CSG Worldwide has conducted a Banking and Finance Satisfaction Survey in November 2019, covering banking, mobile payment, insurance and biometric technology. This survey has interviewed 537 Hong Kong people. This research has reflected the top 3 banks usage are HSBC, Hang Seng Bank and Bank of China; Top 3 bands of insurance products own are AIA, Manulife, and Prudential; Top 3 mobile payments used are Alipay, Wechat Pay, and Paypal.
While HSBC has a leading of bank usage and main bank usage from 35 years old or above (Fig. 2), Hang Seng Bank does slight better in the age group of 18-34 in bank usage (Fig.1). Among the top bank usage, Hang Seng and HSBC received the same satisfaction score at 7, while Bank of China with 1 point less (Fig. 3). Even though Standard Chartered Bank and Citibank did not make to the top 3 popular bank, they have received the same satisfaction score as Hang Seng and HSBC at 7.
In term of the breakdown of the satisfaction over staff service, transaction experience, variety of products, digital banking experience, mobile banking experience and security, the top 3 banks did not maintain their places. However, Citibank and Standard Chartered bank lead the race in most of the categories (Fig. 4). Citibank performed better in variety of products, transaction and digital banking experience. While Standard Chartered performed better in staff services, security and mobile banking experience. Citibank continued to receive a higher mean score of banking relationship and NPS among the main bank users (Fig.5).
With the emerging of technology, besides looking at the online banking experience, CSG’ survey covers mobile payment which is an essential payment method of Hong Konger’s daily life. More than two-third of respondents are currently using mobile payment (Fig. 6). Alipay is the most popular payment than others and which over half of users use it most frequently. Even Apple pay’s presence in the market is not high, but it has well performed of “Security” and “Registration process” (Fig.7).
For insurance products, 75% of respondents are owning insurance products (Fig. 8). AIA, Manulife, Prudential and AXA are the top brands that respondents purchased. HSBC Insurance is gaining popularity in particular for aged 18-34 (Fig. 9). Bupa and BOC Group Insurance performed better than other insurance companies (Fig. 10). While Zurich, HSBC insurance and Hang Seng Life performed below the average (Fig. 11). Similarly, insurance owners are more satisfied with the insurance products from Bupa and BOC Group Insurance. In contrast, insurance owners are less satisfied with Zurich, HSBC insurance and Hang Seng Life. Bupa received the higher satisfaction score on insurance services. While Manulife, HSBC insurance and Hang Seng Life performed below the average (Fig. 12).