Banking：Unequaled game between Chinese and foreign players

　　◆By Wang Qiang

　　The personal money management services provided by the banks have been quite adequate in countries and regionsswheresbanking is developed and have established a set of mature modes.There are no exceptions with banks such as Citibank, Hongkong Shanghai Banking Corporation, Hang Seng Bank, Standard Chartered Bank, and Bank of East Asia.

　　In China, however, such service is still in the stage of exploration. Industrial and Commercial Bank of China, Bank of China, Agricultural Bank and Bank of Communications have put forward the conception but have not yet established some mature modes as well as a series of effective operational processes and service concepts.

　　As far as market space is concerned, the situation is just the opposite.Foreign banks have entered the Chinese market but the scope of business is small; the domestic banks have fewer restrictions but are lagging behind in services.Hence, the Chinese and foreign banks have both strong points as well as weak points, and they are engaged in an unequaled game on the market of China's personal financial services.

　　Standard Chartered Bank's Puxi Branch in Shanghai is situated at the bustling West Nanjing Road.Though opened for two months only, it is operating smoothly in line with the matured mode of business.The customer gets polite and professional services in accordance to his or her needs in personal financing.Such differentiated services are quite common overseas, and Standard Chartered has now introduced them to China.So have other foreign-owned banks.Citibank set up a branch at the bund in Shanghai March this year, taking lead in providing differentiated services to Chinese residents.Then the Hongkong Shanghai Banking Corporation, Standard Chartered Bank, Hang Seng Bank, Bank of East Asian, etc. followed suit in setting up similar branches providing similar services.

　　The products offered by Standard Chartered to Chinese residents are very limited, covering only foreign currency deposit and foreign currency housing mortgage services.That is no comparison with other foreign-owned banks that can provide hundreds or more than a thousand products to customers.But the foreign-owned banks take a very positive attitude.

　　?Standard Chartered is very patient,?said Miss Qian Jing, chief of public relations of Standard Chartered Bank in China.the pace of opening up is set by the People's Bank of China.What we should do is to train personnel as early as possible and study the new businesses so that we can operate as soon as we are allowed to do them.?

　　Miss Qian asserted that the few products offered by foreign-owned banks may be similar but the services are different.At Standard Chartered, there are financial planning consultants in the business hall and customer service managers in the VIP section. They should be good at communicating with the customers, making them feel relaxed, finding out their needs and giving them plans to satisfy their needs.They are trained to think from the angle of the customers, and once the customers realize this, they will feel at ease and business will follow.In the VIP section, special attention is paid to protecting customer's privacy.

　　Such are the norms of service followed by foreign-owned banks.Yet the Chinese banks are still probing.

　　Nevertheless, various banks have taken some actions.In June 2000, the Shanghai Branch of Industrial and Commercial Bank of China set up a money management section composed of 6 clerks.On June 28, 2002, Bank of China's Shanghai Branch also formed a personal financial planning center.Bank of Communications and Agricultural Bank have done the same.But various banks have different models and their concepts on personal financing are not alike.

　　Mr.Guan Jian, chief of personal financial planning section in Bank of China's Shanghai Branch, said that the main purpose of setting up the center was to convenience the customer.Customers with big assets have more needs to satisfy and more complicated procedures to go through.They can get good services at the center.This also gives more convenience to ordinary customers.

　　The Merchants Bank is still developing its personal financial service scheme and expects to launch it early next year.Mr.Wu Wei, business manager at the personal banking department of the bank's Shanghai Branch stated:The new plan is mainly to offer financial arrangements and differentiated services to medium and higher level customers in accordance with their special requirements.It will also cater to ordinary customers, shifting from public services to individual services.

　　The financial department of the Agricultural Bank's Shanghai Branch was formed in August last year.Its deputy manager Ms Xue Rong declared that the department aspired to achieve three goals:First, integration, i.e., to provide integrated service to customers for insurances, funds, securities, national bonds, etc.Second, professional service.And third, differentiated service, i.e., to let different customers enjoy different services.Ms Xue admitted that the forms of service were not mature yet.They still had difficulties to serve large numbers of customers.

　　Up to now, various banks still haven't formed a clear plan about the modes of personal money management.Ms Xue likened the situation to that of the Warring States period in Chinese history.She said:every bank is putting forward its own mode but after a period of time, one kind of mode is bound to emerge.No matter what kind, the customers will enjoy the best and most efficient service.

　　The Chinese banks still need some time to produce a mature mode for their business of personal money management services.