Chinese least loyal in Asia to their banks
Print Edition
CHINESE consumers are among the least loyal in Asia to their banks, and 70 percent said they are willing to open an account with a purely digital bank, McKinsey & Co said in a survey yesterday.
It found 49 percent of respondents said they are willing to remain with their primary bank when competitors offer more attractive pricing terms, compared with an average 69 percent for emerging countries in Asia, the company said in the survey conducted on 3,558 respondents last year.
Jared Shu, principal of McKinsey and an author of the report, said consumers in China are more willing to try new products and services with better value, and they tend to change banks when they are unhappy with their banking service.
The bad service quality has also led Chinese consumers to lead those in Asian countries in accepting purely digital banks, Shu added.
The survey found that 70 percent of respondents said they are willing to open an account with digital banks, referring to non-traditional banks operating through the Internet.
But still 42 percent of the respondents said they have not used online banking, mobile banking, or any online investment services offered by traditional banks and Internet companies.
Chinese Internet giant Tencent this month opened China’s first online-only bank — Webank — after getting the go-ahead from the China Banking Regulatory Commission.
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