They welcome the convenience and all-day accessibility of digital alternatives.
Half (52%) of banking customers in Hong Kong frequently pay for goods and services through their mobile phones as consumers increasingly opt for digital self-service channels than traditional high-touch channels like branches and call centres, according to a study released by SM.
The frequent mobile usage of Hong Kongers for their payment needs outstrips that of close regional competitor Singapore (35%) and Australia (19%) but trails behind Mainland China whose mobile penetration is almost complete at 98%.
Of the mobile payment users,almost a third (29%) indicated that Apple Pay is their main mobile wallet, followed by Octopus O! ePay at 17%; Android Pay at 16%; Alipay at 15%; and WeChat Pay at 8%.
The survey also revealed that premier banking customers report higher levels of satisfaction with their accounts than those who do not have access to personalised benefits, rates and terms packages than their elite counterparts.
Despite the frequent usage, consumers have expressed dissatisfaction over the digital experience as 35% reported experiencing a problem accessing their online banking accounts whilst 56% encountered difficulties in their banking apps.
“It is interesting that despite the shortfall in the digital user experience, customers are still more satisfied using these channels versus traditional channels. They welcome the convenience and 24/7 accessibility and it will be interesting to see how banks build and deepen relationships with their customers going forward,” said J.D. Power service industry practice leader Anthony Chiam.
The 2018 Hong Kong Retail Banking Satisfaction Study is based on responses from 2,371 retail banking customers and was fielded between November 2017 and January 2018.
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