Hong Kong (China SAR) Retail Banking Analysis by Consumer Profiles, 2022 Update

Hong Kong Retail Banking Market Overview

A few personas have been created through a cluster analysis of GlobalData’s 2022 Financial Services Consumer Survey to understand Hong Kong (China SAR) survey respondents and their attitudes, preferences, and unmet needs. The personas have been created using three core attributes which are age, marital status, and their preferred financial services (FS) provider type, i.e. traditional banks and credit unions or alternative providers such as digital challenger banks, Big Tech, fintech, digital wallets, and retailers. The personas give a comprehensive view of how a person in this group views their financial life, considering their detailed demographic information, impending life events, unmet needs and frustrations, and opinions and preferences in banking, particularly in terms of their attitudes toward digital banks and non-bank FS providers.

Based on the consumer profiles covered in the report, a few general results can be gleaned. For example, most customers conduct their banking digitally either on a mobile app or on a provider’s website. However, despite the digitization of retail banking, consumers generally still hold a reasonably strong preference for the use of branches when it comes to major tasks such as applying for a mortgage. However, the advantage of this report lies in the findings that are unique to individual profiles.

GlobalData Personas

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Based on the consumer profiles covered in the report, a few general results can be gleaned. For example, most customers conduct their banking digitally either on a mobile app or on a provider’s website. However, despite the digitization of retail banking, consumers generally still hold a reasonably strong preference for the use of branches when it comes to major tasks such as applying for a mortgage. However, the advantage of this report lies in the findings that are unique to individual profiles.

Hong Kong (China SAR) Retail Banking - Customer Personas

The key customer personas analyzed in the Hong Kong (China SAR) retail banking sector are Older Gen Z, Younger Millennial, Older Millennial, Younger Gen X, Older Gen X, and SME owner.

Older Gen Z: The consumer persona of Older Gen Z is an ambitious recent graduate trying to figure out her career path while better managing her finances and is especially building security for retirement. Even though she prefers traditional providers, she only really uses digital channels due to a broader preference for the use of mobile banking. However, she would much rather use a branch to tackle more difficult or important tasks, such as applying for a mortgage or opening an account. So, although she does not use branches much, she highly values the ability to access branches when she does need them. She uses a credit card as her primary means of payment.

Younger Millennial: The customer persona of Younger Millennial is a young wealthy financially stable millennial with no dependents. He is still experimenting and is not settled on which way of doing banking is best for him. He is using a secondary account to test out an alternative digital-only provider, which he is coming to prefer to his traditional primary provider. Mobile and online banking are the most frequent channels through which he manages his finances, but they are not the only channels he is likely to use. Younger Millennial’s ambivalence toward which channel to use holds even after breaking down his financial management by task. 

Older Millennial: The consumer profile of Older Millennial is a young successful professional tech-savvy millennial who is uncertain about the future. This uncertainty is reflected in their financial outlook as well. Older Millennial is not certain or secure enough to start saving properly for some distinct goal but takes things step by step, building up savings as a buffer in case things go wrong. He holds his account with a digital provider because he thinks they provide a better service but is still not sure how to best use the tools his bank provides to manage his finances in uncertain times. Considering the uncertainty, the Older Millennial faces in his life at the moment, he is looking for a provider that is able to offer a wide range of tools to address any issues that might come up.

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Hong Kong (China SAR) Retail Banking – Channel Preferences for Banking Activities

The key channel preferences in the retail banking market in Hong Kong are in-branch, telephone, online, mobile, video chat, instant message, and chatbot. Older Gen Z is far more likely to make use of digital channels than non-digital ones. Although they do not use branches much, they highly value the ability to access branches when needed. This is one of the reasons for the continued attachment to a traditional provider despite such a strong preference for the use of digital channels. However, the Older Gen Z’s biggest frustration with the provider is the integration between digital and human services.

Hong Kong (China SAR) Retail Banking Market Analysis, by Channel Preferences of Older Gen Z

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Segments Covered in the Report

Customer Personas

• Older Gen Z
• Younger Millennial
• Older Millennial
• Younger Gen X
• Older Gen X
• SME Owner

Reasons to Buy

• Understand how consumer preferences vary between different types consumers.
• Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
• Identify the areas for improvement that matter to particular consumers.
• Benefit from the provision of actionable steps that can help your business target specific customer profiles.