As the year draws to a close, many banks are intensifying their promotional efforts for exclusive preferential activities related to opening personal pension accounts and making deposits, attracting customers with benefits such as lucky draws, WeChat discounts, and cash red envelopes.
During interviews, Financial Times reporters found that, unlike in previous years, banks' marketing strategies are no longer focused on "attracting new customers to open accounts," but rather on "retaining and engaging existing customers."
What is the purpose of adjusting the promotion strategy?
"As the number of personal pension accounts reaches a certain scale, more and more banks are realizing that the focus of competition has shifted from attracting more new accounts to retaining active users," Xue Hongyan, a special researcher at Sushang Bank, analyzed in an interview.
Behind the strategy adjustment is the continued phenomenon of "hot account openings but cold deposits" in personal pension business.
Shift from "attracting new customers" to "retaining existing customers"
Since mid-November, many banks have launched a series of promotional activities for opening personal pension accounts and making contributions.
The Industrial and Commercial Bank of China (ICBC) has launched a "Open an Account and Make a Deposit, Receive an Instant Discount" promotion, offering up to 388 + 188 yuan in instant discounts. The Bank of China has launched a "Open an Account and Make a Deposit Gift Package," where those who open an account and complete the deposit during the promotion period can participate in a lucky draw for a chance to win up to 618 yuan in WeChat instant discounts.
In addition to state-owned banks, joint-stock banks are also participating. CITIC Bank launched a double benefit of "tax incentives + rewards for meeting targets". During the event, individuals whose 2025 annual pension account contributions reach 12,000 yuan and are held for one week will have a chance to win a prize of 38 yuan, 88 yuan or 188 yuan in WeChat instant discount.
Currently, all banks have clearly stated that the payment for personal pension marketing benefits must be completed before December 31.
"Judging from the preferential measures of many banks, in addition to encouraging account opening, more resources are allocated to customers who make their first deposit and those who have accumulated a certain amount of deposits, thus promoting the conversion of accounts from 'account opening' to 'actual deposits'," said Tian Lihui, professor of finance at Nankai University, in an interview with the Financial Times.
Can the phenomenon of "hot account openings but cold deposits" be improved?
The personal pension system has been in operation for three years since its pilot program began on November 25, 2022. Over the past three years, the number of people opening personal pension accounts has exceeded 70 million, and the number of products has continued to expand to 1,245.
However, problems such as "many accounts opened, few contributions, and little investment" remain prominent. According to the "2025 China Pension Finance White Paper" released by BlackRock and CCB Wealth Management, as of the end of November 2024, 72.79 million people in pilot cities had opened personal pension accounts, accounting for about 7% of the number of participants in basic pension insurance, but the contribution rate was less than 21%.
Why is it that despite government encouragement and active banking, investor enthusiasm remains low?
The reporter found that the reasons need to be analyzed from both the supply and demand sides.
"Personal pension financial products are available for selection"
On the demand side, many investors are concerned about liquidity constraints, are psychologically focused on the short term, and lack long-term planning for retirement investment.
Investors will have more "options".
Fortunately, banks have taken the lead in shifting their focus.
In addition to launching various incentive programs, many banks' core measures to "retain customers and boost customer activity" also include innovating deposit methods and building a pension financial ecosystem.
Some banks offer "scheduled deposit" services, allowing customers to make a one-time deposit at the end of the year or invest monthly, embedding deposits into their financial habits. Other banks organically combine pension finance with non-financial scenarios such as health management and elderly care services, thereby encouraging customers to develop continuous deposit and investment habits and establishing long-term trust relationships that transcend short-term gains.
The shift from a "one-size-fits-all" approach to a "tailor-made" approach represents a significant improvement from the perspective of customer needs.
In addition, the current personal pension investment product market, which includes financial products such as savings, insurance, funds, and wealth management, along with the savings bonds that will soon be added to the pool, will together create an increasingly rich selection system, providing investors with more "options".
Xue Hongyan suggests that the primary task for investors is to establish a long-term investment mindset for their pension funds. In terms of specific allocation, a diversified strategy can be adopted, rationally combining different types of products within the account to balance risk and return. When choosing products, investors should focus on their age, risk appetite, and retirement timeline, ensuring that the product's risk level and duration match their personal life cycle. Furthermore, investors should carefully read the terms and conditions, paying attention to fees and long-term return potential. As the market continues to offer a wider range of products, investors can remain vigilant and optimize their portfolios as needed.
