Data on customer purchases shaping lenders' strategies

Commercial banks in China are increasingly turning to data collected via mobile payment technology to assess future customer needs, according to the findings of a new study.

Dong Ximiao, executive director of the research institute at Evergrowing Bank Co Ltd, based in Yantai, Shandong province, said data being generated by mobile payments are adding to lenders' understanding of their customers' demands in key areas including transactions and wealth management products.

The data are also offering a way for banks to fight back against a rise in the use of third-party payment services, said Dong.