New research by McKinsey shows that China’s retail banking market is on track to become the second largest in the world by 2015, after only the US. For Chinese banks, capturing growth will require taking a different approach than they have in the past, one that focuses on implementing leaner cost structures and gearing service models around customer needs.

Nick Leung, Managing Partner of McKinsey’s Greater China Practice, discussed some of the highlights from this research with Emmanuel Pitsilis and Jun Xu. Emmanuel is a Director in Hong Kong who heads the Financial Institutions Practice. Jun is an Associate Partner in Shanghai.