A sizeable portion of Chinese customers are willing to try new methods that may offer them increased convenience over the current need to go to the branch for any problems. Due to the sluggish pace of personal banking in China, consumers have shown added interest in electronic services that will shorten the time they spend in any bank branch. Chinese consumers have also expressed interest in using the internet more in finding out about new products and services as well as using the internet more in addressing account problems.
Among the report’s insights, was the finding that in both the United States and China, a low level of trust in system security remains a considerable obstacle for the integration of social media in banking. Although Chinese consumers seem to be slightly less sceptical than their American counterparts, both groups are unconvinced that social media is a safe route through which banking transactions can be conducted. Although if consumer confidence can be instilled in the safety as well as the privacy factors in social media, both groups would welcome a more technologically advanced system since they believe social media can make their banking experience more expedient and convenient.
With hundreds of millions of individuals in both China and the United States partaking in social media activity each and every day, possibilities of combining social media with other aspects of life are constantly being discovered and experimented with. The key to a successful implementation is the correct assessment of the public’s level of readiness before taking swift action to modernize.
Kapronasia’s latest report “Social Media and Banking in China” takes a comprehensive look at how social media will change the personal banking landscape in China as well as the attitude both American and Chinese consumers hold toward the use of social media in the future. This report, the first of its kind in examining the realm of social media and banking in China, lends many key insights critical to understanding the thoughts and actions of Chinese consumers. These and other findings will be discussed in detail during a Kapronasia webinar on the Social Media and Banking in China” report in early April.