Agricultural Bank of China
Among Chinese banks, Agricultural Bank of China has the largest retail client pool for online banking. In recent years, ABC has consistently ranked number one among domestic banks in terms of transactions generated by retail online banking and mobile phone banking operations.
The bank succeeded in solidifying its market-leading position in these areas last year by upgrading its online banking platforms.
ABC has made more than 90% of its products and services accessible to its retail customers via smartphones. In June 2018, the bank launched a new-generation mobile banking app that deploys artificial intelligence, big data analysis and blockchain technology to further optimize services for its retail customers. The app also features a bonus programme, which was developed with blockchain technology, to track and encourage the use of the app by customers.
ABC’s sustained efforts in upgrading technology and services have proved effective in ensuring the growth of its online and mobile banking businesses. By the end of June 2018, it had 243 million online retail banking customers, up 9% from the end of 2017; transaction volumes for these clients rose 15.3% from a year earlier to exceed Rmb2.8 billion ($417 million).
In the same period, the number of the bank’s mobile retail banking clients hit 226 million, up 9.7% from the end of 2017; transaction volumes for these clients surged 68.4% year on year to approach Rmb2.3 billion.
The latest information released by ABC shows its online bank continued to drive its retail banking business. As of the end of September 2018, the bank distributed 95% of its mutual funds and asset management products online to retail clients, up 10 percentage points from a year earlier. In addition, the volume of retail loans provided to farmers through online banking increased by nearly six times in the first 11 months of last year.