They are more open to the tech than Australia and UK users.
Half (51%) of Hong Kong consumers have expressed willingness to share their financial data with a third-party provider in a development that bodes well for the city’s Smart Banking agenda, according to a survey from Accenture.
Users expressed openness to disclosing their data to third parties like tech providers, fintechs, telcos and retailers via open APIs if it means they can get access to more customised services or tailored offers like a better mortgage rate or higher returns on savings and deposits.
Only 31% of Hong Kongers said that they would not be willing to share their data as they cite concerns in security and privacy, trust issues with large tech companies and lack of sufficient understanding of open banking. However, the proportion of residents in Hong Kong which are against data sharing is still comparatively less than users in Australia and UK at 66% and 69% respectively.
“Banks still enjoy a lot of trust from consumers, but Hong Kongers are willing to share their financial data if they know they’ll get something in return — indicating that the foundations are clearly there for Hong Kong to leapfrog many markets with Open Banking solutions,” Fergus Gordon, a managing director at Accenture who leads its Banking practice in Asia Pacific and Africa said in a statement.
A third (33%) of Hong Kongers would trust local and international payment firms for their data followed by 16% who are willing to share their data with online merchants and retailers.
The survey also revealed the generational divide that manifests itself in the openness towards the technology as only 30% of Gen Zers and millennials they’re not willing to initiate payments through non-bank providers, compared with more than half (55%) of baby boomers.
“The potential for Open Banking is huge, particularly in Hong Kong, where consumers are so willing and open to sharing their data, but trust will be a key factor in the success of these solutions going forward,” concluded Gordon.
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