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Every year, senior managers at China Merchants Bank oversee a competition that pits top financial technology teams against each other to invent applications that help corporate clients with functions ranging from handling salary payments more efficiently to sorting out payment invoices.

Executives at Guangzhou-based China Guangfa Bank know full well that those banks that offer the best product suites and customer services are the only ones that can compete effectively in the 21st century.

CreditEase, led by founder and chief executive Tang Ning, has assets under management of more than Rmb109 billion ($16 billion), up more than 13% from a year ago. It serves more than 30,000 high net-worth customers, as well as several hundred thousand mass-affluent investors, and has more than 1,200 full-time account managers, 60% of whom have professional wealth advisory certificates.

China Merchants Bank is realistic about where it can find its competitive edge.

Known as Gongyinju, Industrial and Commercial Bank of China’s homegrown e-commerce platform is widely used among the bank’s corporate clients. Over the last five years, ICBC has built and adapted Gongyinju for 204 large and medium-sized enterprises, creating a system that gathers more than 90,000 associated upstream and downstream small and micro-enterprises. The platform has helped these enterprises to handle close to 11 million online orders, altogether worth Rmb1.4 trillion ($203 billion), and resulting in Rmb1.54 trillion in total settled transactions.

Bank of Ningbo was incorporated in Ningbo, a port city in east China’s Zhejiang province, in 1997 and operates mainly in Zhejiang and Jiangsu provinces and in Shanghai.

As a big bank issuer of credit cards in China, China Merchants bank stood out because of the rapid expansion of its customer base for credit cards and for its customers’ active use of the cards.

Ping An Bank is widely perceived as a leading provider of car finance, not only because of the robust growth it has seen in this business area but also for the leadership it has demonstrated in adopting technologies that facilitate car finance services and control the risks in the business.

Among Chinese banks, Agricultural Bank of China has the largest retail client pool for online banking. In recent years, ABC has consistently ranked number one among domestic banks in terms of transactions generated by retail online banking and mobile phone banking operations.

China Merchants Bank is widely recognized as a technology leader in China’s banking sector. This award is to recognize the remarkable progress the bank has made to gain a foothold in China’s mobile payment market, which is dominated by domestic technology firms.

PSBC continues to lead domestic banks in providing and promoting inclusive finance across China by running the most extensive network in rural areas among domestic banks.

Agricultural Bank of China, which operates one of the largest networks in China among domestic banks, has demonstrated a strong commitment to transforming its traditional retail banking operations and has made solid progress towards achieving that goal.