Rise in retail banking expected
CHINESE banks will rely more on revenue from retail banking as market liberalization erodes their loan profit margin, a private report showed.
By 2020, retail banking is likely to provide 40 percent of total banking profit in China, up from just 10 percent on average currently, consultant McKinsey & Co said yesterday.
Wealth management, consumer finance and small and micro business banking are likely to be the top-three drivers of retail banking, accounting for more than 70 percent of the retail banking sector by 2020.
Banks are suffering an erosion in their loan profit margins as curbs on interest rates continue to ease, while corporate banking will become less profitable, Fang Xiyuan, McKinsey’s Hong Kong-based associate partner, told Shanghai Daily.
Over 50 percent of existing bank outlets will be transformed to meet the demand of Internet banking services.
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