Shenzhen Ping An Bank has linked up with Wechat, the most popular mobile instant message application (app) in China, to provide a series of online banking services including the marketing of structured products.
The service, which became effective yesterday, allows clients to check their bank account balances and to receive the latest product information - including information about structured products - via a chat balloon. If the client is interested in a new product, the app will notify an account manager to follow up. The service includes an online Q&A system to provide instant replies to different client enquiries.
A product manager from a state-owned bank told SRP that he believes such a change is nothing more than another way to provide and access information, and that it will not change the traditional way of selling structured products.
"If an investor wants to buy a structured product, he will still need to go to the branch to sign the contract," he said. "I don't believe that uploading the app will threaten the traditional way of selling products."
However, the source added that with 450 million users and a fairly low operating cost, Wechat is a perfect platform for the bank to use. In future, clients may be able to chat to bank representatives face to face in order to purchase wealth management products or conduct other business without going to branches by using the video chat function on Wechat.
Shenzhen Ping An Bank's move follows the launch of Alipay's online wealth management tool Yuebao last month.