Electronic banking has seen steady growth in recent years, with new formats continuously emerging, such as mobile banking, pad banking, and WeChat banking -- in addition to the already well-established online banking. Currently, the electronic substitution rate of China's listed banks generally exceeds 70%; in the case of the Industrial and Commercial Bank of China (ICBC), the rate was over 80% in 2013, which means that for every 100 transactions, over 80 were completed electronically.
Electronic banking has not only saved a lot of resources but has also improved the efficiency of the financial system. At present, the mobile banking services of China banks far outperform their other services in terms of both absolute and relative growth in user number, transaction volume, and user activity. The mobile transaction volume of China Merchants Bank, in particular, has increased tenfold over the past two years.