RBSs Internationalisation in China - Research Paper Example

MARKET RESEARCH: RBS’s INTERNATIONALISATION IN CHINA] Summary Internationalisation into the Chinese banking industry is a viable investment for RBS to consider. This is because China is an emerging economy with a large population that can form an ideal market for banking services. This research was carried out to establish the political, economic, social and technological factors that influence RBS’s entry into the Chinese banking industry. The study adopted both primary and secondary research approaches to gather and analyse relevant information. The first section of this study was a succinct background, which was followed by aims and objectives. In the next section, the research discussed the methodology that was adopted, detailing ethical considerations and primary, as well as secondary research approaches. Qualitative and quantitative methods were also analysed, while sampling procedures and data collection methods were outlined. Secondary and primary data were analysed to provide a discussion of the findings. Finally, the study provided recommendations on how RBS can expand into China. Contents Summary 2 Contents 3 1.0 Introduction 5 Background and Rationale of the Research 5 Aim and Objectives 6 2.0 Methodology 7 2.1 Ethical Considerations 7 2.2 Secondary Research 8 2.3 Primary Research 9 2.3.1 Qualitative Method 9 2.3.2 Quantitative Method 10 2.4 Sampling of Respondents 10 2.4.1 Sample and Sampling Techniques 11 2.4.2 Data Collection Methods 11 3.0 Analysis and Findings 12 3.1 Secondary Research Analysis 12 Data about China Banking Industry 12 PEST Analysis: China 15 Political Factors 15 Economic Factors 16 Social Factors 17 Technological Factors 17 3.2 Primary Research Analysis 18 Based on the responses provided by the 380 participants, the research established the following findings. Out of the participants, 56% were male while 44% were female. It should be noted that 24% of the respondents who were interviewed were people of age of 40-50 years. This was closely followed by those who are between the ages of 20 and 30. This was followed by those who are over 50 years in age. The least number of people who were interviewed was those whose age was below 20, with only 13% of the total number of participants. The study established that majority of the participants earned between 8,000 and 12,000 RMB. Overall, most of the participants earned between 2,000 and 12,000 RMB. The study established that majority of the interviewees worked in the financial industry. Other participants worked in the education, IT and other industries while only 10% were students. 18 4.0 Discussion of Findings 20 5.0 Recommendations 22 6.0 Conclusion 22 List of References 24 1.0 Introduction This paper addressed the political, economic, social and technological factors within China and RBS, which may influence its internationalisation into China’s banking industry. Through primary and secondary research approaches, information was collected for analysis. The main findings indicated that the political nature of China is a major factor that may influence the expansion of RBS into China. This is because the government of China controls the banking industry through direct policies and regulations. However, China’s large population and untapped ICT platforms in the banking sector can be ideal factors that may enhance entry of RBS into China’s banking industry. Background and Rationale of the Research Since China entered the World Trade Organisation, the country’s financial service industry has been opening itself progressively. It follows that majority of the entry barriers into the Chinese financial market have either been removed or lowered. As a result, thirteen of China’s cities are now open to foreign banks. This allows foreign banks to conduct RMB related business (The Foreign Policy Centre, 2006, p.2). It should also be noted that most Chinese commercial banks have not established in terms management knowledge and financial innovation (Hope, Laurenceson and Qin, 2008, p.2; Oracle Financial Services, 2012, p.7). This is an ideal opportunity for foreign bank such as RBS that seeks to establish in China. Also, the market share of foreign banks in China is still relatively small (SEO, Chao and Park, 2013, p.210). Therefore, there is a significant potential for future growth as China continues to open up its banking market, given that Chinese citizens have a high propensity to save, estimated at 50% (Koch-Weser, 2006, p.2). RBS can tap on the provision of a range of financial services that Chinese domestic banks cannot. This is in support of the assertion that foreign investment banks can aid in constructing the China’s capital market (Hope, Laurenceson and Qin, 2008, p.3). On the other hand, it should be noted the Chinese financial market is characterised by the use of restrictive instruments and direct administration controls (Koch-Weser, 2006, p.2). Also, there are different kinds of shares and a confusing governing structure. Furthermore, the state is the major shareholder in the companies that participate in the stock exchange. This hampers flexibility. Therefore, RBS is most likely to be challenged in China by the fact the stock market is still ineffective (Allen, et al., 2011, p.2). There is little consumption than investment (Barth, et al., 2013, p.346). In light of the aforementioned opportunities and challenges in China and the high-level competition in the banking sector of Britain, RBS ought to seek ways of penetrating