China Retail Banking Country

Oct, 21, 2016, Navi Mumbai, India: Market Reports on China presents the report, on “Retail Banking Country Snapshot: China”. This brief reviews the retail banking sector in China, with a particular focus on the current account, savings, mortgage, and personal loans markets.

Summary

The Chinese banking market is opening up to new entrants in order to encourage greater competition within the sector, and investment in banking infrastructure is likely to speed up digital expansion. The market for financial services in China is concentrated, with an oligopoly of five banks that service 72% of the market. Younger age groups use branches more often, meaning there is considerable scope for providers to encourage greater use of digital channels. "http://www.marketreportsonchina.com/service-industry-market-research-reports-23770/retail-banking-country-snapshot-china.html"

Key Findings

- The top six providers have a 70% share of the China current account market. Branch location and reputation are the most influential factors driving choice of provider, giving established banks an advantage over digital-only entrants. Younger families claim to be the likeliest segment to switch provider over the next 12 months.

- Professional recommendations and rates are the key drivers of provider choice, although an existing relationship is also important, particularly for younger borrowers. Branches are still more widely used than digital channels for loan arrangement, and there has been a large increase in borrowing to consolidate debts.

- Trust and responsibility are the highest rated values, meaning consumers value honesty and the ability to make their own decisions more than anything else. Although 37% of consumers have already used fintech services in the last 12 months, 17% have never heard of the concept.

Synopsis

This brief reviews the retail banking sector in China, with a particular focus on the current account, savings, mortgage, and personal loans...