Banks, online funds battle for larger share of savings

Internet finance firms are gaining ground on banks, but the online fund products face some new barriers and challenges, WEI TIAN reports from Shanghai

The battle between China's long-established banks and emerging Internet finance organizations for the nation's massive personal savings is getting uglier.

Traditional financial institutions are clearly losing some ground to online upstarts. Bank deposits dropped 940 billion yuan ($154 billion) in January.