CHINA RETAIL BANKING MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The China retail banking market is on path to become the world’s second largest by 2024, with the industry’s aggregate income growing 10% to reach CNY 3.2 trillion (USD 471 billion).
Key HighlightsMobile banking had witnessed a surge of usage in China, with its penetration reaching 78% in 2017, up 26-fold from just 3% in 2011, and Chinese retail bank customers now use mobile banking more than 25 times a year. Customers who use mobile are more satisfied than those who do not use mobile. This is especially true for VIP customers. VIP customers are respondents who indicate having VIP accounts in their evaluated banks.
VIP customers also tend to use mobile banking more frequently. The study shows that 11% of VIP customers conduct financial business each day on a mobile app, twice that of non-VIP customers. Nearly half (48%) of all VIP customers manage their finances on a mobile banking app every week.
Contribution of the Retail Business to Operating Income of the Listed Banks in 2017At the individual level, in 2017, the contribution to profit before tax from the retail business of CCB, ABC, CMB, PAB, JTRCB, and PSBC all exceeded 45%, with PAB at the top of the list at 67.62%. In terms of the contribution of the retail business to operating income, CMB, PAB, GRCB, and PSBC all ended up with a contribution of over 40%, with PSBC on the top of the list at 66.17%
Competitive LandscapeThe report covers major international players operating in the China retail market industry. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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