70% of Hong Kong banking customers want a better online experience – Capco Bank of the Future survey
Consumer confidence in digital banking has risen sharply over the past two years – but a large majority would trust ‘Big Tech’ for their finances at least as much as a bank
HONG KONG, November 29, 2022 /PRNewswire/ — Hong Kong consumer confidence in digital banking is growing, but trust is no longer a banking monopoly, says new Asia Pacific concentrate Bank of the future survey by Capco, the global technology and management consultancy.
Capco surveyed 707 Hong Kong consumers to gauge their attitude towards banking services at a time of rapid change in the retail banking industry. The findings are part of a larger survey of nearly 5,000 consumers in five markets around the world. Asia Pacific Region.
No less than 86% of hong kong consumers surveyed say they would now trust ‘Big Tech’ as much or more to provide their banking services than they would a bank – 56% saying they would trust ‘Big Tech’ more “.
hong kong surveyed respondents say they want a better online banking experience from their providers and greater visibility on banking products. Most (61%) say they are at least willing to think about sharing personal data to drive greater product personalization. Over sixty percent (64%) of consumers would find it “extremely” or “very” appealing to have an app that gives them better visibility and more personalized information about all their financial products, such as bank accounts, pensions , insurance and investment.
The key themes emerging from the hong kong the survey includes:
1. Consumers open to sharing personal data, but type of data matters – Most consumers are open to the idea of unlocking personalization by sharing more personal data, such as social media profiles and wearable device data, with 22% expressing excitement and a further 39% saying they were willing to consider it.. Customers are more happy to share information about health and fitness tests, loan and credit history, location data, and life events, but less likely to share things like relative information to other bank accounts or their web browser history.
2. Consumers have expressed interest in trading cryptocurrency through banks – About 30% of hong kong respondents said it would be “very interesting” if their current or future bank offered the ability to trade cryptocurrencies, despite past volatility and turmoil in crypto markets. that of Hong Kong regulators are currently re-examining whether and how to legalize retail trading of crypto assets.
3. Banks’ sustainability credentials matter to consumers of varying age – Across all age groups, 27% consider the sustainability credentials of their banking services to be “extremely important”. This figure rises to 46% for the 55-64 age group, with a further 26% saying it was “unimportant”. This compares to 7% for 18-24 year olds; 59% of this demographic rated sustainability credentials as “slightly important.”
Danny WanExecutive Director and Head of Strategy at Capco in hong kong said: “Our survey results reveal that ease and convenience, as well as a single gateway to multiple services, are of fundamental importance to hong kong bank customers today. However, customers do not want a simple aggregator, but rather banks offering personalized information and advice, including savings opportunities.”
Paul Sommerin, Partner and Head of APAC Digital & Technology: “More than half of customers were open to the idea of the Metaverse as a future channel for digital banking, despite it being a largely unproven concept. that of Hong Kong banks need a forward-thinking and compelling strategy around an array of digital channels and deliverables, including apps, highly personalized products, AI-powered advice, and even emerging metaverses. At the same time, they must strike the right balance between data sharing and privacy considerations.”
James ArnetAPAC managing partner at Capco, said: “Retail banking services through Asia Pacific undergo a seismic transformation. Digitally savvy and mobile-oriented consumers are playing a key role in reshaping the priorities of banks and the wider banking ecosystem. New technologies offer consumers unprecedented freedom to choose how they interact with their bank(s), access more personalized services and have a more complete single view of all their finances. As incumbent banks and their competitors aim to support consumers’ personal and lifestyle ambitions, our survey results shed new light on the priorities that will define the bank of the future.”
The survey was conducted online in September and October 2022 and collected responses from a total of 4,889 respondents in five Asia Pacific markets. Individual sample sizes – hong kong: 707; Greater Bay Region (formerlyhong kong): 1293; Singapore: 1000; Thailand: 890; Malaysia: 999. Survey respondents came from six age groups – 18-24, 25-34, 35-44, 45-54, 55-64 and 65+ – and the sample sizes were representative of demographics related to age in each market.
Capco, a Wipro company, is a global technology and management consulting firm specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising more than 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unparalleled industry knowledge to accelerate digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity comes to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on Twitter, Facebook, YouTube, LinkedIn and Instagram.
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