The consumer credit market in China has the potential to grow
more than fourfold to 2.35 trillion US dollars from the current 500
billion US dollars, a survey released on Thursday shows.
This huge potential, however, would not easily become a reality,
since most Chinese banks need to improve their marketing and
analysis, said the survey on consumer credit practices in the Asia
Pacific region.
The survey was conducted by the Asian Banker, a Singapore-based
financial services research and intelligence firm.
Almost 65 percent of Chinese banks surveyed said they were
unable to target appropriate customers for their consumer credit
offerings.
The survey said banks in emerging economies like China and India
often use broader-based approaches to customer acquisition, while
those in Singapore and Australia have adopted more advanced
marketing strategies in customer segmentation.
Meanwhile, 58 percent of Chinese banks considered making
effective use of credit bureaus and historical data as major
challenges.
The survey also said the consumer credit market in the
Asia-Pacific region has the potential to more than double to 8
trillion US dollars from the current 3.9 trillion US dollars.
(Xinhua News Agency November 23, 2007)
