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ICBC Awarded the Best Retail Bank, with Its Financial Assets of Personal Customers Exceed RMB15 Trillion

Chinese banks have been racing to expand their footprints in retail banking over recent years. ICBC, endowed with huge customer base, excellent service capacity, leading technological strength, strong risk control ability, and prominent brand value, was rated the “Best Large Retail Bank of China” by the Asian Banker magazine in its selection of the “International Excellence in Retail Financial Services Award 2020”. Earlier on, ICBC topped the list of the most valuable retail banks worldwide released by the Banker, with its retail brand value amounting to USD35.39 billion.

As a large state-owned commercial bank, ICBC always pursues a people-centered approach to propel high-quality development of its personal banking business. The bank has taken root in serving the real economy, and facilitated the formation of a new development pattern, with a view to rendering customers with a full package of financial services in higher quality, with more extensive coverage, and at a higher level.

ICBC Offers Quality Wealth Management and Housing Mortgage Products to Help Chinese People Lead A Better Life

As of the end of November 2020, ICBC saw its personal customers’ financial assets under management exceeding RMB15 trillion, of which RMB savings deposits went beyond RMB10 trillion and personal wealth management products crossing the RMB2 trillion mark, while sales of public funds and agency government bonds continued to lead the market. Among other indicators, its personal loans secured a balance of over RMB6 trillion.

With respect to personal financial assets and services, ICBC is committed to helping customers on wealth preservation and appreciation, and ultimately realizing their targets of wealth management. Today, savings deposit is still the primary wealth management product the vast majority of Chinese people. Given this, the Bank has continued to intensify innovation in savings deposit, rolling out a great variety of flexible deposit products by taking into account all sorts of customer needs, including those of employers, construction project owners, and merchants under different scenarios. To cater to the public’s diversified needs for wealth allocation, ICBC developed the AI index funds which were based on the application of financial technology (FinTech), and launched a more abundant range of equity funds. Of these, the AI index funds posted a yield rate of 43.8% since the beginning of the year, beating the gains of Shanghai Composite Index in the same period by 34 percentage points, and bringing customers with considerable returns on investment.

To help Chinese people realize their long-cherished dream of “happy residence”, ICBC, upholding the principle of “houses are not for speculation”, has been earnestly implementing the macro control policies mapped out by the state for the real estate market, preferentially extending housing mortgage loans to first home buyers or those with real demands. So far, the Bank has granted 90% of its personal housing mortgage loans to first home buyers, greatly satisfying the housing needs of the numerous newcomers amid the urbanization process.

Enhance the Availability of Inclusive Financial Services to Start-ups

Small and micro enterprises (SME) and self-employed businesses, the crucial to stabilize employment and stimulate consumption, have been severely battered by the sweeping COVID-19 pandemic and the resulting economic downturn. To better serve the start-ups and individual business owners, ICBC has strengthened innovation in inclusive finance, with a view to making financial services more convenient and cost-effective.

With respect to financing service, ICBC has kept unveiling innovative financing products and services targeted at SMEs and self-employed businesses. For example, the inclusive financing products which could be secured by collateral, pledge or credit were launched specially for SMEs, making it possible for SMEs to get better financial services. As to personal loan, ICBC designed a host of innovative products, including the business loans secured by the personal houses of SMEs and self-employed businesses as well as the personal e-Mortgage Quick Loan, e-Commerce Aid Loan, and business loans secured with personal financial assets, in order to meet their financing needs. So far, the personal business loans at the Bank approached RMB500 billion, up RMB180 billion over the beginning of the year. Furthermore, the interest rates on these loans are fairly low compared with the market average. In doing so, ICBC strives to enable enterprises and merchants to access affordable financing, help them weather through the ongoing difficulties, and attain sustainable development.

When it comes to serving the vast working population, ICBC tries to embed its financial services to as many customer scenarios as possible. Given how enterprises operated amid the pandemic, the Bank creatively introduced “ICBC e-Wallet”, an online agency payroll service. With the help of FinTech, ICBC’s payroll account opening service was made available to enterprises’ office systems, official website and WeChat public account/applet of ICBC Link, etc., so that employees, whether holding an ICBC account or not, could open an ICBC e-account for receiving salaries and allowances of all sorts. So far, the service has been used by nearly 100,000 employees from over 1,000 enterprises, covering 400,000 transactions on wage and allowance payment.

Intelligent Risk Control Measures Adopted to Safeguard Customer Accounts

The telecom- and net-based fraud cases, as a new type of financial crime, have severely interfered with the normal financial order and threatened the wealth security of the vast public in recent years, plaguing the Chinese society, and raising more demanding requirements for the security of personal financial services.

In response, ICBC developed and debuted the “ICBC Smart Guard” account security management service. Available for personal customers free of charge, the service lifts the account security management to a higher level. To be specific, the service offers “account security check” function, which allows users to perform an overall health checkup on their accounts and provides users with solutions. With the “account security lock”, part of the service, users can enable or disable the account-trading authority based on their trading habits, from regional or temporal dimensions. In this way, users are allowed to personalize the way they manage ICBC card accounts, in accordance with their using habits and security needs. So far, over 64 million personal customers have benefited from the service.