China Merchants Bank (CMB) made good progress in its technological transformation. Its commitment to customer-centricity was evident through a range of impactful developments over the review period.
In wealth management, the bank prioritised enhancing speed and accessibility for its customers. It optimised its cross-border wealth-management services by streamlining the customer application process, enabling same-day account opening and facilitating easy fund transfers via its app.
The bank also introduced its CMB Loan+ WeChat service tailored for small and medium-sized enterprises, which allows customers to apply for loans by scanning a QR code. Within one minute, clients can receive a preliminary result without having to submit any application materials or download its banking app.
Additionally, the bank has made investments in artificial intelligence to enhance financing efficiency and improve the overall customer experience in its corporate segment. These efforts contributed to impressive growth on its corporate banking app: customer numbers grew 98% year on year to 107,206.
The lender also registered 1.5 million online business transactions over the review period, with the online replacement rate for key products exceeding 86%.