As the pilot for personal pension systems marks its first anniversary, the recent Central Financial Work Conference explicitly emphasized the importance of “Five Major Areas” including technology finance, green finance, inclusive finance, pension finance, and digital finance. The question of how financial institutions can excel in pension finance has become a focal topic of market interest.
As one of the pioneering commercial banks to receive authorization to offer personal pension services, IB has established a comprehensive, one-stop pension finance service ecosystem. This system spans “accounts,” “products,” “planning,” and “services,” providing an all-encompassing approach to pension management. As of September 2023, IB has opened nearly 3.86 million personal pension fund accounts, positioning it as a market leader.
In recent years, as China’s aging population grows and the elderly demographic expands, the silver economy is emerging as a lucrative “blue ocean.” Statistical data indicate that individuals aged 65 and above now comprise 14.9% of China’s population. By around 2035, this segment is expected to exceed 30%, marking a transition into a phase of profound aging.
Pension finance services are a vital driver for the development of the silver economy. As a pioneer in China’s pension finance sector, IB first introduced its comprehensive pension finance service plan, “Elderly Bliss Life,” in 2012. After more than a decade of dedicated efforts, the bank has developed a pension finance ecosystem centered around “exclusive services, salary planning, value-added benefits, and an activity platform.” Currently, IB’s pension finance services cater to over 23 million elderly customers.
Mr. Wang, a client who recently experienced the elderly-friendly services at the Jiaxing branch of IB, praised the convenience of the branch’s interconnected call devices. He remarked, “With just a light touch, staff members quickly come to assist. It’s incredibly convenient.” As financial services and channels increasingly digitalize and move online, enhancing the convenience of financial services for elderly customers is crucial. IB continuously improves the senior-friendly level of both software and hardware at its branches. Most branches are equipped with facilities such as accessible ramps, handicapped parking spaces, emergency call buttons, and helplines. Additionally, the intelligent integrated systems in the lobby feature a “special ticketing” function for the elderly and other special groups, providing a “green channel” for senior customers. Online, IB adheres to principles of simplicity, ease of use, stability, and intelligence to develop the “Elderly Bliss Edition” of its mobile banking app, offering an interactive experience that caters to sight, hearing, and touch. This innovation earned the “Best Elderly-friendly Innovation Award for Mobile Banking in 2021.”
Furthermore, for nine consecutive years, IB has conducted the “Respect for the Elderly Month” campaign nationwide. Thirteen of its branches stood out in the second and third “National Respect for the Elderly Civilization Number” creation activities, winning the national “Respect for the Elderly Civilization Number” honor, making IB the commercial bank with the most awards in this category.
“The future will see IB continue to leverage its expertise in pension finance,” stated the head of IB’s Retail Platform Department. “We will thoroughly implement the spirit of the Central Financial Work Conference, aiming to build a comprehensive service system encompassing pension finance, service finance, and industry finance, and excel in the realm of pension finance.”