Internet banking a game changer

The Internet is transforming the way people do banking in China, according to a senior official from the People's Bank of China, the central bank.

"The Internet has changed the way traditional financial institutions operate in terms of their interaction with customers," says Mu Huaipeng, director of PBOC's legal affairs department.

"In the past, customers provided information over bank counters but now they are used to doing this over the Internet," he says at a recent forum attended by bankers.