Hong Kong (China SAR) Retail Banking Competitor Benchmarking – Financial Performance, Customer Relationships and Satisfaction

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Hong Kong (China SAR) Retail Banking Market Report Overview

The majority of Hong Kong banks improved their total divisional assets (TDA), net interest margins, and retail net interest incomes in 2023, but there was a decrease in fee income for the banks. Citibank, Hang Seng Bank, and HSBC saw increases in their cost/income ratios. Moreover, Bank of China (HK) increased its market shares in the retail deposit, residential mortgage, and personal loan markets, while Standard Chartered and Hang Seng Bank were only able to improve their credit card market shares. HSBC is consistently strong across its entire customer base when looking at both affluence and generation.

The Hong Kong (China SAR) Retail Banking Competitor Benchmarking report looks at market performance, retention risk, and market shares across key products within the Hong Kong (China SAR) banking space. It also ranks the market’s leading banks across a range of criteria from digital adoption and user experience to rewards and money management tools.

Key Banks ·        HSBC

·        Standard Chartered

·        Hang Seng Bank

·        Bank of China

·        Citibank

Key Retail Banking Products ·        Retail Deposits

·        Residential Mortgages

·        Personal Loans

·        Credit Cards

Customer Relationships ·        Customer Tenure

·        Cross-Selling

·        Current Account Net Promoter Score

·        Customer Loyalty

Customer Satisfaction ·        Satisfaction Drivers of NPS

·        Overall Satisfaction

·        Digital Satisfaction

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Hong Kong (China SAR) Retail Banking – Financial Performance

Most of the banks in the Hong Kong (China SAR) retail banking market have seen increases in TDA from 2021. AEON Credit Service, ZA Bank, and DBS saw the largest growth rates year on year. Net interest margins have increased across the majority of banks as well, spurred by increasing interest rates in Hong Kong. This has resulted in an increase in retail net interest income across the board. While Standard Chartered improves in the credit card market, Bank of China sees improvements in the retail deposit market, residential mortgage market, and personal loan market.

Hong Kong (China SAR) Retail Banking Market Analysis by Companies (based on TDA), 2022 (%)

Hong Kong (China SAR) Retail Banking Market Analysis by Companies (based on TDA), 2022 (%)

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Hong Kong (China SAR) Retail Banking - Customer Relationships

The Hong Kong (China SAR) retail banking market research report covers key customer relationship parameters including customer tenure, cross-selling, current account net promoter score (NPS), and customer loyalty. In terms of customer tenure, Hang Seng Bank’s customers have the longest tenure. The established banks have tenured customer bases of five years or more. Conversely, Mox Bank, ZA Bank, and China Construction Bank had the largest proportion of new customers in 2022. HSBC performs best at cross-selling despite its negative NPS, while ZA Bank performs the worst. ZA Bank has low overall and digital satisfaction scores but a high NPS, along with China Construction Bank.

Hong Kong (China SAR) Retail Banking Market Analysis by Net Promoter Score, 2022 (%)

Hong Kong (China SAR) Retail Banking Market Analysis by Net Promoter Score, 2022 (%)

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Hong Kong (China SAR) Retail Banking - Customer Satisfaction

The customer satisfaction segment of the Hong Kong (China SAR) retail banking market report comprises satisfaction drivers of NPS and overall and digital satisfaction drivers for NPS in popular banks. Ease of access to branch/call center is the biggest determinant of NPS, followed closely by loyalty rewards. The closing of bank branches is making it harder to physically go to the bank, driving customers to value ease of access by telephonic or in-person customer services. Other drivers include personal finance management tools, competitive prices, the capacity to customize products, and clear and simple products, among others.

Hong Kong (China SAR) Retail Banking Market Analysis by NPS Drivers, 2022 (%)

Hong Kong (China SAR) Retail Banking Market Analysis by NPS Drivers, 2022 (%)

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Key Highlights

  • 2023 was a good year for Hong Kong (China SAR) banks, with the majority improving their TDA, net interest margins, and retail net interest incomes. However, there was a decrease in fee income for the majority of banks.
  • The digital banks ZA Bank, Mox Bank, and Livi Bank have the largest proportion of new customers. Traditional banks such as HSBC and Hang Seng Bank have a more tenured customer base and have performed better at cross-selling.
  • Ease of access to a branch/call center and loyalty rewards were both the biggest drivers of NPS and the metrics that customers were least satisfied with.

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 the financial performances of competitors.
  • Unlock detailed analysis of the drivers of customer advocacy.
  • Discover the actionable steps required to improve and maximize banking performance in Hong Kong (China SAR).

HSBC
Standard Chartered
Bank of China
Hang Seng Bank
ZA Bank
Livi Bank
China Construction Bank
Citibank
Mox Bank

Table of Contents

Executive Summary

Financial Performance

Customer Relationships

Customer Satisfaction

Actionable Steps

Appendix

Frequently asked questions

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