Compared to global peers, China’s financial sector has been doing well since the onset of the global financial crises. However, the country’s financial sector is changing rapidly as executives face many challenges.
Market reforms such as interest rate liberalization and the update of digital technology have made it easier for foreign providers and other internet-based companies to enter the Chinese financial market and vie for market share.
In addition, with innovative business models powered by analytics, and deeply rooted in customer-centricity, internet-based companies have become strong competitors to the banks in segments such as payments, credits and insurance.
By creating direct channels for reaching out to their customer and understanding their needs, these companies have spread awareness about the many options available to customers.
Based on 3,000 consumers across 22 cities, The Accenture China Consumer Survey 2013 reveals that financial services companies need to use digital technology fully. This medium will help them build new relationships based on customer experiences if they hope to realize their growth potential.