Global fintech and funding innovation ecosystem

Chinese Retail Banks Scored 55% Net Promoter Score. Here’s What They Are Working On Next

Bain & Company | Frankie Leung, Scully Cui, and Lei Zhang | Jan 19, 2023

What chinese retail banking customers want - Chinese Retail Banks Scored 55% Net Promoter Score.  Here's What They Are Working On Next

Image: Bain & Company

In mainland China, the retail banking industry is shifting toward quality growth over quantity.

  • Retail banking is on the rebound now—but in an entirely new set of market conditions. Today’s banks are combating stronger competition, tighter compliance controls, and headwinds from volatile macroeconomic conditions.
  • Bain & Company surveyed 1,800 retail banking consumers in mainland China from August to September 2022.
  • Mainland customers are happy with their primary financial institutions. Net Promoter Score percentages are strong and steadily increasing. In 2022, approximately 55% of retail banking customers in mainland China said they would recommend (or “promote”) their primary bank.

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  • What Chinese customers want to take their digital banking experiences to the next level:
    • Omnichannel:  Mobile and online banking are the most frequently used channels among the retail banking consumers we surveyed. Consumers interact with their bank via mobile app about 15 times per quarter, which is five times more often than they visit a physical branch. Mobile banking also has the highest correlation to positive overall customer experience.
    • Physical branch experience can convert customers into net promoters:  Branch interactions stand out because they often occur during complex or emotionally charged episodes. Customers say they prefer in-person assistance with mortgages, wealth management, and large cash transactions—“moments of truth” that can make or break their sentiment toward the bank.
    • Super app functionality:  On average, customers are happy with their banks’ mobile apps, but they want more features. They want more functionality, plus access to rewards and lifestyle services. They also want mobile apps to be intuitive
    • Customers want human and digital wealth management services:  Digital channels are used for most wealth management interactions, but customers aren’t ready to give up human services altogether. Physical branches and customer hotlines are still essential for parts of the journey and for certain customer segments.

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  • How can banks become more customer-centric:
    • Create segment based customer insights and propositions
    • Create a seamless customer journey
    • Optimize human and digital engagements

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