| iResearch: China Online Bank Transactions Increased 163.1% in 2007 |
| 2008-03-07 |
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 Take the launch of China Merchants Bank¡¯s ¡°all in one net¡± service in 1998 as the starting point, China online banking industry is entering its 10th year. The rapid development of Internet provides a strong hardware foundation and a huge number of users. The gradually warming up financial market also stimulates the development of online banking industry, and directly led to the explosive growth of online banking transaction in 2007.
According to latest data from ¡°2007-2008 China Online Banking Industry Research Report¡± to be released by iResearch, China online bank transaction reached 24580 billion RMB in 2007, that¡¯s an increase of 163.1% sequentially.
Active financial market promotes the development of personal online bank
Enterprise online banking transaction, which increased 157.6% to 23000 billion RMB in 2007, accounts for over 90% of online banking transaction. However, personal online banking is also remarkable. According to iResearch, personal online baking transaction increased 284.6% sequentially to 1580 billion RMB.
iResearch¡¯s study shows that the active financial market has great impacts in personal online banking transaction. During the past two years, the stock market has accelerated the development of personal financial market including funds, notes, stocks, which obviously increased personal online banking transaction. Thanks to the market opportunity, banks improved their products and services, as well as security. All these factors made personal online banking transaction increased much faster than enterprise online banking. iResearch estimated that share of personal online banking transaction will increase steadily and is expected to exceed 10% in 2009.
Opening up of domestic financial market will intensify online banking competition
According to data from iUserTracker, a continuous netizens behavior monitoring software, netizens are paying more attention to online banking service. Online banking user amount keeps growing quickly in 2007. The popularity of online banking service will attract more concern and investment from both domestic and foreign banks.
By interviews with experts, iResearch found that developing online banking business has became an important strategy of most commercial banks. Banks increased investment to online banking business because of its low-cost and convenience. Besides, the rapid growth of China¡¯s e-business and online payment industry also accelerated the development of online banking business.
Meanwhile, with the cancellation of regional and business restrictions to foreign banks, foreign banks development in China has entered a new stage. Online banking, as an advantage business to domestic banks, will achieve rapid growth with its advanced products and services and became a strong competitor.
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