Citibank china announced recently that it has started to provide its clients with a "Financial Needs Analysis" tool, which helps users manage their wealth "scientifically."

　　Consumers in China can access this online model to get advice on growing their wealth. The service's key focus is on family and business goals, children's education and retirement.

　　After submitting some basic financial information, consumers can get a picture of their financial needs and shortfalls, allowing them to take a scientific and rational approach to personal wealth management and investment plan commensurate with their risk appetite.

　　"We are committed to promoting improved customer service in the local financial market," said Richard Stanley, country corporate officer of Citigroup China.

　　Bank of China's Shanghai Branch, the largest forex lender in the city, also set up two new personal financial management centers in Jing'an and Pudong districts last month.

　　"The centers can help clients design their investment portfolios in a bid to yield the highest return," said an official of BOC. So far, BOC has already established five such centers in Shanghai.

　　Local residents, especially the rich, need sound financial and investment advice from financial institutions to help them prepare for their retirement and other needs.

　　Local commercial banks attracted new renminbidenominated household savings worth 62.15 billion yuan (US.5 billion) in the first half of this year, a year-on-year rise of 18.8 billion yuan, according to the People's Bank of China's Shanghai Branch.

　　About 66 percent of the savings accounts are fixed deposits.

　　"It shows that there is still plenty of room for local residents to invest," said the central bank in a statement.

　　The financial advice services are provided free because the banks are trying to attract potential customers as they build up brand awareness.

　　"Foreign banks lagged far behind in terms of brand awareness, compared with its domestic rivals," said ACNielsen in its latest financial survey of 7,500 consumers aged 18 to 54 in Beijing, Shanghai and Guangzhou. The percentage of consumers recalling any foreign bank's name is less than 30 percent.