Private bank deposit interest rates keep falling, operating under pressure, aiming to break through "digitalization".

The "interest rate reduction tide" of deposits is a hot topic in the banking industry this May. Represented by private banks, small and medium-sized banks have not yet finished the last round of interest rate "cutting", as large and medium-sized banks have once again followed suit with a new round of deposit rate reductions, with long-term fixed-term deposits at mainstream banks generally below 1.5%. Private banks that have attracted deposits at relatively high interest rates are also facing downward pressure on net interest margins, and are taking measures to control their cost of debt. As a financial institution that serves the private economy, small and micro enterprises, and resident consumption, private banks have shown clear polarization in their development patterns in recent years. Industry insiders believe that private banks should seize the opportunity to narrow their cost disadvantage in a low-interest rate environment by using digital capabilities to support risk control and business innovation, meeting market demand.