The total individual deposit balance of the Postal Savings Bank of China (PSBC) exceeded 8 trillion yuan (about $1.14 trillion) on December 13.
PSBC bears inherent characteristics of a retail business. With its unique business model of “self-operation + agency”, the nearly 40,000 business outlets of PSBC reach down deeply and extensively, covering 99% of cities and counties in China. The enormous network advantage and huge individual customer resources of PSBC have become consistent driving forces for the development of its savings business.
Since the beginning of this year, the Postal Savings Bank of China has accelerated new retail transformation and optimized customer service. The number of its individual customers has increased steadily and exceeded 600 million, boosting the quantity and quality of its savings deposits. In terms of customer acquisition, the Bank first acquired customers in batches through key projects such as PSBC and Tencent co-branded debit cards and financial social security cards to consolidate its deposit foundation. Secondly, it promoted the coordinated development of corporate and individual business and fully expanded agency services to drive deposit growth. Finally, based on the concept of opening-up and win-win cooperation, the Bank has strengthened cooperation with Internet companies, driving traffic through Internet platforms and broadening the channels for customer acquisition. In terms of customer activation, PSBC, on the one hand, has further enhanced business acquisition, promoted the construction of micro business circles and strengthening the retention and development of the merchants by tackling their pain points in payment methods, transfer time, fees and costs, account verification functions and other aspects. On the other hand, PSBC has promoted the correlated transactions of the business-end and customer-end by fostering the development of business circles, forming a healthy ecosystem of the issuance and use of bank cards; it has also launched a brand-new online mobile application Youchushitang (PSBC Canteen). All these measures have provided customers with better comprehensive financial services and non-financial value-added services and enhanced customer stickiness, which may eventually generate more deposits for the Bank.
In the future, PSBC will continue to adhere to the philosophy of inclusive finance and the concept of customer-centered service, continue to enrich its financial products, striving to improve its capabilities of customer service, and providing customers with better, more convenient and efficient financial services.