North Head with support by ORC International has produced a report on Reputation of Financial Services in China. The report was issued on 24 January, 2019.
During the Global Financial Crisis China’s financial services industry were only tangentially affected and did not suffer the same kind of deep, long-term reputational damage that occurred in the US and the EU. Still, the legacy of the crisis lives on from the efforts to mitigate its worst effects by stimulus measures.
Leverage and shadow banking are now being addressed through campaigns to reduce financial risks and tackle indebtedness. The regulatory tightening and liquidity squeeze are creating headwinds for financial institutions and narrowing options for policy-makers.
Nonetheless, efforts to modernise and open-up the financial system continue. While some financial sectors remain underdeveloped, the industry has seen rapid growth and transformation overall. Yet, a stream of negative publicity has hurt the image of financial services, including defaults of peer-to-peer (P2P) lenders, data breaches, stock market volatility and fraudulent practice by asset managers.
Trust and reputation emerge as priority attributes. This report bears important practical guidelines for those seeking to win over increasingly sophisticated Chinese consumers. Also, it shows that trust levels vary significantly across different sectors and consumer groups, with particular concerns and sensitivities quite different from other markets in the region.
You can find more information and download the report here.