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Go to the bank for a fixed deposit", what is the difference between having a book and not having a book? Savers need to know!
In today's digital age, the banking industry is undergoing a silent but profound transformation. The traditional passbook and the modern non-principal deposit model are like a microcosm of the two eras, reflecting the dramatic changes in financial services and consumer behavior. This change is not only the advancement of technology, but also the reshaping of the socio-economic structure, which directly affects everyone's wealth management style and financial security awareness.
With the rapid development of Internet finance, the non-principal deposit model is rapidly occupying the market with its convenience and high efficiency. According to the latest data from the China Banking Association, by the end of 2023, the number of mobile payment users in mainland China has exceeded 1 billion, accounting for 71% of the total population. Behind this number is a huge group of non-principal deposit users. Most of them are young people who pursue a fast-paced lifestyle and have higher requirements for the immediacy and convenience of financial services. As a result, the traditional passbook user group is gradually shrinking, mainly concentrated in the middle-aged and elderly population. This differentiation reflects the different needs of different age groups for financial services and highlights the existence of the digital divide.
This shift has not come without a cost. With the popularity of the non-principal deposit model, a series of social problems have also arisen. The first is the issue of financial security. In 2023, data disclosed by China's Ministry of Public Security showed that telecom network fraud cases increased by 15% year-on-year, of which 60% were scams aimed at users without deposits. This data is sobering and highlights the potential risks of the non-principal deposit model in terms of security. The non-principal deposit model has also changed people's consumption habits to a certain extent. According to data from a well-known e-commerce platform, users who use no deposit spend an average of 35% more per month than those who use traditional passbooks. This "invisible money" effect is quietly changing people's saving concepts and consumption behaviors.
In this transformation, the banking industry is facing unprecedented challenges and opportunities. On the one hand, traditional banks need to accelerate their digital transformation and improve the security and user experience of non-principal deposit services. On the other hand, they also need to balance the needs of traditional passbook users, especially in rural areas and among the elderly. This balancing act actually reflects a common challenge facing society as a whole in the process of digitalization: how to leave no one behind in the pursuit of efficiency?
Digging deeper into the banking industry, we find a little-known paradox: while the non-principal deposit model can significantly reduce the bank's operating costs, it also reduces customer stickiness. According to an internal report by a joint-stock bank, the average account activity of non-principal deposit customers is 15% lower than that of passbook customers, which means that the bank loses the opportunity to communicate face-to-face with customers, and it is difficult for the bank to make personalized financial advice and product recommendations. In order to cope with this challenge, some banks have begun to experiment with a "online + offline" hybrid service model, trying to find a balance between convenience and personalized service through smart teller machines and video customer service.
Looking ahead, the development of the banking industry will show a more complex and diversified trend. With the maturity of new technologies such as blockchain and artificial intelligence, we may see the emergence of a third deposit model, which has the convenience of no deposit and ensures the security of the passbook. With the popularization of financial education and the improvement of user awareness, consumers will choose the deposit method that suits them more rationally, rather than blindly following the trend. In the process, the role of the banking industry will also change from a mere capital intermediary to a full range of wealth management advisors.
How should each of us respond to this change? Do you insist on the stability of traditional passbooks, or embrace the convenience of non-principal deposits? Perhaps the answer is not either/or. As suggested in the article, a combination of the two approaches may be the best option at this time. But more importantly, we need to improve our financial literacy and learn to make smart trade-offs between convenience and security. What are your thoughts on this? In this rapidly changing financial world, what do you think the future of deposit will look like?
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