Financial news
Written by: Huang Jie
2020-01-21 18:22
Last updated: 2020-01-21 18:23Virtual banks are attacking the Hong Kong market. Visa research found that one in every two Hong Kong people is willing to open a virtual bank account, and one in every ten people said they would definitely open a virtual bank account.
Visa published "Business Prospects: Consumer Pay Attitude Research", pointing out that consumers believe that virtual banks have three major benefits: lower bank transaction fees (62%), and more competitive interest rates than physical banks (47%). ), And a better user experience (32%).
Shi Meiqi, managing director of Visa Hong Kong and Macau, said that research shows that in addition to lower fees and better interest rates, consumers also expect virtual banks to provide a high-quality user experience. The key to the success of existing banks and new competitors is to put customers first.
At the same time, respondents believe that the shortcomings of virtual banking include a lack of track record (55%), credibility (52%), and a lack of physical branches (49%).
Open banking becomes another key to competitive innovation
Shi Meiqi added that in addition to the virtual bank trial operation, open banking (ie, the "open banking application programming interface (API) framework" implemented in Hong Kong) is the key to promoting competitive innovation in the financial services industry. Digital transformation requires close collaboration among industries, including governments, technology platforms, other API service providers, and data holders such as retailers, telecommunications companies, and utilities.
Consumers in Hong Kong are also interested in open banking services. The scope of services includes prepayment notices (such as payment reminders) (54%), integrated banking and credit card accounts (44%), and instant and more competitive wealth management products (44%). .
However, consumer concerns about sharing personal data have become a major obstacle to the emergence of open banking services. 2 out of 5 people (40%) did not accept credit card transaction records to service providers, 46% of the respondents objected to sharing bank account transaction records, and one in two did not agree to share their social media information.
Shi Meiqi also pointed out that protecting customers' personal data and ensuring data security are the two keys to promoting open banks or open APIs in Hong Kong, but they also need to strengthen consumer awareness, including the operating model of open banks or open APIs. And the impact of customers choosing such services.
Virtual Bank Visa
