On August 16, Caixin reporters learned from Ms. Zhang in Beijing that she has received several phone calls from banks inviting her to participate in related deposit-lifting welfare activities. "Congratulations on becoming our bank's invited customer. You have the opportunity to participate in our bank's asset enhancement activities." With the further lowering of deposit interest rates and the increasing phenomenon of "moving deposits," many banks, including China Merchants Bank and Bank of Beijing, have stepped up their efforts to acquire deposits and have launched intensive deposit-related welfare activities.

As deposit interest rates are further lowered and the phenomenon of moving deposits becomes more pronounced, many banks including CM Bank and Bank of Beijing have further increased their efforts to acquire deposits and launched deposit-related welfare activities to attract and stabilize deposits.

In the current climate of intense market competition and a continued trend of declining interest rates, faced with the pressure of interest differentials, the thinking of "offering high interest rates to attract deposits" cannot continue to be used. In the future, banks need to strengthen the construction of customer rights and interests tier system, focus on customer preferences and pain points to improve the quality of financial services, enhance the ability to serve the real economy and differentiate competitiveness.

The pressure of deposit outflow has become more pronounced, making it difficult to continue the idea of "offering high interest rates to attract deposits."

"Recently, banks have launched a flurry of these activities mainly to achieve the effect of "retaining customers."" Su Xiaorui, senior researcher at Suxi Zhiyan, told Caixin reporters that with the continuous decline of bank deposit interest rates, the loss of deposit customers and the phenomenon of "moving deposits" are serious, which has led to a crisis awareness among banking institutions.

According to Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, some banks mainly use welfare and gifts to attract deposits and customers, mainly because some small and medium-sized banks have a gap with large banks in terms of network, brand, customer group, financing channels and product innovation. Peer competition incentives, coupled with the flow of some deposits into asset management products such as funds since the beginning of the year, have put pressure on some small and medium-sized banks.

However, in his opinion, attracting deposits with benefits and gifts risks being seen as "offering high interest rates to attract deposits," which will inevitably increase the liability costs of some banks, not conducive to further benefiting the real economy, and the stability of deposits attracted by benefits is also uncertain.

In Zhou Maohua's view, banks' loans and deposits are two sides of the same coin, and increasing their ability to control risks and boost loan activities can also increase deposits. Meanwhile, the steady recovery of the domestic economy, the upgrade of domestic consumption, and the rapid development of personalized and experience-based finance require some small and medium-sized banks to focus on customer preferences and pain points, improve the quality of financial services, and enhance brand development, among other aspects. In addition, small and medium-sized banks need to focus on regional market demand, deepen their penetration of regional markets, and actively expand financing channels.

"As a service industry, banks need to constantly improve their internal governance, strengthen their awareness of operating in compliance with the law, enhance their ability to serve the real economy, and enhance their differentiated competitiveness. As the real economy becomes more active, the mechanism for banks to create deposits will strengthen accordingly," he said.

At the same time, Su Xiaorui also believes that in the current climate of intense market competition and a continued trend of declining interest rates, faced with the pressure of interest differentials, the thinking of "offering high interest rates to attract deposits" cannot continue to be used.

In her opinion, there are two main ways for banks to "retain customers" in the future. One is to strengthen the construction of the customer rights and interests tier system, and set corresponding benefits to attract customers based on their activity and wealth level. The second is to continuously improve product functionality based on customer needs, such as convenient and easy-to-use functions like classification and one-click comparison for deposits and wealth management products, and improve customer experience to promote customer retention.