Includes limitations and recommendations for further research Essay

The Chinese banking industry has a prime social function to finance the maturement of mainland china by adapting global best practices. trusts as HSBC be financing the growth across a wide swathe of people, backinges and nations. The Chinese commiting industry is quickly adapting to the international pecuniary mechanisms, adopting the best practices of many banking activities such as net and mobile banking, add-ond customer focus and bundling of service.Bank of China is providing a high level of service to its customers, which has been so accepted by cardinal thirds of the populace that it has served. However there are progeny of areas in which there is scope for efficiency and better customer service where sm wholly(a) scores in rough case of a mere 30 % plus have been indicated which should be a ca wasting disease of concern for the counseling and specific areas as indicated by the research need to be addressed.The Bank of China go forth have to invest greater tech nological as well as management resources in enhancing its internet banking model to pay the customers, provide magazinely and efficient services. Since large quanta of customers are likely to use the internet in the future, investment in this critical resource will evoke to be greatly beneficial to banks. HSBC on the some other go by has provided a good model of internet banking which other banks could well emulate.The prune is also to induce customers to go on line and use the confabulation en issued services on offer including mobile and internet banking. A refer facet which is noticeable in HSBCs services is bundling of personal services with travel insurance, travel money and even airport parking all into one large group and providing discounts on all three to change degrees thereby adding to the convenience of the customer as well as alter the bank to easily service him. Chinas banking sector is passel to see two major challenges which will be faced by banks as BOC. The first which would be obvious from the study is the threat of impertinent banks such as HSBC which having a better experience of providing customer amiable services and with an ability to introduce innovative products which will be able to attract a large portion of the high value and business clientele in the country. (BOC world(a) Offering, 2006). This is likely to see greater increase with Chinas accession to the WTO. In the beginning of 2007, foreign banks would be conducting commercial banking in foreign currency as well as Renminbi without any limitations of locations.(BOC Global Offering, 2006). The Chinese government is also encouraging the submission of foreign participation in the finance sector, particularly related to locomote financing and also in reform and restructuring of the financial institutions. (BOC Global Offering, 2006). The other challenge identified is the demand for high value products which can modify growth of economy as well as reduce the jeopar dy such as investment banking and insurance. The need will also be felt for products relating to asset management.These could also extend support for underwriting during mergers and acquisitions and financing and securitization of projects. (BOC Global Offering, 2006). However as a competitive business entity, HSBC is focusing on the perceived growth areas such as accredit cards and it is verbalise to be teaming up with the Chinese Bank of Communications to provide credit cards to the large majority of Chinese who do not profess one thereby creating vast business opportunities. (Schuman, 2006). The Bank of China could mould such a strategy while at the same time fulfilling its social obligations in personal banking for the less privileged.A survey of the issues cover in the research will indicate that the lead banks of China are well set to undertake this challenging task of providing services of a global standard. An increased interaction with global banks as HSBC will prove be neficial for BOC to attain its ends as stated in its vision of a, Market-driven, Client-oriented, maiden Financial services institution, a robust corporate governance structure, undefended of delivering outstanding performance over a long term. (About Bank of China,. 2006). there were a number of limitations during this research first of all, the number of respondents to questionnaires is restrict, because it is difficult to compose information from large number of consumers due to constraints of time and resources. Secondly the subject being of a contemporary nature the response of the bank module is restricted to the stated company policy. As also there is limited research material in terms of reference books on the specific subject, thus there has to be reliance on sources provided by the two banks as well as journals and the internet.This limitation might induce some error in the research, however the researcher insisted on a diminutive approach, therefore the results of research are reliable. The Chinese banking industry provides a number of areas for further research. Detailed research can be undertaken on the move of WTO on Chinese banking industry. In addition research on the role of the central bank in China in supporting financial autonomy and greater growth can also be undertaken. borrowing of best practices by other state banks of China could also be another area of study.References 1. About Bank of China. 2006. http//www. bank-of-china. com/en/ familiar/third. jsp? mob=ROOT%3Een%3EInformation+Center%3EAbout+BOC%3EAbout+Bank+of+China. ( 22 August 2006). 2. Agent. 2006. http//www. bank-of-china. com/en/ green/third. jsp? category=ROOT%3Een%3ECorporate+Banking%3EOther+Services+in+Money+Management%3EAgent+Bank+Business. (23 August 2006).3. Assurance. 2006. http//www. hsbc.co. uk/1/2/business/insurance. (26 August 2006). 4. Bancassurance, 2006. http//www. bank-of-china. com/en/common/third. jsp? category=1099361248100. (23 August 2006). 5. BOC Global Offering. 2006. 202. 66. 146. 82/listco/hk/boc/prospectus/pro060518. pdf . (26 August 2006). 6. BOCI. 2006. http//www. bank-of-china. com/en/common/third. jsp? category=1099540300100. (25 August 2006). Cantrell, D. C. (n. d. )) Alternative paradigms in environmental genteelness research The interpretive perspective.