Retail Banking Consumer Profiles: Hong Kong

GlobalData’s Retail Banking Consumer Profiles: Hong Kong report explores customer life events and goals in the Hong Kong retail banking sector and insight into consumers’ preferences, including digital channels, and most willing to pay for premium features. The report highlights some of the most important data points from the 2021 GlobalData Banking and Payments survey, which in turn produces actionable steps for banks.

Key findings discussed in the report include:

• Hong Kong customer profiles report looks at five specific customers through cluster sampling. Using this sampling method, our analysis determined retail banking preferences based on life stages and understood how consumers' digital banking mindsets changed in 2021. As a result, leading Hong Kong banking providers can use this analysis to take valuable steps to help them build stronger relationships with their customers to ensure future loyalty and secure retention

• The report's actionable steps consider each customer's life stage and goals. Using this, our analysis was able to identify the critical focus and actionable areas on leading banks in Hong Kong should place emphasis. Not only does this help banks target a specific product, but our actionable steps go beyond that to make sure the customer's primary provider can add value to their everyday banking lives and meet their needs effectively by taking a further deep dive into levels of satisfaction depending on the number of products cross-sold

• While this report focuses on the retention and loyalty of banks and their existing customers, each profile indicates how banks can sell new products (both retail and investment) ad acquire new customers within each profile whilst considering the potential threats and competition in the Hong Kong market amongst traditional and alternative banking providers

• Identifies five customer propositions using cluster sampling based on the main retail banking products: deposits, credit cards, personal loans, and home loans

• Analyzes consumer perceptions of digital banking and preferred financial service providers

• Highlights most willing to pay for banking features and attribute

• Identifies customer life events while looking at specific customer life goals, such as retirement security

Download our free report for more detailed insights.