actively reducing high-cost deposits as a response to the central bank's interest rate cuts, leading to historically low deposit rates and the withdrawal of long-term deposit products [2][3] - Effective management of liability costs can significantly alleviate interest expense pressures for banks, with 42 listed banks reporting a total interest expense of 3.43 trillion yuan in the first three quarters, an 11.36% decrease year-on-year [4] - Banks like Chongqing Bank are implementing strategies to clean up high-cost deposits and adjust deposit product structures to further lower overall liability costs [4] Group 2: Operational Cost Optimization - In a context of sluggish revenue growth, banks are adopting frugality in operations, with half of the listed banks reporting a decrease in their cost-to-income ratios compared to the previous year [5] - Among the 42 listed banks, 17 reported negative growth in business and management expenses, while those with positive growth kept it within 0% to 3% [5] - Postal Savings Bank reported a 2.66% decrease in business and management expenses, attributing this to enhanced cost management and accelerated digital transformation [6] Group 3: Digital Integration and Streamlining - Banks are engaging in a "declutter" initiative, closing down independent apps and consolidating functions into main banking apps to improve efficiency and reduce operational costs [8][9] - The trend includes shutting down independent credit card apps and merging their functions into main banking applications, reflecting a shift from vertical management to localized operations [9]

Core Viewpoint - The banking industry is experiencing a wave of app shutdowns, particularly in the credit card and direct banking sectors, as banks streamline their digital offerings to enhance efficiency and reduce resource waste [2][3]. Group 1: App Shutdowns - Multiple banks have announced the closure of various apps this year, particularly in the credit card and direct banking sectors [2][3]. - Over 20 banks have ceased operations of certain apps since the beginning of 2023, with 25 apps, including those from Minsheng Direct Bank and Kunlun Direct Bank, voluntarily deregistering [2][3]. Group 2: Reasons for Shutdowns - The initial push for independent banking apps was aimed at attracting users and increasing activity, but many apps have high download rates with low daily active users, leading to inefficiencies [3]. - The transition to a "stock competition" phase in digital banking, coupled with the decline in consumer spending and the credit card industry's contraction, has prompted banks to consolidate their app offerings [3]. Group 3: Industry Trends - The trend of banks shutting down apps reflects a broader industry shift towards reducing data silos, privacy risks, and compliance costs associated with maintaining multiple applications [3]. - The economic restructuring and weakened consumer sentiment are contributing factors to the shrinking credit card market, influencing banks to close related apps [3].