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Hong Kong – Retail Banking Consumer Profiles

The Hong Kong retail banking market report is part of a series of Hong Kong content including country analysis and competitor benchmarking which looks at five different customer personas in Hong Kong. It explores their financial goals, unmet needs, and banking preferences while providing actionable steps for financial providers to take to achieve high levels of retention and to cross-sell effectively and accordingly.

What are the key consumer profiles in the Hong Kong retail banking market?

The key consumer profiles in the Hong Kong retail banking market are older generation Z, younger millennial, older millennial, and generation X.

Older generation Z

The older generation Z feels that basic tasks are difficult to conduct digitally. This generation is relatively tech-savvy and needs a better UX when mobile banking apps are used. The generation’s preference for traditional banks, driven by customer service, suggests they are able to speak to a representative when they struggle digitally. In addition, the service providers have been able to respond to meet the generation’s needs quickly, thus giving their bank an advantage around customer service over other providers.

Customer service-driven reasons are the older generation Z’s top drivers for preferring traditional providers over alternatives. Providing a high-quality customer service experience is essential if conventional banks are to successfully compete with the challenge of new market entrants and FinTechs.

Younger millennial

Younger millennials rely more on mobile and online banking. Our data suggests that the younger millennials are having to use branches when they prefer alternative providers with no branches. Because most of them are unhappy with their current traditional provider and the digital UX they are receiving, it is likely that this strong branch preference is not by choice but due to issues with online and mobile banking platforms.

Younger millennials in Hong Kong have a strong preference for alternative providers, driven by better rates and rewards and budgeting tools (like other profiles who prefer alternatives).

Older millennial

Older millennials are heavy digital banking user but feels the provider’s digital banking platform makes it difficult to complete basic tasks digitally.

Older millennials prefer digital banking. Our data shows that she likes to use both mobile and online banking at least weekly, suggesting she switches between both to complete different tasks. However, our data also shows she feels she cannot complete certain tasks without calling or using a branch.

Generation X

The COVID-19 pandemic means Generation X has had to rely more on digital channels.  They use online banking slightly more regularly than any other channel. They prefer traditional providers based on the excellent service that they have has always received. Their channel preferences have been driven by their provider’s sudden shift to digital-only amid the COVID-19 pandemic, without fully addressing the impact on older customers.

Which are the key channels consumer prefer in the Hong Kong retail banking market?

The key channels consumer prefer in the retail banking market in Singapore are branch, telephony, online, mobile, IM, chatbot, and video chat.

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Market report scope

Key consumer profiles Older Generation Z, Younger Millennial, Older Millennial, and Generation X
Key channels Branch, Telephony, Online, Mobile, IM, Chatbot, and Video Chat

Reasons to Buy

  • Learn about consumer perceptions around digital banking and preference for traditional providers vs. alternative providers.
  • Discover which features and attributes a range of demographic segments are willing to pay for.
  • Identify channel usage trends for each consumer profile, as well as the preferred channels for a range of banking activities.
  • Use key takeaways for each consumer profile to help shape your strategy.

Table of Contents

Table of Contents

Rationale for Clusters

Hong Kong Consumer Profiles

Older Generation Z – Loletta: The graduate earner

Younger Millennial – Chow: The wealth builder

Younger Millennial – Yan: The new homeowner

Older Millennial – Xie : The one impacted by COVID

Generation X – Harriet: The retirement planner

Appendix

Frequently Asked Questions

The key consumer profiles in the Hong Kong retail banking market are older generation Z, younger millennial, older millennial, and generation X.

 

 

The key channels consumer prefer in the retail banking market in Singapore are branch, telephony, online, mobile, IM, chatbot, and video chat.

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