There is growing demand in China's personal financial services market while consumers are dissatisfied with existing services, according to a survey in Shanghai by AC.Nielsen.
According to the survey, though Shanghai people don't know much about personal financial services, they are very interested in it. Among the interviewees with a monthly income of more than 2,500 yuan (US$301), 65 percent expressed an interest in international credit cards. Up to 68 percent of interviewees aged from 18 to 24were interested in international credit cards.
Most Shanghai people surveyed were dissatisfied with existing financial services, complaining that banks and insurers don't offer enough product knowledge and professional advice.
According to the survey, most interviewees said the financial services institutes do not offer enough information, communication and suggestion. They also said the attitudes of personnel are often unsatisfactory and ATM machines are often out of service. The personal financial service system in Shanghai cannot meet the growing demand of the consumers, said a survey analyst.
More foreign and small banks are trying hard to claim more of the personal financial services market. According to the survey, though Shanghai people prefer to choose domestic banks, they are likely to turn to foreign banks if domestic banks cannot offer satisfactory services. Up to 39 percent of interviewees said they would like to try foreign banks if their services are satisfactory.
The survey indicated that young people and high-income groups are very interested in foreign banks. Many interviewees said they believe small and mid-size banks offer better services than the large banks.
(eastday.com June 6, 2002)