By the end of November 2023, Industrial Bank had opened over 4.1 million personal pension saving accounts, placing it at the forefront of the market. This achievement serves as a report card for the first anniversary of the implementation of the personal pension system. As one of the first commercial banks to obtain the qualification to operate a personal pension business, Industrial Bank has provided customers with end-to-end services for personal pension saving accounts, fund deposits, and product investments through channels such as mobile banking, online banking, and branch offices.
The aging population is an important trend in social development and a fundamental national condition in China for the foreseeable future. In the recently held Central Financial Work Conference, it was explicitly stated that pension finance is one of the Five Major Areas in the development of a strong financial nation.
As the “third pillar” of pension insurance, personal pension is an important component of pension finance. With a long investment horizon and coverage of customers in different stages of life, banks not only need to explore more innovative pension financial products and provide a more diverse supply of products but also consider providing differentiated wealth planning for customers of different age groups throughout their whole lives. Over the past year, Industrial Bank has accelerated its layout in pension finance by leveraging its expertise in wealth management, accelerating digital transformation, and promoting the full life cycle “companion” service of the personal pension business, which transitions from “account” to “product,” and further to “planning” and “service”.
Mr. Wang, a customer from Shanghai, said, “I chose Industrial Bank because they offer a wide variety of pension products, and they don’t charge any fees.” According to the National Social Insurance Public Service Platform, Industrial Bank currently ranks first in terms of the number of personal pension products in the industry.
Over the past year, Industrial Bank has been committed to “selecting premium products and ensuring abundant supply.” By leveraging its comprehensive wealth management capabilities, the bank has increased the introduction of high-quality pension products and continued to innovate its product offerings. It has carefully selected pension products that are stable, long-term, and inclusive, which has been widely favored by customers. As of the end of November 2023, Industrial Bank has introduced 140 fund products, 6 commercial pension insurance products, 3 premium pension wealth management products, and 6 savings products, achieving full coverage of investment categories for individual pension clients.
It is reported that to meet the diversified needs of different customer groups in retirement planning and wealth management, Industrial Bank has launched an “Investment Advisory” feature. This feature provides differentiated asset allocation recommendations and tailored pension product portfolios based on clients’ age and risk preferences, issuing exclusive investment advisory reports for each client. Moreover, the bank categorizes customer risk preferences into conservative, stable, balanced, and aggressive, allowing customers to choose investment portfolio solutions that align with their preferences. Based on the retirement year, Industrial Bank also introduces retirement product portfolios tailored to the financial characteristics of customers in different age groups, meeting customers’ asset allocation needs throughout their entire life cycle.
Industrial Bank has been continuously strengthening its integrated online and offline operations, moving from “accounts” to “services”. In addition to providing full-process services through dedicated offline customer managers, the bank has established a personal pension zone within its mobile app as a communication medium. It has been continuously optimizing and innovating the account service processes, including account opening, product services, deposit services, and online withdrawals, to enhance the customer experience. At the same time, relying on Industrial Bank’s five major online platforms - IB Inclusive Finance, IB Butler, IB Life, Money Manager, and IB Platform for Integrated Banking- the bank achieves interconnectivity and enriches the retirement ecosystem. These platforms provide a variety of retirement financial and non-financial tools, such as investment advice, tax benefit calculators, and retirement information, to meet the diverse needs of different customer groups in retirement planning, tax calculations, policy interpretation, and more.
“In the future, Industrial Bank will continue to leverage its expertise in retirement finance and focus on building a comprehensive service system that encompasses retirement financial services, retirement service finance, and retirement industry finance. The bank will continuously enrich product offerings, enhance service capabilities, and make significant contributions in the field of retirement finance to meet the financial service needs of the elderly population,” stated a relevant person in charge at Industrial Bank.