Nearly 900 financial institution outlets in China ceased operations in 2020

According to the statistics of the China Banking and Insurance Regulatory Commission website, since 2020, as of May 6, 889 financial institution branches or business offices have been closed, of which 840 are commercial banks.

According to the statistics of the China Banking and Insurance Regulatory Commission website, since 2020, as of May 6, 889 financial institution branches or business offices have been closed, of which 840 are commercial banks.

On average, 7 financial institution outlets are closed daily, of which 6.6 are commercial bank outlets.

At the same time, according to the statistics of the China Banking Association, the replacement rate of counter transactions across national commercial banks is generally above 90%.

In 2019, the number of online banking transactions of banking financial institutions reached 163.784 billion, an increase of 7.42% year-on-year, and the transaction amount reached 165.775 trillion yuan.

The number of mobile banking transactions reached 121.451 billion, and the transaction amount reached 335.63 trillion yuan, an increase of 38.88% year-on-year.

The number of transactions on the e-commerce platform reached 83 million, and the transaction amount reached 1.64 trillion yuan; the off-counter rate of the entire industry was 89.77%.

Some analysts believe that the closure of bank outlets is partly due to the impact of the epidemic. On the other hand, in recent years, banks have increased their online and offline integrated operations, and some offline businesses have developed online.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/16/nearly-900-financial-institution-outlets-in-china-ceased-operations-in-2020/.

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