• Ping An Bank has set new benchmarks in retail transformation with its focus on AI, API and open  banking ecosystems
• It recorded explosive growth in wealth management with a 53.8% YoY increase in AUM, crossing the RMB 1 trillion mark
• The bank ranked first in China in the BankQuality customer net promoter survey

Ping An Bank was awarded the Best Joint Stock Retail Bank in China, Best Retail Bank in China, and Best Retail Bank in Asia Pacific in the 2021 Excellence in Retail Financial Services Awards programme. Leading Chinese banks dominated the ranking of best retail banks in Asia Pacific with four in the top ten. Australia  has two, while Hong Kong, India, Philippines and Taiwan each have one in the list of top retail banks.

Based on the evaluation scorecard, Ping An Bank excelled in digital journey, sales, customer experience, and process and technology while promoting open banking, scenario-based customer need management and the development of retail banking ecosystems.

Ping An Bank outperformed its regional peers in retail banking

Figure 1. Scorecard for Best Retail Banks in Asia Pacific

Source: TAB Research

Process and Technology: Setting new benchmarks in retail transformation

Since the launch of its retail transformation at the end of 2016, Ping An Bank has doubled its business scale and operating efficiency, with growth rates far exceeding its peers. Ping An Bank’s ascent to become the top retail bank in China and the world signals a momentous industry shift that an insurance-led and technology-driven financial conglomerate is driving some of the most impactful changes in the sector.

A strong proponent of open, integrated ecosystems, it deploys over 5,300 applicat...

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Keywords:Customer Experience, Digital, Retail Banking, Fintech, Retail Transformation, Risk Management, Wealth Management, AuM, CAGR, ROE, Bank Profit, App, Online Banking