The social aspect of everyday interaction has become a fundamental part of the way in which we navigate our world. The rise in socially aware, knowledge-seeking and participative customer suggests that a fundamental shift in business-customer interaction is inevitable. Chinese financial institutions, in particular banks, have undergone (and continue to undergo) huge changes in the way they operate, are governed, and interact with the landscape around them. With such unprecedented growth and huge numbers of clients, the next challenge for Chinese banks is one of sustainability.
As they shift further away from the auspices of the Chinese government, part of this evolutionary cycle has to be the re-evaluation of the customers’ place in the business and how they serve as tools for innovation and growth. Faced with the pressures of a rising competitive market, as well as the emergence of private banks, an understanding of the changing societal landscape will be crucial for Chinese banks to secure their dominance.
Written by: Daniel Charvat