Traditional banking perceived as more secure

Traditional banks in China are under severe pressure from the fast-growing online finance sector, which combines the convenience and efficiency of the Internet with the sophistication of wealth management products - while also offering rates higher than what bank deposits pay.

But one advantage retained by brick-and-mortar banks is security, according to a telephone survey carried out last month by the Guangzhou-based Canton Public Opinion Research Center, an independent research organization.

Almost 73 percent of the 2,000 respondents said that they're avoiding Internet financial products because of concerns over account security. The survey involved residents of four municipalities and the nation's provincial capitals.