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The Chinese online banking market has been forecast to increase at a compound annual growth rate (CAGR) of 19.94% through to 2015 and by the end of 2014, the revenue from this sector is expected to exceed 2,200 trillion yuan ($340 trillion).
Corporate banking is a major component, and personal banking, rising year-on-year, has amounted to more than 17% of the total.
Key factors driving growth within the industry include the availability of advanced banking solutions, along with the recent market consolidation. However, increasing concerns about security could pose a challenge to the growth of this market.
Furthermore, the market looks set to increase due to the availability of advanced banking solutions to improve the banking IT infrastructure in the country.
With the availability of Web 2.0 online banking sites, rich internet applications, cloud computing, and virtualisation solutions, the Chinese online banking market is expected to sustain growth in the coming years.
The Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC) were the top two banks for personal banking in amount of sales and users, accounting for 36.4% and 20.2% respectively. China Merchants Bank (CMB), with revenue of 10 trillion yuan ($1.5 trillion), ranked third.
Key players currently dominating the Chinese online banking market include Longtop Financial Technologies Ltd., IBM Corp., Yucheng Technology Ltd., and Digital China Holdings Ltd.
For more information on the Chinese online banking market, see the latest research: Chinese Online Banking Market
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