In 2022, Bank of Jiangsu became the first urban commercial bank in the country where retail AUM broke through the trillion mark. After a lapse of two years, how is the Bank of Jiangsu's retail business developing? A few days ago, we learned from the Bank of Jiangsu that in the first quarter of this year, the Bank of Jiangsu added more than 100 billion yuan in retail AUM, and the total scale exceeded 1.3 trillion yuan. The asset management business side continued to gain strength.
Thanks to deep insight into customer needs and accurate grasp of the product market, the Bank of Jiangsu is deeply involved in the wealth management market, comprehensively improving asset allocation capabilities, customer service capabilities, and technology-enabled business to meet the increasingly diverse wealth management needs of customers, and has taken wealth management to a new level.
Expand service reach and build an omni-channel wealth management system
As the quality of life of Chinese residents continues to improve, people's demand for personal asset preservation and appreciation is becoming more urgent. This trend has spawned the booming development of wealth management business. Compared with mature markets in developed countries, although China's wealth management business is still at its peak, its market potential and promising prospects cannot be ignored.
In order to welcome the “era of big asset management,” the Bank of Jiangsu proposed a “expand retail business and focus on wealth management” development strategy in 2021. In this context, the Bank of Jiangsu has established a customer-centered, comprehensive and refined wealth management system with its deep market foundation, extensive business network layout, excellent innovation ability and continuous investment in technology. Through continuous innovation and service optimization, the Bank of Jiangsu is committed to providing customers with better and more personalized wealth management services.
The Bank of Jiangsu continues to push forward the reform of the wealth management system and mechanism. Based on the three development elements of “full customer base, full channel, and full product”, the Bank of Jiangsu connects service nodes, breaks through service barriers, and integrates operational difficulties. The bank achieved full coverage of financial and private centers in 17 branches and promoted the “private advisor+investment advisor” hierarchical business model reform. The annual growth rate of financial and private clients remained above 20% for many years.
In terms of channel expansion, the Bank of Jiangsu innovates the “1+N” customer development model, insists on deepening community marketing, creates a “offline scene+online community” service model, uses business district services to boost consumption, and cooperates with friendly lifestyle alliances to create a new “1231” community merchant cooperation model: Relying on the “1” platform of the Bank of Jiangsu App, from attracting customers to scenarios, and “2” shifts from exploring demand for financial products to providing non-financial services, focusing on “3” kilometer popular merchants around the network and launching “friendly neighbor lifestyle benefits” A service brand to continuously improve the comprehensiveness of customer service and a sense of experience.
Build a boutique “supermarket” to meet the diverse needs of customers
The Bank of Jiangsu continues to strengthen its professional capabilities in wealth management development, such as “research,” “selection,” and “sales,” focusing on all products, optimizing product selection mechanisms and marketing strategies, actively promoting the opening and integration of retail product shelves, and continuously enriching the wealth management product shelf. Currently, the Bank of Jiangsu's wealth management products cover various directions such as deposits, loans, investments, credit cards, and insurance, forming a rich product line covering five categories and nearly 10,000 products, including cash currency, fixed income, equity, protection, and alternative investments.
Also, on September 19, 2023, a new fund selection brand, “Suyin Gold Choice”, was launched to select funds with excellent long-term performance. Since its release, the “Suyin Gold Selection” has shown a high level of professionalism, and the average performance of selected products has significantly outperformed the market index and similar products.
The Bank of Jiangsu is also strengthening the specialized construction of financial management subsidiaries to meet the diversified financial needs of customers. The “Source” series of wealth management products of its wholly-owned subsidiary Suyin Wealth Management include Qiyuan Cash, Hengyuan Fixed Income, Juyuan Hybrid, and Ruiyuan Equity, providing customers with a wealth of investment options. In 2023, Suyin Wealth Management paid investors nearly 12 billion yuan in revenue for the whole year, and the cumulative number of service customers exceeded 3.3 million. Many of its products received important awards in the industry.
For corporate customers, the Bank of Jiangsu launched the “Enterprise Investor” service brand to promote public-private collaborative marketing, and carry out circle services around “1000 enterprises and 10 billion” key enterprises, covering various aspects of enterprise management, investment management, wealth inheritance, etc., to form an integrated service system. The number of “enterprise investors” customers is growing steadily, and the total number is approaching 30,000.
In the field of pension finance services, the Bank of Jiangsu is actively writing major articles on pension finance. The bank has continuously deepened the construction of the pension finance system, launched an exclusive debit card and entitlement system for elderly customers, and held rich club activities for elderly customers to enhance the financial service experience for elderly customers. In addition, the Bank of Jiangsu has also made remarkable progress in personal pension services, successfully obtained a number of business qualifications, achieved full opening of personal pension accounts and coverage of consignment sales services, and continuously improved its market competitiveness in the field of pension finance services.
Deepen the construction of smart retail and add “wings” to wealth management
The Bank of Jiangsu continues to promote the digital transformation of wealth management, strengthen the construction of customer journey platforms and asset allocation systems, broaden online and offline service channels, focus on improving the depth and breadth of wealth management services, and better meet residents' wealth preservation and appreciation needs.
With customer experience as the center, the Bank of Jiangsu continues to deepen the construction of mobile banking scenarios, build an intelligent integrated financial service platform, and respond to customer needs in a timely manner. As an important vehicle for the bank's online financial services, the Bank of Jiangsu App can provide diverse services such as deposits, financial management, funds, and gold to meet customers' wealth management needs at different levels.
The Bank of Jiangsu is also deepening the application of intelligent technology in the financial field, promoting the intelligence, personalization and specialization of wealth management services, and providing customers with higher quality and more efficient wealth management services. By actively using big data and artificial intelligence algorithms, the Bank of Jiangsu has developed an advanced asset allocation system that accurately combines factors such as customer risk appetite, investment period, and market environment to tailor personalized product portfolios for customers. Through cooperation with internal and external wealth management experts, the Bank of Jiangsu has created a “cloud private banking” remote investment service platform to provide customers with more professional and efficient investment consulting services and help customers achieve wealth appreciation.
According to the data, the Bank of Jiangsu's mobile banking app has achieved a pure online operation of more than 90% of its investment and financial management business, demonstrating its strength in fintech innovation and digital transformation. By the end of 2023, the number of Bank of Jiangsu App customers had exceeded 18 million, and the number of monthly active customers exceeded 6 million, ranking first among domestic commercial banks, and achieved excellent performance in customer service and market expansion.
Source: Financial Industry News