The Study On Consumer Banking Service: Foreign Banks And Local Banks In China Mainland

According to the study report released by Mckinsey & Company, in the coming 10 years, there will be a fundamental change in China's Banking Industry - the source of profit will change a lot, which means that Consumer Banking will grow at a faster pace and Corporate Banking's share in the total profit will decrease by 50%. This report shows a most potential and promising future of Consumer Banking in China.China's financial market will completely open soon. On this special occasion foreign banks all try their best to grasp more market share and high-quality customers; meanwhile local banks have made their own effort to embrace the fierce competition.Chapter 1 introduces the research background information, including the topic choosing, definition explanation, research framework, creativeness of this paper and points for further improvement as well.Chapter 2 explains the specific meaning of Consumer Banking and Consumer Banking Marketing, covering a brief introduction of their respective historical development in China and other western countries, and the present situations.Based on the above study, Citibank, HSBC, ICBC and CMB are picked as the examples of foreign banks and local ones for detailed case study in Chapter 3 and Chapter 4. Their Consumer Banking services are clearly described and discussed in these two chapters and particularly, the local banks' recent responses and efforts, which is to get prepared for future competition, are paid great attention to.In line with the 7Ps Theory in the Service Marketing, in Chapter 5, comparison is made between foreign and local banks, in the following 7 aspects - Product, Price, Place, Promotion, People, Physical Evidence and Process. A SWOT analysis is then applied to list their different features and advantages. It is quite clear to know that foreign banks enjoy much more advantages over local banks in the Consumer Banking part.Finally some proposals are made, which are expected to make due contribution to the local banks for their growth and improvement.