Hong Kongers trust ‘Big Tech’ more than banks for banking services: survey

86% said they trust big tech as much as or more than banks.

A total of 86% of Hong Kong consumers say they trust “Big Tech” to fulfil banking services as much as or more than banks, a survey found. 

The Capco Bank of the Future Survey also found that 56% said they trust “Big Tech” more. 

“Hong Kong’s banks need a forward-thinking and compelling strategy around an array of digital channels and deliverables, including apps, highly personalized products, AI-driven advisory and even emerging metaverses,” Paul Sommerin, Partner and APAC Head of Digital & Technology, said.

“At the same time, they must strike the right balance between data sharing and privacy considerations.”

Read more: What are 6 financial services trends that will emerge in the GBA in the next 5 years?

Nearly 5,000 consumers were surveyed across five key markets in the Asia-Pacific region, of which 707 were in Hong Kong. 

The survey also found that 61% of Hong Kong consumers say that they are at least willing to think about sharing personal data for a more personalised product. 

More than 64%, meanwhile, say that it is “extremely: or “very attractive” to have an app that allowed for better visibility or more personalised insights into financial products.

“Our survey findings reveal that ease and convenience, along with a single gateway to multiple services, are of fundamental importance for Hong Kong bank customers today,” Danny Wan, Executive Director and Head of Strategy at Capco in Hong Kong said. “However, customers do not want a simple aggregator, but rather for banks to offer personalized insights and advice, including money saving opportunities.”