Hong Kong (China SAR) Retail Banking Analysis by Consumer Profiles (Older Gen Z, Younger Millennial, Older Millennial, Younger Gen X, Older Gen X and SME owner)

Hong Kong (China SAR) Retail Banking Analysis by Consumer Profiles (Older Gen Z, Younger Millennial, Older Millennial, Younger Gen X, Older Gen X and SME owner)

Summary

Hong Kong (China SAR) Retail Banking Analysis by Consumer Profiles (Older Gen Z, Younger Millennial, Older Millennial, Younger Gen X, Older Gen X and SME owner) report, which is part of a series of Hong Kong content including country analysis and competitor benchmarking - 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.

Based on the consumer profiles covered in this 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. For example, customers who match the profile of Nicola - a 47-year-old mass affluent married professional - are extremely unlikely to pay for premium features. They are also more likely than most to want to make use of a branch to make a complaint.

Scope

• Across almost all consumer profiles, online and mobile banking were the two most commonly used channels.
• Satisfaction with loyalty rewards is low across many consumer profiles.
• Mass affluent parents are likely to be more willing to pay for preferential cashback than any other premium feature a bank could offer.

• Understand how consumer preferences vary between different types of consumer.
• 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.