EFT Report: The Agricultural Bank of China (ABC) issued a new type of credit card targeting China's young mothers, a growing group known for their love of shopping and their greater say in the family budget.
The cards focus on the needs of new mothers with children up to the age of six by offering discounts on major baby product brands and early education institutions.
Liu Guiping, business director of ABC, said the bank is counting on female clients in cities toupgrade the bank's credit card services. The new services will focus on consumerexperience, Liu added.
ABC is not the first bank to show interest in China's female consumers. The country'sleading banks, including China CITIC Bank and China Everbright Bank, have alreadyoffered cards geared toward women.
Along with traditional financial services, the cards offer discounts or incentives for purchases related to "female industries," such as health, salons, cosmetics, clothing and accessories.
The banks have targeted Chinese women not only for their personal consumption but alsodue to their growing role in managing family assets.
A survey conducted by HSBC showed that 63 percent of female interviewees from themainland acted as decision makers on money matters, higher than the figure for maleinterviewees.
In traditional Chinese families, couples once set up combined accounts, instead of managingfinances individually, and men controlled most major affairs, ranging from money to bigdecisions. But the situation has started to change due to the higher education and economicposition of modern women.
CITIC's vice president Sun Deshun said its "Lady Card" was consistent with the socialtrend of women becoming heads of households and "bosses" of family wealth management.The bank has even established a new strategic brand targeting women as "the actualcontrollers of family assets," according to Sun.
Analysts believe female-oriented services will help integrate multiple financial products,including consumption, lending, mobile banking, insurance and investment management toboost financial innovation.
The cards focus on the needs of new mothers with children up to the age of six by offering discounts on major baby product brands and early education institutions.
Liu Guiping, business director of ABC, said the bank is counting on female clients in cities toupgrade the bank's credit card services. The new services will focus on consumerexperience, Liu added.
ABC is not the first bank to show interest in China's female consumers. The country'sleading banks, including China CITIC Bank and China Everbright Bank, have alreadyoffered cards geared toward women.
Along with traditional financial services, the cards offer discounts or incentives for purchases related to "female industries," such as health, salons, cosmetics, clothing and accessories.
The banks have targeted Chinese women not only for their personal consumption but alsodue to their growing role in managing family assets.
A survey conducted by HSBC showed that 63 percent of female interviewees from themainland acted as decision makers on money matters, higher than the figure for maleinterviewees.
In traditional Chinese families, couples once set up combined accounts, instead of managingfinances individually, and men controlled most major affairs, ranging from money to bigdecisions. But the situation has started to change due to the higher education and economicposition of modern women.
CITIC's vice president Sun Deshun said its "Lady Card" was consistent with the socialtrend of women becoming heads of households and "bosses" of family wealth management.The bank has even established a new strategic brand targeting women as "the actualcontrollers of family assets," according to Sun.
Analysts believe female-oriented services will help integrate multiple financial products,including consumption, lending, mobile banking, insurance and investment management toboost financial innovation.
0 comments:
Post a Comment