Three "playing methods" of Bank of Shanghai, approaching Bank of Shanghai | Broadening the "circle of friends" in pension finance
On May 7, the Bank of Shanghai held a performance briefing for 2023 and the first quarter of 2024. At the meeting, pension finance received attention as one of the bank’s featured businesses. Relevant data shows that Bank of Shanghai ranks first in the pension financial development market share in the entire Shanghai area, and according to the annual report, pension customers contribute 50% to the bank's retail customer AUM.
Behind the brilliant data is a unique "playing method" that Bank of Shanghai has explored after years of intensive work in the pension financial field; and behind the "playing method" is its original intention to create warm pension financial services.
Shanghai has a high proportion of elderly people and a high degree of aging; it is also one of the cities at the forefront of the social reform of pension payment. In this process, Bank of Shanghai became the first bank to undertake the payment of pensions, thus forming a strong accumulation of customers, experience, brand and other advantages in the pension financial business.
By the end of 2023, the number of Bank of Shanghai's pension distribution customers will exceed 1.58 million, and this number has always ranked first in the Shanghai area.
In the process of serving the elderly customer base, Bank of Shanghai has gone through changes and constantly explored new ways.
In recent years, the Bank of Shanghai has deeply connected with the government and social institutions providing services for the elderly: connecting with government departments such as the Shanghai Social Security Center for policies; and connecting with social institutions such as community canteens and health care institutions for services.
In the process of external connections, Bank of Shanghai has integrated more resources to serve elderly customers, and has also expanded multiple internal and external channels to acquire customers, constantly attracting new elderly customer groups to join the "circle of friends" of Bank of Shanghai.
Focus on areas of advantage and try out a variety of "playing styles." The returns are reflected in the growth rate of new pension customers acquired every year: in the first quarter of 2024, the number of new pension customers acquired by Bank of Shanghai increased by 35% year-on-year.
In the long-term process of serving the elderly customer base, Bank of Shanghai has persisted in "focusing on its main business" - deepening the innovation of financial products to serve the elderly.
In order to help ordinary people manage their money bags and achieve effective value-added, Bank of Shanghai continues to create a unique product system to form product and service advantages in view of the relatively low risk preference and conservative characteristics of the elderly customer group. By setting up exclusive product shelves in hierarchical categories, Bank of Shanghai has launched exclusive deposits with low starting points and diversified product terms, creating "safe wealth" pension wealth management products featuring low volatility and stability.
A set of data confirms the trust of the elderly customers in the products and services of Bank of Shanghai: in 2023, the comprehensive assets of pension customers under management exceeded 454.3 billion yuan, accounting for 47.55% of the AUM of retail customers, an increase of 0.58 percentage points from the end of the previous year.
To serve the elderly customer base, Bank of Shanghai focuses on its main financial business, while at the same time continuously broadening its service boundaries and building multi-channel services for the elderly in a systematic manner.
In branch channels, Bank of Shanghai has improved the priority service process for the elderly, accelerated the construction of barrier-free facilities, launched "coin wallet" exchange services for the elderly, and launched "morning class" smart elderly assistance services.
In the cloud branch channel, Bank of Shanghai takes advantage of video interaction and remote authentication to focus on solving high-risk and complex business problems that cannot be handled through self-service channels, simplifying service menus and improving the availability of pension financial services.
In terms of door-to-door services, based on the needs of the elderly, Bank of Shanghai has created standardized processes and established a dedicated team to implement standardized management in terms of service content and service processes. Taking the construction of "Better Life Studio" as the starting point, we will regularly carry out extended services into the community and charity activities to help the elderly. As of the first quarter of 2024, more than 130 good life studios have been established. Since 2023, a total of nearly 1,200 activities have been carried out, serving more than 15,000 customers.