international markets such as China. Given that China is a country with its own opportunity and challenges, market research is an essential undertaking for RBS. Therefore, the new products and services that can be offered in China to ensure sustainability, given the opportunities and challenges in China should be established. Secondly, it is imperative to find the right model of internationalisation that should be adopted, given the current internal position of RBS. Aim and Objectives Among the aims of the research was to find out the political, economic, social and technological factors that may influence RBS’s operations in China, in its bid to internationalise its banking services and enter the Chinese market. The factors may have a positive or negative impact. In addition, the research sought to find out how RBS can address such PEST factors and develop an ideal model to ensure successful entry into the Chinese banking and financial market. With these objectives, RBS will be able to achieve its goal of internationalisation by improving in areas where it is weak and capitalising of its strengths to tap into the financial market of China. 2.0 Methodology The methodology part of this research consists of the approach that was used to conduct the actual research. These are primary research and secondary research. In addition, ethical considerations that were taken are included. Both qualitative and quantitative methods, as applied during the research are explained in this section. The respondents, samples and sampling techniques used in the research are also explained in this part. Finally, this section explains, in detail, the methods that were applied in data collection, during the research. 2.1 Ethical Considerations The research ensured that high ethical standards were observed to prevent cases of the research process and the information being brought into dispute (Beri, 2013, p.567). It should be noted that ethical considerations are an ongoing part of the research (Birch, et al, p.53). It was ensured that there was an informed consent from the participants before interviewing them. Participants were provided with a clear explanation about the purpose and nature of the research so that they could choose to participate. The research only sought required information from interviewees and made good use of it by not sharing it in cases where it was agreed that the findings would be anonymous. Kimmel (2007, p.184), asserts that when a respondent is made to believe that he is participating a research survey and that his anonymity will be protected, his name shall not be made known to anyone apart from the researcher or used for other research purposes. To ensure that privacy rights were respected during survey as noted by Feinberg, Kinnear and Taylor (2012, p.26), it was ensured that there was no deception or withholding of information. As for secondary research, it was ensured that information from government sources was used for the original focus of the study only. Consent and approval to use the data in the annual and market reports that was analysed was duly sought in advance. 2.2 Secondary Research Secondary research involves the use of already existing data as collected by originators or distributors of primary research. The researcher accesses information that has already been gathered (Housden, 2005, p.90; Collins, 2010, p.120). The best sources of secondary research data include market research reports, company websites, government publications, reports and websites and magazine articles. It is advantageous to use secondary research. For instance, in this research, secondary was a great saver of time and cost. In fact, the only activity that was involved during secondary research was reporting or interpreting of existing data or information. Therefore, it only cost the research some time to research, analyse and report the information. It should be noted that normally, information for secondary research is hugely available from trusted sources (Jugenheimer, et al., 2014, p.30). In addition, given that there is more than one source of secondary research information, it is possible to gather information from multiple points of view. However, this approach may not lead to precision in research because available information is not specific to the topic or accurate (Patzer, 1995, p.14). It may lack depth, as well as, confusion because there might be conflicting viewpoints or data sets (Jugenheimer, et al., 2014, p.31). During the data collection and analysis process of this survey, secondary research was used. The latest annual reports of China Banking and a MarketLine industry profile of banks in China from the government, through China Regulatory Commission, were analysed. These sources of information were accessed through the website of the government of China. 2.3 Primary Research Primary research involves the search of fresh information or data from the public (Parameswaran, 2003, p.67; Rugg and Petre, 2007, p.32). For instance, data can be gathered from consumers, retailers or other intermediaries. This research carried a survey by the use of a questionnaire. Participants, all of whom were Chinese citizens, were interviewed on various aspects of the financial market and banking in China. 