China’s financial services industry is a combination of old banking providers; fast moving, highly scaled technology companies that have just acquired banking licenses but seek to go global; a new cadre of startups; and non-Chinese service providers seeking a way into what will soon become the world’s most dominant economy.
Ten years ago, China’s Big-5 banks controlled the banking scene, but over the last decade, new entrants have dramatically increased competition in the market. No longer can the Big-5 rest on their laurels. In addition to competition, a new generation of customers now hold sway, and those customers want to integrate tech into every aspect of their life.
Now, add into the mix a new generation of people who have grown up with the smartphone and are comfortable with the large technology platforms that dominate ecommerce. here is the receipe for disruption.
In this new report we polled over 1,000 millennials for their views on banking and tech alternatives in the fast changing Chinese financial landscape. You can find the report here.
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