Hong Kong - Retail Banking Consumer Profiles

Hong Kong - Retail Banking Consumer Profiles

Summary

This 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.

Through cluster sampling, GlobalData analysis determined retail banking preferences in Hong Kong based on life stage and a range of other factors. As a result, our analysis identifies the critical areas banks in Hong Kong should focus on, including actionable steps that will help providers add value to the customer relationship. Aside from detailing how banks can foster loyalty and drive retention among existing customers, the report also indicates how banks can sell new products and acquire new customers within each consumer profile.

Scope

• Despite a strong preference for traditional providers, Loletta (age 24) uses mobile banking more frequently than other channels. She is digital-savvy and spends a lot of time on social media, so she expects a strong digital platform experience from her banking provider.
• Chow (age 28) has suffered some financial hardship but is now invested in making his life better, including buying his first home. He prioritizes saving for the future (76%) over living well now (24%).
• Yan (age 34) is a busy individual who requires superior digital banking than was available pre-COVID. He uses innovative channels such as instant messaging and chatbots more frequently than branches or telephone.

• 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.