Banking on Asia
Banks across Asia are undergoing a profound transformation - cultural as well as operational - in an effort to capitalize on the region’s growth.
Ten years ago, going to the bank was an unpleasant chore for Dr. Wanzhen Xie. Her bank had only a few offices for citizens in her home city of Guangzhou, China. She had to wait in a long line to transact her business. When she finally reached the teller window, the staff treated her indifferently. The concept of bank service was foreign in an economy that, in spite of incipient reform, was still state controlled. Yet the doctor had little choice. China’s fledgling investment markets were too risky for the average saver. The banks were otherwise the only place a consumer could earn a reasonable rate of return.
Today, China’s banking landscape has changed in ways that are nothing short of astonishing to Wanzhen’s generation. Convenient bank branches seem to have sprung up all over Guangzhou. Instead of waiting in line, she can take a number and sit comfortably until she’s called.
