Hong Kong (China SAR) Retail Banking Analysis by Consumer Profiles, 2023 Update

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Hong Kong (China SAR) Retail Banking Consumer Profile Report Overview

A few distinct personas have been created through a cluster analysis of GlobalData’s 2023 Financial Services Consumer Survey to understand Hong Kong (China SAR) survey respondents and their attitudes, preferences, and unmet needs.

The five personas have been created based on age, relationship status, and preference for digital or traditional providers. Each of these profiles is then individually analyzed to describe the unique features of its preferences and product holding. This analysis facilitates the provision of recommended actionable steps for providers to cater to the needs and wants of customers fitting a given profile.

Customer Personas ·        Gen Z

·        Gen X

·        Younger Gen Z

·        Millennial

·        Expat Millennial

Channel Preferences ·        Telephone

·        ChatBot

·        Instant Message

·        In-Branch

·        Online

·        Mobile

·        Video Chat

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Hong Kong (China SAR) Retail Banking - Customer Personas

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

Gen Z: The consumer persona of Gen Z is that of an ambitious, fresh graduate who is in one’s first job and is looking to build one’s wealth for the future. One wants to build up savings and investment portfolio to ensure financial comfort in the future. One wants one’s bank to provide budgeting tools that help one manage one’s salary, which will also aid in achieving savings goals. One would also appreciate more offering from the back in terms of personal and customized products and platforms. Looking at the channel preferences, online and mobile channels unsurprisingly dominate the rankings.

Gen X: Gen X customers look to build their wealth to ensure family security as well as prepare for retirement. Their aim is focused on asset accumulation to achieve financial goals. To do this, they prefer using traditional providers, despite using digital channels across multiple banking activities. As a customer who values both digital and in-branch banking, the expectation from the bank to do a better job in omnichannel connectivity is higher.

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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. online and mobile channels. For more everyday activities, millennials are more than happy to use the digital channels their bank offers, with a slight preference for mobile apps over desktop platforms.

Hong Kong (China SAR) Retail Banking Market Analysis, by Channel Preferences of Millennials

Hong Kong (China SAR) Retail Banking Market Analysis, by Channel Preferences of Millennials

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Segments Covered in the Report

Customer Personas

  • Gen Z
  • Gen X
  • Younger Gen Z
  • Millennial
  • Expat Millennial

Scope

Tech-obsessed Generation Z consumer Chi is not satisfied with the digital offering that his bank currently provides, which is likely due to high expectations rather than faltering services.

Meanwhile, despite preferring traditional providers, Generation X mother Chen is a frequent user of digital channels across multiple banking activities.

When comparing young entrepreneur Eric with other customer profiles in Hong Kong (China SAR), he clearly has the most diverse channel preferences, valuing branches, telephone contact, and online and mobile banking depending on the activity he wants to conduct.

Reasons to Buy

This report helps:

  • Understand consumer preferences in Hong Kong (China SAR) with regards to banking activities.
  • Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
  • Identify the areas for improvement.
  • Undertake actionable measures to help businesses target specific customer profiles.

Table of Contents

Chi: The Tech-Obsessed Generation Z

Chi is a Gen Z customer who is hyper-focused on digital banking and digital products

Chen: The Generation X Mother

Chen is a Gen X customer looking to build her wealth to ensure family security

Eric: The Young Entrepreneur

Eric is a Gen Z customer looking to grow his current business

Leung: The New Father

Leung is a millennial customer who has recently bought a house and started a family

Emily: The Expatriate

Emily is a millennial customer who is currently living abroad in Hong Kong (China SAR)

Appendix

Frequently asked questions

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