2.3.1 Qualitative Method A qualitative approach of research is based on phenomenon such as quality or kind such as human behaviour. It focuses on understanding the naturalistic setting or everyday life of a certain phenomenon (Neergaard and Ulhøi, 2007, p.383). An ideal example is a research that seeks to find out the reasons of some human behaviour or nature of a phenomenon. Qualitative research method provides researchers with an opportunity of making sense out of a given context (Tracy, 2012). Qualitative research method was employed during data collection. The researcher was not just an external observer, who was interested in measuring what he had seen. Instead, he investigated the phenomenon through interviews on the subject matter of the research. Qualitative method provides researchers with insight into attitudes, behaviour and motivation of the subjects. Reasonable depth of information can be obtained. Also, investigation of highly sensitive issues is possible. However, this approach relies primarily on subjective assessments in the data collection phase (Boxill, Chambers and Wint, 1997, p.46).There is limited extrapolation to the general population. The sample units used are quite small, especially in this research. 2.3.2 Quantitative Method Quantitative method is a research or approach based on the measurement of quantity or amount (Kumar, 2008, p.8). The method is ideal in answering the what, who, when and where questions in a research undertaking. Quantitative method is advantageous because it provides more insights on the reasons why something happens or is contemplated in a particular manner. Through this method, different phenomena can be explained. Properties and relationships of studied subjects can be systematically observed (Barendrecht, 2010, p.46). Consequently, different types of quantitative data is collected and processed to answer the research questions, just like i this research. In fact, quantitative methods can effectively discern patterns over time to give the impression of certainty and provide useful illustration of trends. It should be noted, however, that quantitative methods come with their own disadvantages. For instance, there may be numerous interesting variables that cannot be adequately translated into the language of numbers. There are problems of ascertaining external validity because it is difficult to generalise the results or findings to a larger population when quantitative methods are used. It requires the participants to be experienced in translating their information into a certain quantity. Finally, participants may have difficulties in understanding the researchers’ language. 2.4 Sampling of Respondents The research carried out sampling of respondents during the collection of quantitative data. This is because it was impossible to collect data from the whole population of China. A sample, from which the findings could be generalised for the whole China had to be chosen. 2.4.1 Sample and Sampling Techniques The research sought to use a sample 400 respondents from Beijing, China, in total for quantitative research. However, out of the 400 questionnaires that were sent to participants, 380 were returned. Therefore, there was a 95% participation level. Initially, the participants were expected to be residents of the 20 districts of Beijing. From these 20 districts, 20 people were chosen through a simple random approach. Factors that were fully considered during the sampling process include the age and literacy of respondents. The study sought to interview residents who had attained the majority age only. In addition, only those who were literate were considered. This is because the study used a questionnaire to collect information and this required a participant to be bale to read and write. Consequently, correct responses were obtained for analysis. The approach of using random sampling ensured that there was no selector bias (Leader, Kyritsis and Roberts, 1990, p.81; Sharma, 2005, p.5; Black, 2012, p.226). However, given that the research required to interview literate adults only, an aspect bias might have crawled in. 2.4.2 Data Collection Methods In this research, a questionnaire was used as the main survey tool to collect information from the respondents. A custom designed questionnaire was sent to each of the 400 chosen participants. The advantage of using a questionnaire is that it ensures accessibility because many respondents from a geographically dispersed sample group can be reached at a very low cost. It saves the researcher time because s/he does not have to be present to ask questions to respondents. Therefore, a large sample can be investigated. Bias is eliminated because the research is not present to influence the participant and a questionnaire can be designed well. In addition, questionnaires ensure anonymity while highly structured data can be collected (Gratton and Jones, 2004, p.117). The questionnaire allows respondents sufficient time to review their answers. There is no specialised equipment required such as tape recorders. However, questionnaires can lead to potential problems when complex questions are used. There is no opportunity of providing clarification to respondents. In addition, it is impossible to control who will complete the questionnaire because the researcher never present to ensure that it is the chosen and appropriate party that fills the questionnaire as planned (Gratton and Jones, 2004, p.118). It is time consuming, in terms of transcription and analysis. Finally, a questionnaire does not allow one to probe while response rates may be very low. 3.0 Analysis and Findings In this section, the findings of the study both from secondary research and primary research are analysed, as shown below. 