Mobile banking makes a difference

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Only 4% of Hong Kong consumers are using mobile banking, but most have a better perception of banks which offer the service, a Synovate study found.

For banks with mobile banking services, the study found that over 80% of respondents perceive these banks as keeping up with changing times and meeting their needs. Over half (54%) of them said such banks will prompt them to use their services more – writes Erica Ng.

Cindy Chan, associate director of research for Synovate Hong Kong, said these figures are strong indications that availability of mobile banking creates an impact on consumers’ overall perceptions towards the banks.

“Across all Hong Kong respondents surveyed, whether they are current users of mobile banking or not, over 60% think banks that offer mobile banking are superior to other banks,” she said.

While the usage of mobile banking is low, Chan said the figure is not bad considering the service was recently introduced to the market and the current ownership of smartphones with the ability to conduct mobile banking sits at 39%.

“For banks, this type of digital marketing initiative is cheaper than above the line activities and can be more easily tailored to the needs of different customers. For consumers, this approach is less intrusive than eDMs and SMSes,” Chan said.