Consumers in Hong Kong prefer to engage digitally with financial services firms such as insurers and banks, according to a study by international market research firm Forrester.
Furthermore, technology companies such as Google, Apple, and Samsung are enjoying increased trust from Hong Kong customers with regard to their financial well-being, the study revealed.
It found that in Hong Kong, 39% of respondents preferred to use digital channels to interact with their life insurer, followed by 32% through agents, and 29% through other methods. The preference for digital is much stronger in retail banking, with 78% preferring digital, 7% preferring branches and 15% for others.
The sentiment towards digital is shared across Asia-Pacific, with more than seven in 10 (73%) respondents saying that they believe customers should be able to accomplish any financial task through a mobile device.
E-commerce operators, ride-hailing platforms, and other technology-focused firms are enjoying massive popularity worldwide, and these companies are biting into the financial services pie. According to Forrester, tech giants are among the companies that consumers in Hong Kong trust to act in their best financial interests. While banks remain at the top, Apple is the second most-trusted company by Hong Kongers with regard to their finances. Insurers are in third place, with Google in fourth and Samsung in fifth.
“Digital consumers across Asia-Pacific are more willing to experiment with new services and operating models than ever before,” the study said. “They are also highly savvy and skilful at finding the best deals.
“As a result, customers will dynamically deconstruct their personal financial services ecosystems and reassemble them with newer and better players. In the process, the new financial services landscape in Asia-Pacific will broaden and become fragmented in ways that conventional institutions no longer recognise.”