Our global network of Applied Innovation Exchanges (AIE) provides our clients with the opportunity to work hand-in-hand with Capgemini to innovate and rapidly bring to market new products and services. In our current environment, such agility is critical to the permanence and continuity of business.
We are excited to announce that Capgemini has just opened our newest AIE, in Shenzhen, China. This AIE is uniquely positioned to serve our Asian clients and contribute to the conversation about the future of the financial services industry globally. We find that many banks and insurers are embarking on a journey to transform themselves from a traditional financial services company to a truly innovative, digital-forward technology firm.
We recently launched the World Retail Banking Report 2020 which highlights that globally, banks are taking a technology-led, platform-oriented approach to transformation. This is in line with the journey taken by several financial services and BigTech companies in China. Ping An is an example of an insurer in transition. They have effective deployed technology such as AI, data analytics, and internet of things to transform from simply a digital insurer to one that provides platforms flexible enough to explore adjacent business and new business models.
We know that we will be able to do similar work at our new Shenzhen AIE. Our focus is always to help lead our clients through their technology transformation journey. Such journeys allow our clients to focus on platforms that expand business and create full interoperability. We will also use the AIE to help our clients connect to the entire ecosystem of partners, providers, clients, analysts and others to ensure a holistic approach to their technology infrastructure and business. It will further help develop cross-sector connections, allowing banks and insurers to understand best practices in adjacent industries and identify opportunities for market and sector expansion. Finally, the AIE will help our clients with a delivery transformation that will result in the creation of maximum value of their technology spend.
I am excited to get to work with our clients in our new Shenzhen Applied Innovation Exchange. I know we have a lot of exciting work to do and innovations to reveal. For more information, please visit https://www.capgemini.com/us-en/service/applied-innovation-exchange/.