Asiamoney China Retail Banking Awards
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Many Chinese banks have made impressive progress in promoting technology innovation, but the bank that has pushed furthest in all aspects of its business is China Merchants Bank, led by Zhang Dong.
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As the largest bank in China, Industrial and Commercial Bank of China is never worried about not having enough retail clients. By June 2019, the bank boasted 627 million retail customers, issued 874 million new debit cards and 154 million new credit cards. ICBC also has the largest number of online banking clients among all Chinese banks.
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China Merchants Bank had more than 90 million active credit cards by the end of the first six months of 2019, ranking fifth in the country. However, the volume of CMB’s credit card transactions grew 12% year on year and reached Rmb2.04 trillion ($290 billion), ranking top among all Chinese banks and Rmb420 billion more than the nearest rival. CMB also managed to secure the top spot in both credit-card business revenue and offshore credit-card transaction volume in 2019.
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China’s urban population is among the most tech-savvy in the world, yet members of its rural population often have much more basic needs. China Construction Bank, more than any other bank in China, has been able to serve both populations.
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In a challenging market, some have been nimble in transforming themselves in to winners, often through good use of technology
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PSBC continues to lead domestic banks in providing and promoting inclusive finance across China by running the most extensive network in rural areas among domestic banks.
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China Merchants Bank is widely recognized as a technology leader in China’s banking sector. This award is to recognize the remarkable progress the bank has made to gain a foothold in China’s mobile payment market, which is dominated by domestic technology firms.
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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.
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Ping An Bank is widely perceived as a leading provider of car finance, not only because of the robust growth it has seen in this business area but also for the leadership it has demonstrated in adopting technologies that facilitate car finance services and control the risks in the business.
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As a big bank issuer of credit cards in China, China Merchants bank stood out because of the rapid expansion of its customer base for credit cards and for its customers’ active use of the cards.
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Bank of Ningbo was incorporated in Ningbo, a port city in east China’s Zhejiang province, in 1997 and operates mainly in Zhejiang and Jiangsu provinces and in Shanghai.
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Despite its massive operations, ABC has proved itself to be a nimble player in transforming and strengthening its retail banking business with the use of technology and a management upgrade. That enabled the bank to outperform other state-owned banks across segments of retail banking in the first three quarters of 2018.
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China’s retail banks must overcome their own inertia and challenges from fintech if they are to maintain profitability
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China Construction Bank started offering integrated retail banking services for affluent individuals and families under its ‘Golden Butler’ brand in 2013 and has succeeded in expanding the customer base in 2017.
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Postal Savings Bank of China has long led other Chinese banks in making its financial services available to individuals and small businesses in the country’s economically underdeveloped rural and inland regions. The bank also stands out for its willingness to go the extra mile to serve customers in these regions.
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For decades the Chinese government has repeatedly urged domestic banks to find ways to serve micro businesses to boost job creation and economic growth. But the banks have been hesitant because of the enormous costs and high risks involved.
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Compared with other national commercial banks in China, China Merchants Bank has built the largest and the most competitive retail banking operation. Last year, the bank strengthened its position as the best performer in the retail banking sector.
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Agricultural Bank of China, which operates one of the largest networks in China among domestic banks, has demonstrated a strong commitment to transforming its traditional retail banking operations and has made solid progress towards achieving that goal.