3.1 Secondary Research Analysis Secondary research analysis involved the evaluation of findings from China Annual reports of 2009, 2010, 2011, 2012 and 2013 from the China Banking Regulatory Commission website. Also, MarketLine industry profile of banks in China that was published on the organisation’s website was also analysed. Data about China’s banking industry was acquired from this analysis. In addition, factors pertaining to PEST factors within China and its banking industry were identified. Data about China Banking Industry It was established that among the Asian countries, China’s banks industry is the leading in terms of growth. Between 2009 and 2013, the country recorded a compound annual growth rate of 17.1% (MarketLine, 2014, p.18). With a total of $7,801.2 billion, the industry’s largest industry group in 2013 was the bank credit segment. This translates to 31.7 % of the overall industry’s value. On the other hand, the trading assets represent 25.4% of the overall industry’s aggregate value (MarketLine, 2014, p.17). Further growth is required to be witnesses till 2018, though in a slower rate. For instance, in 2013, the banks sector grew by 14.1%. This is illustrated in the chart below. Chart 1: China’s Growth in the Banks Sector-2009-2014 Source: (MarketLine, 2014) The research also established that bank credit represents the largest share of the services provided by China’s banks sector, taking about 32.5% of the overall assets’ value within the banks industry. Other service segments such as trading assets, inter-bank loans also represent a significant portion of the bank sector’s asset value, as evidenced in the bar chart. If this trend persists, then investing in bank credit seems viable because this is dominated by city credit co-operatives and rural credit co-operatives and credit unions (OECD, 2013, p.19). However, it is imperative to capitalise on other segments, where full utilisation has not been tapped. Chart 2: Category Segmentation of China’s Banks Sector in 2013. Source: (MarketLine, 2014) It was established that among the countries in Asia, China is the largest in terms of the banking sector volume. It commands about 55% of the overall banks sector volume in the continent (Chart 3). Japan and India follow with 22% and 15% respectively. The banks sector in China is expected to grow by 2016 by 10.8%, but the growth level will decrease gradually (Chart 4). Chart 3: Segmentation of China’s Banking Sector Volume in 2013 Source: (MarketLine, 2014) Chart 4: Forecast Growth in Chin’s Banks Sector Source: (MarketLine, 2014) PEST Analysis: China Political Factors China’s banking industry is under the influence regulatory agencies. Factors such as the enormous regulation on the stock exchange by the government are likely to influence the operation of new entrants (MarketLine, 2014, p.12). In addition, property protection laws, nature and power of decision making structures are of great significance. There are frequent changes in the regulations that govern the banking industry in China. Such laws include privacy laws, disclosure laws, prevention of fraud and anti-money laundering, as well as, anti-terrorism laws. An ideal example is the Base III legislation, which saw an increase of the mandatory Tier 1 capital ratio of banks to 6% from 4% by the beginning of this year (MarketLine, 2014, p.15). The government owns major banks in China, and this is likely to influence the activities carried and performance by other independent banks. Economic Factors Given, the intensive level of investment that is required to gain entry into the Chinese banking sector, the current status of RBS’s cash flow is crucial. A large amount of capital is required. Secondly, it has been established that in 2009, China’s GDP growth was at 9.2% (CBRC, 2010). During the years 2010, 2011, 2012 and 2013, China recorded a GDP growth of 10.3%, 9.3%, 7.7% and 7.7%, respectively (CBRC, 2011, p.23; CBRC, 2012; CBRC, 2013; CBRC, 2014). Inflation rates in China are quite low while most of the citizens are middle class income earners. The country’s balance of payments and interest are favourable. There is a high degree of rivalry, with a variety of a wide range of customer types and services. The international financial crisis had a significant effect on China’s banking industry, though it was reported to have faded away by 2010. The rate of consumption still remains low in China. Given that this is a key driving force for economic growth, there ought to be ways of persuading citizens to increase their consumption. Fiscal and taxation reforms have been sought to optimise the fiscal expenditure structure. Money supply has gone up since then (CBRC, 2011, p.23). Social Factors As noted earlier, China is made up of a large population of middle class citizens. Therefore, this segment is expected to engage in banking activities. The portion of population of China that engages in economic and social segments is sufficient enough to guarantee a sufficient client base. Population growth rate is quite high in China. This poses an opportunity in terms of customer base while it threatens the country’s economic growth. Technological Factors It has been noted that most banks in China have not advanced in terms of technology. Their pace of adopting emergent technological trends is quite low. Therefore, there is an opportunity of embracing current technology. Overall, the pace of technological change in China calls for flexibility for new entrants in the banking sector. Product improvement may be an ideal stronghold for a new entrant. Given that there are numerous colleges