According to consumer market researcher J.D. Power’s 2019 Hong Kong retail banking satisfaction survey released this week.
As of early 2019, alipay had overtaken Apple Pay as the number one mobile wallet by users in Hong Kong, according to the survey.
In the survey, 32 percent of mobile wallet users used Alipay, up from 14 percent in 2018.In second place is Apple’s Apple Pay. The proportion of Hong Kong respondents using Apple Pay was 22%, up from 19% last year.
Source: J.D. Power
The results of this J.D. Power’s Hong Kong retail Banking Satisfaction survey also showed that 54% of respondents did not fully trust their banks. And 36% of respondents who did not fully trust their banks said they might change financial service providers.
Anthony Chiam, regional head of J.D. Power, believes banking is fundamentally a trust-based industry. When customers trust their bank, they are more willing to accept financial advice from the bank and less likely to turn to other financial service providers, especially virtual Banks.
According to the J.D. Power report, as digital channels such as mobile banking become more widely used, they also help build customer trust in Banks.
Survey results show that Hong Kong users are becoming more aware of mobile banking, and the use of mobile banking applications has risen from 30% in 2018 to 43% in 2019. Still, as many as 65% of respondents did not fully understand what mobile banking products, services and functions they could use.
The retail banking satisfaction survey is in its second year，the study was based on a survey of 2,342 retail bank customers between November and December 2018.
Article sources comprehensive network reports