Shanghai banks are becoming nicer, responding to shifting customer expectations, says McKinsey
Chinese banks are changing tact in the wake of changes wrought by the way tech companies, retailers and other innovators approach urban consumers
The banking industry in China is responding to changes in client expectations by urging branches to be more sensitive to the customer experience and provide differentiated services, according to global consultancy McKinsey and Co.
“Banks need to learn from other sectors, including technology, consumers goods, hotel, and new retail operators to improve the customer experience,” said John Qu, a senior partner at McKinsey.
Banks that can resonate with customers and provide personalised services will gain an upper hand over rivals, he said, stressing the urgency for transformation in customer service in the financial industry.
Banks in China, including foreign lenders, are investing heavily in new technology, reflecting the new emphasis on reaching customers.
Earlier in January, Standard Chartered opened two separate outlets in the K11 shopping centre on Huaihai Road in downtown Shanghai.
One outlet, in an attempt to create a unique client engagement, offers hi-tech interactive equipment, including a virtual reality game machine and a device that can produce short selfie videos with famous scenic spots -- such as the Eiffel Tower in Paris -- in an attempt to create unique client engagement.