and universities that foster technological advancement and research, most of the firms in the Chinese banking sector have embraced ICT, but it is not secure. This is an area that can be capitalised on. 3.2 Primary Research Analysis Based on the responses provided by the 380 participants, the research established the following findings. Out of the participants, 56% were male while 44% were female. It should be noted that 24% of the respondents who were interviewed were people of age of 40-50 years. This was closely followed by those who are between the ages of 20 and 30. This was followed by those who are over 50 years in age. The least number of people who were interviewed was those whose age was below 20, with only 13% of the total number of participants. The study established that majority of the participants earned between 8,000 and 12,000 RMB. Overall, most of the participants earned between 2,000 and 12,000 RMB. The study established that majority of the interviewees worked in the financial industry. Other participants worked in the education, IT and other industries while only 10% were students. The largest number of the participants goes to banks three to four times in a week. This was represented by 42% of all the respondents. These were followed by those who go to banks either once or twice in a month, with 31%. It was also found out those respondents who go to banks once or twice after every three months followed with 18%. 7% and 2% represented the number of those who go bank once in half year and those who hardly go or never go to banks. It was established that 36% of the respondents go to banks to seek saving services while another 36% go to banks to get withdrawal services. 21% of the respondents seek financial planning services in the banks when they go there. Those who to went to banks to make payments and seek other services were represented by 4% and 3% respectively. Another important finding indicated that about 41% of the participants would go to the banking hall to seek services directly while 40% of the respondents would use ATM machines to perform various services. Other services, which 14% and 5% of the respondents said to have used were online and telephone banking respectively. Among the participants who were interviewed, 41% had general knowledge about financial products services while 28% of the participants could be termed as well versed in financial knowledge. In addition, 22% of the participants had good knowledge on financial services while only 9% had no financial knowledge at all. It was established that 47% of the respondents indicated that they are very interested in purchasing financial services and products from banks. Those with a little interest in financial services were represented by 26%. In addition, 20% of the participants claimed that they would consider purchasing financial products from banks. Only 7% of the participants claimed that they were not interested in purchasing financial products from banks, whatsoever. According to the findings of this study, the most favourite financial investment was funds, with 28%. This was followed by share stock, at 25%. Bonds are the third most favourite financial investments for interviewees at 23%. Other financial investments, foreign exchanges, insurance and gold futures had preferences of 12%, 8% and 4% respectively. It was established that 34% of the participants were very satisfied with the financial products or services that they had purchased. Another 33% indicated that they were satisfied with the financial products while 23% said that they were not really satisfied. It was also found out that 10% of the respondents were not satisfied with financial products at all. Out of the 380 participants, only 14% could claim that their understanding of foreign banks was very good. Another 19% indicated that they understood foreign banks quite well while 67% of the participants had only heard about foreign banks. It should be noted that 12% of the participants have bought financial products and services from foreign banks. Separately, 36% indicated that they would want to buy products from foreign banks while 47% said that they are may consider buying products from foreign banks. Only 5% of the participants claimed that they will not purchase products from foreign banks. In terms of financial products and risk, 63% of the participants indicated that they think that there is a certain risk of having financial products. Another 22% of the participants indicated that they think the risk of having financial products is high. 6% of the participants think that there is no risk of having financial products while 9% do not care. A large number of the respondents, 167, would choose a bank based on nice entertainment. 141 participants would choose a bank with a good reputation. 137 participants would choose a bank with agencies nationwide while 101 participants would consider safety when choosing a favourite bank. Of all the participants, 96 would choose a bank based on equity, 97 would consider detailed transaction information while 85 would consider the kinds of service. Convenient location would be a factor for choosing a favourite bank for 76 participants. Friendly and helpful staff as a factor, was considered by 49 while 30 would consider a bank with high quality staff. Banks with reasonable charges would be considered by 28 participants while those with advanced facilities would be considered by 36 participants and 48 would consider a bank with higher return on investment. Other factors that participants would consider include good privacy protection, less equipment failure, long operating time, simple business procedure, short queuing time and those that have operated for more than 100 years. 