China Banking Market Research 2023

Innovation thrives amongst Chinese commercial banks, but state-owned banks continue to dominate China’s banking market.

• Chinese state-owned banks dominate in both B2C and B2B markets, enjoying high familiarity and awareness
• Highly competitive Chinese banking landscape is fostering healthy differentiation among commercial banks, particularly in retail banking
• Banks increasingly looking to actively engage more diverse demographics through promotional activities and events
• China Merchants Bank and China CITIC Bank lead B2C market innovation, showcasing market-leading capabilities
• Non-Chinese banks excel in offering a competitive B2B price premium, China CITIC Bank leads for China commercial banks, highlighting high perceived value of services to customers
• Conveniently located ATMs & branches is the key driver of consideration in B2C market, while valuing relationships with businesses is top for B2B
• Environmental, Social, and Governance (ESG) initiatives continue to play apivotal role in Chinese banks’ brand strategies and communication