The bank capitalises on open ecosystems to maintain leading position in active digital customer base, and holds a leading 10% share of China’s private wealth market, 43% higher than the second placed player. It also ranked first in China in the net promoter score (NPS) based BankQuality survey
October 06, 2020 | Hugh Zeng- Continuous enhancement in customer experience helped secure the bank’s retail customer base with highest market share in retail deposit among joint-stock retail banks
- The bank accounts for a leading 10% market share of China’s private wealth market, 43% higher than the second placed ICBC
- The bank provided financial support to corporates and donated to charitable organisation during the COVID-19 pandemic
China Merchants Bank (CMB) was awarded Best Retail Bank and Best Wealth Management Bank in Asia Pacific and China at The Asian Banker International Excellence in Retail Financial Services Awards programme 2020. The bank also won Best Ecosystem Project under the products and service awards.
This year’s assessment of the Best Retail Bank in Asia Pacific was disrupted and delayed by the COVID-19 pandemic. To ensure the rigor and comprehensiveness of the evaluation, the assessment was expanded to consider banks’ response to the pandemic. In addition, it also incorporated customer derived net promoter score-based ratings from the BankQuality consumer survey on retail banks, including how they helped customers during the COVID-19.
CMB beat leading consumer banks from the region such as South Korea’s Kakaobank, India’s ICICI Bank, Singapore’s UOB and Taiwan’s CTBC Bank to emerge as the best retail bank in Asia Pacific. Based on the evaluation scorecard, the bank scored high in areas such as customer experience, sales, brand and risk management while steadily consolidating its position with the use of advanced technology in artificial intelligence and data and analytics.
With the strong ecosystem it has built via its CMB App that now exceeds 100 milli...
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