Hong Kong Retail Banking 2020-Review, Forecasts, and Future Opportunities
- April 2021
- 33 pages
Growth in the Hong Kong retail banking market has been strong over the past decade. COVID-19 has affected growth in 2020 but is unlikely to significantly alter trajectories and forecasts in 2021 given that the recovery is already underway. The news of a COVID-19 vaccine will allow a complete economic reopening with few restrictions in place and serve as a pseudo stimulus to the global economy and international trade.
This report explores trends in the Hong Kong retail banking sector and provides insight into consumer preferences and behavior. It highlights some of the most important data points available on the performance of the sector compared to other markets as well as the performance and perception of firms within the industry. New trends and innovations are also noted, as are the implications of COVID-19 for the sector.
- Standard Chartered are commonly viewed as one of the most digitally sophisticated banks in the world, who have been a pioneer in digital transformation and financial technology. This background and mission have culminated in the low levels of dissatisfaction on their mobile channels that rank significantly lower regarding dissatisfaction than any competitors' products. Dissatisfaction with online channels offered by Standard Chartered are higher than expected, and greater than those of HSBC and Bank of China.
- Opinions of digital-only banks regarding service, rates, and level of functionality have all improved since 2018. Perceptions of digital-only banks online security have remained the same. This trend follows the same pattern seen in the US, UK, and Chinese markets, though the rate of change in preference has been slower than in China.
- Net promoter scores (NPS) for incumbent banks in Hong Kong show that customers are more likely to be detractors of their primary transaction account provider, likely due to the impact of digital banks entering the market and consumers warming to them.
Reasons to Buy
- Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
- Track competitor gains and losses in market share.
- Assess consumer perceptions of competitors performances.
- Measure channel preferences over the last four years.
- Highlight mobile satisfaction by competitor.
- Specify areas of mobile UX that are most valued by Hong Kong customers.
- Measure the change in attitudes toward digital-only banks.
- Get insights on target demographics for non-bank providers across different products.
- Discover the importance placed on the various attributes of financial service providers analyzed by age/income.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.
More from Banking
Financial ServicesConsumers And The Economic Outlook - US - January 2020