Liberal rates biggest test for Chinese lenders
Print Edition
CHINA’S interest rate liberalization will be the biggest challenge for Chinese banks while lenders elsewhere face rising competition from non-traditional financial service providers, PricewaterhouseCoopers said in a survey yesterday.
“Currently, there are several challenges facing retail banks in China,” said James Chang, PwC China financial service consulting managing partner. “The liberalization of interest rates means that the overall costs for China’s retail banks have increased. The situation hinders retail banks from making more profits from a high potential customer base.”
PwC says that by 2020, banks in China will face interest liberalization as their biggest challenge.
Meanwhile, more than half of the senior retail banking executives in 17 countries said new competitors in the financial market, such as technology companies, pose a threat to traditional banks, according to the PwC survey based on 560 financial services executives from leading financial institutions.
Of the survey respondents, 114 of them were from emerging markets, PwC said.
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