Slow economic growth to put banks under pressure
Updated: 2015-01-20 07:34
By JIANG XUEQING(China Daily)
|
|||||||||||
"Banks should make full use of their comprehensive advantages to provide a package of financial services, so the clients' money will stay with the banks. They should also apply Internet technologies, business philosophies and processes more often to traditional banking services and develop Internet finance led by banks," Lian said.
Many banks are setting up their own Internet finance companies or cooperating with other companies that specialize in this field.
Baoshang Bank Ltd, a joint-equity commercial bank best known for its micro-business finance service, launched an online wealth management platform called Xiaoma Bank in June, offering debt products and money-market funds.
Instead of assessing a client's risk profile at a bank outlet, Xiaoma Bank offers online risk tolerance assessments to its clients and recommends different portfolios of financial products to different clients according to their characteristics.
Industrial Bank Co Ltd, a listed bank based in East China's Fujian province, launched a direct bank in March, offering securities investment funds, money market funds, bank acceptance pledge financing and wealth management products online.
As of the end of November, its customers had exceeded 500,000 and assets reached more than 50 billion yuan.
Yang Zhong, general manager of the electronic banking department at Industrial Bank, said: "Whether or not a bank could ride the wave of Internet development and push forward reforms in a timely manner in terms of standardized financial products and services will decide whether it will succeed amid fierce competition."
Related Stories
Chinese banks given nod to start asset-backed securities sales 2015-01-16 08:12
China banks' 2014 new yuan lending hits record high 2015-01-15 13:34
Asia not need to worry about health of European banks 2015-01-12 11:06
China tells banks to check for illegal activity in the forex market 2015-01-07 11:19
Curbs on banks' yuan trading to be relaxed 2014-12-31 07:08
Today's Top News
Chinese stocks dive most in 7 years
Peter Hessler: Comparing Egypt with China
50% of French agree with limiting freedom of expression: media
Missing 'brides', a hidden hurt for 'leftover' men
Belgian police kill two in raid on suspected Islamists
Chinese fleet brings out the crowds in visit to Britain
US, German urge implementation of ceasefire deals in Ukraine
Obama hosting UK's David Cameron for working dinner
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
CES: Spotlight on Chinese gadgets |
Yearender: What happened around the globe in 2014 |
National Memorial Day for Nanjing Massacre victims |
Corrupt female officials spark debate |
Blue skies ready to greet APEC |
Growth pangs |