4.0 Discussion of Findings It has been established that China’s banking industry in heavily controlled by the government. This may lead to a propensity towards measures that transfer a portion of the costs of rehabilitation to banks that are not involved in the rehabilitation process (Green and Petrick, 2002, p.178). Also, banks may have to depend entirely on the government for liquidity. However, China is a country with a large population, with a large market (Tian, 2014, p.224; Chow, 2004, p.114). Due to liberalisation, this population can be turned into clients and support banking activities of a foreign bank such as RBS (Tiku, 2008, p.18; Singh, 2007). It has also been established that majority of the Chinese use banking services while many of them work in the financial industry and in the education sector. These citizens can form a good customer base for RBS because they may want banking or financial services from the bank, if it established in China. This is evident form the large number of citizens who seek saving, withdrawal and financial planning services. In fact, participants seek the bank either directly or through ATMs. Majority of China’s population exhibits general knowledge about financial products services while majority of them are very interested in purchasing financial services and products from banks. As much as only 14% of the interviewed people could claim that their understanding of foreign banks was very good, the 86% who indicated that they understand foreign banks quite well while some of them had only heard about foreign banks can be made aware through promotion. RBS can use promotional tactics to sell itself in China and compete with other banks effectively. There are several are cases where international banks have entered local markets and they play a greater role than domestic banks (Fleming, Bokros and Votava, 2001, p.70). This will increase the number of people who will be willing to purchase products from RBS. The social status of China is ideal for investment. Given that most Chinese Banks have not progressed in ICT, RBS can capitalise on this as a competitive edge. This will enhance provision of effective services to international and national clients, leading to a good reputation (Gallouj and Djellal, 2010). 5.0 Recommendations The research recommends that RBs should seek internalisation in China because the country is ideal for investment. First, there is a large population that may be turned into a large customer pool, which can enhance success in the country. As much as the government of China seems to control the financial and banking industry, RBS should embrace innovation to ensure greater profits. The research recommends that RBS will have to start offering services in major towns such as Beijing and then expand to cover all the towns within China because majority of Chinese citizens prefer a bank with a wide coverage across the country. Most citizens demand bank credit services. RBS should prioritise this to enhance it is success. However, it should embrace ICT and provide a wide range of services to attract a large number of customers. Promotion, through advertisement will be an ideal approach of ensuring that the bank becomes famous among Chinese citizens. It is also suggested that the bank should provide financial planning advice for its clients to bestow their confidence in the banking industry. This will also increase knowledge among citizens about various financial products and increase their propensity of seeking them from the bank. 6.0 Conclusion The research achieved its objective of establishing PEST factors and how they may influence the internalisation of RBS in China. The main research approaches were primary and secondary research. It was established that China is a country that is dominated by political influence, especially in the banking sector. The government own the major banks in China while it controls the stock exchange market. This poses a threat to entry because additional expenses may be incurred frequently. Also, the high levels of competition and frequent policy regulation reviews have made entry into the Chinese banking industry a capital intensive requirement. However, one factor that makes banking in China a viable investment to consider is the country’s large population. In addition, there are opportunities that have not been tapped by embracing ICT. Therefore, the research recommended that RBS should seek expanding into China and provide a variety of financial services for diversification purposes. It was also recommended that the bank should ensure availability of its services and products in most locations within China List of References Allen, F., et al., 2011, October 15). China’s Financial System: Opportunities and Challenges. [online] Available at:[Accessed 10 March 2015]. Barendrecht, M., 2010. A Handbook for Measuring the Costs and Quality of Access to Justice. Apeldoorn: Maklu Press. Barth, J., et al., 2013. Reforms of China’s Banking System. The Evidence and Impact of Financial Globalization, pp.345-353. Beri, G. C., 2013. Marketing Research. New Delhi: Tata McGraw-Hill Press. Birch, M., et al.,2002. Ethics in Qualitative Research. London: SAGE Publications. Black, K., 2012. Business Statistics: For Contemporary Decision Making. 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