FINANCIAL SERVICES | Staff Reporter, Hong Kong

Which bank enjoys the highest customer satisfaction in Hong Kong?

This lender occupies the top spot for the second straight year.

Retail bank customers at Citibank are the most satisfied in Hong Kong as the New York-based lender topped an annual study by market research firm J.D. Power for the second straight year.

The study measures overall customer satisfaction in six key factors: account activities; account information; fees; facility; product offerings; and problem resolution.

Citibank topped the product offerings, account information, account activities and fees subcategories to achieve an overall satisfaction score of 722. Singapore’s DBS follows closely at 714 whilst homegrown lender Bank of East Asia rounds out the top three at 694 points.

Hang Seng Bank settles for fourth place with 686 points followed by Bank of China Hong Kong (682). HSBC and Standard Chartered scored 677 and 676 respectively.

The study also noted that more than half (54%) of customers do not trust their bank given their experience with bank representatives who do not spend enough time identifying their needs before providing products and services. In fact, 36% of customers who do not fully trust their bank have expressed openness to switching providers.

‘When banks consistently fulfil their service promise, trust will be earned over time. This trust often becomes embedded in a customer’s relationship with the bank and influences future financial decisions and planning,” Anthony Chiam, Regional Practice Leader, Global Business Intelligence - Asia & Australia at J.D Power said in a statement.

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