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Reputation of Financial Services

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Reputation of Financial Services China Report Financial Services of Reputation REPUTATION OF FINANCIAL SERVICES CHINA REPORT Foreword 3 Key Takeaways 4-5 Economic Outlook & Consumer Attitudes 6 Perceptions of Financial Services 9 Attitudes of Risk 13 Consumer Concerns & Choices 14 Financial Sector Facts 17 Asset Management 18 Banking 19 Credit Cards 20 Financial Advisors 21 Fintech 22 Insurance 23 Private Equity 24 Venture Capital 25 Payment Systems 26 Trusted Financial Services Brands 27-29 About North Head 30 Finance is the lifeblood of the real economy. Serving the real economy is the duty of finance. It is the purpose of and the fundamental measure of finance to prevent financial risks. --Xi Jinping, President of PRC, National Financial Work Conference，June 2017 Throughout this survey report: ‘China’ refers to the mainland of the People’s Republic of China, ‘Hong Kong’ refers to Hong Kong Special Administrative Region 2 FOREWORD The 2008 financial crisis was a watershed moment for the reputation of financial services around the world. In North America and Europe it was a period characterised by bail-outs and institutional insolvencies while ushering in the “Global Financial Crisis (GFC)” or “great recession.” However, in November 2008 China launched the “great stimulus”. This ensured that most of East Asia was only tangentially affected by the GFC. Ten years ago China represented 6% of global GDP, while today it is close to 16%. But success was achieved by reliance on debt which impacts the Chinese economy to this day. China’s financial services industry did not suffer the same kind of deep, long-term John Russell reputational damage that occurred in the US and the EU. Still, the legacy of the crisis Managing Director and efforts to mitigate its worst effects live on. North Head 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, creating opportunities for both foreign and domestic investors. While some financial sectors remain underdeveloped, the industry has seen rapid growth and transformation overall. The sophistication of its fintech ecosystem is unmatched elsewhere. Consumers are early adopters of technology, leapfrogging from cash to digital payments and savings accounts to digital wealth management. The rise of an affluent class, demographic trends, and opening-up of China’s financial services market point to a strong growth outlook for the sector. 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 survey bears important practical guidelines for those seeking to win over increasingly sophisticated Chinese consumers in a fluid and increasingly competitive marketplace. The index also 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. I hope the findings will be useful to companies and individuals working in financial services in China. But more so, I hope they highlight where greater focus is required and what companies need to do to advance their reputations. 3 KEY TAKEAWAYS Overall, North Head’s survey paints a positive picture. Young optimists & old cynics 83% of Chinese consumers had a favourable perception Chinese consumers were more polarised in their of the industry. However, there is a large variation of attitudes to financial services. Younger people trust levels across specific financial sectors. Notably, under 35 were more positive than in other markets, payment systems (96%) had the most positive views, while those over 40 were more negative than their followed by banking (87%), and credit cards (83%). At peers elsewhere. Younger consumers believe that the other end of the spectrum, venture capital (60%) financial services have improved their reputations in and private equity (52%) funds have significantly lower the past decade, primarily due to more regulations levels of awareness, trust and reputation. and transparency. Older people were more likely to Institutions trusted rather than their people believe that financial services have not become more trustworthy and that where there was progress it was Financial institutions are more trusted than individuals due to more competition. working within financial services. Bankers in China are lowly ranked, compared to police, lawyers, journalists, Data security paramount concern, then honesty and government officials which all scored higher. Those Data security is the top concern of Chinese consumers financial sectors dependent on individuals providing when dealing with financial services. Almost half (48%) advisory services such as accountants, insurers, were most worried about data theft, a much higher wealth and asset managers are generally viewed less level of concern than in Hong Kong (23%). Protection favourably. Securities and equity markets are seen and use of data weighed most heavily on consumers’ as high risk, constituting a weak link with detrimental minds for banks, credit cards, and payment systems. reputational effects for a number of sectors such as insurance, asset management and private equity. Honesty was the second biggest concern for the sector as a whole, and the number one priority with insurers, Technology and fintech are “winners” financial advisors and asset managers. Over 70% Chinese consumers have fully embraced fintech. of consumers felt dishonesty contributed to overall Digital-based financial services enjoy higher levels of negative perceptions of financial services. Notably, trust than their traditional counterparts, and this was the performance of financial products was less of a consistent across all age groups. While in Hong Kong concern, ranking outside the top three for every sector. the reverse is true. Of consumers that believe financial Enhancing reputation services have become more trustworthy in the past decade, 40% feel it is largely due to digital technologies, Transparency ranked top when consumers were asked more so than in other markets. Over 90% of Chinese how the industry could enhance its reputation, with consumers believe digital financial services are as, if 68% sharing this view. Improving customer service not more trustworthy than traditional ones. 83% of (58%) ranked second. Significantly, providing better Chinese respondents think that fintech companies are rates of return on products was only third priority. reputable, compared to less than 70% of respondents Chinese consumers’ preference for high rates of return in Singapore or Hong Kong. is the lowest in the region. 4 CONSUMER ATTITUDES IN 10 92% 68% rate digital services want more either more or transparency by equally trustworthy financial firms to Criteria for choosing a financial service provider as traditional services enhance industry Most consumers felt that it was important to choose providers reputation, next is a responsible corporation (90%). Having a good better customer CEO (79%) and a strong public profile (75%) follow service as the next priorities. All of these top three factors are important components for a firm’s reputation and branding. Regarding trusted sources of information, word 84% 66% of mouth is more important for China than other consider financial consider more surveyed markets. Friends or family (65%) or existing/ services positively, regulation as the past customers (52%) are the most trusted. Social and with younger reason why financial online media and bloggers are much less trusted than consumers most firms improved their traditional media. This hierarchy of trusted sources positive and older reputation over the has implications for marketing and communications people significantly past 10 years strategies. more negative Conclusions and Recommendations To consolidate positive levels of trust and build 77% 44% sustainable reputations: view investing in the variation in trust • Chinese consumers need assurance about stock and shares levels from payment “high risk,” even services (96%) to protection and proper use of data. higher than investing private equity (52%) • Actions and communications are required to with online P2P dispel pervasive fears of dishonesty and enhance platforms trust, especially for personal advisory services. Otherwise these areas are prone to technological disruption, particularly given that younger consumers readily embrace digital, fintech solutions. 74% 31% • Financial services can build trust by improving see cybersecurity of consumers have a transparency in all communications and offering and data privacy negative perception clear, simple value propositions. This may involve as their top of private equity with leveraging digital technologies. concern, followed another 17% that by defaulting P2P “don’t know” what • Caution is required for financial services which lenders and high private equity does entail equities and securities. house prices • Tailored messaging for market segments is necessary for resonance with young, mature and older consumers respectively, based on their prevailing attitudes and preferences. 72% 26% • There should be a valuable reputation dividend cited “dishonesty” rank bankers
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