Retail Banking Country Snapshot: China, Industry Analysis and Market Growth Research Report

"Retail Banking Country Snapshot: China" The Report covers current Market Trends, Analysis, Forecast, Review, Share, Size, Growth, Effect.

Description-

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.

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.

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- 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 markets. It includes both market-level data and insight from our Retail Banking Insight Survey.

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The report offers insight into:

- How consumers in China take out and use their financial products, and how this has changed in recent years.

- Which providers dominate the current account, savings, mortgage, and loan markets, and what factors persuaded their customers to choose them.

- The extent to which consumers are using online and mobile channels to research, take out, and use their financial products.

ReasonsToBuy

- Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Chinas retail banking sector.

- Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our proprietary insight.

- Learn about the impact new entrants and distribution channels will have on the market.

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