This Economist article about fintech in China is important not just for economists or financial technologists, but for customer experience professionals. China is “far and away the biggest market for digital payments, accounting for nearly half of the global total”. Beyond digital payments, there is Chinese fintech support throughout the ecommerce ecosystem, for investing, consumer lending, and small business last mile distributors, reducing friction and increasing market channel and consumer reach. The arguably superior CX of the ecommerce ecosystem already at scale in China makes lots of western ecommerce experiences look creaky at best.
Many of you are familiar with attempts by Facebook Messenger and other messaging apps to become platforms in the way that WeChat has in China. But success will require going beyond a simple transaction bot to a more complete integration with the full ecosystem. Western ecommerce ecosystems have a different set of challenges, but China is experimenting and learning a lot quickly. Studying the massive scale and rapidly evolving Chinese experience will no doubt provide valuable insight. Read More in the current issue