Consumers open to trying virtual banks, survey says

Business | 21 Jan 2020 8:10 pm

Every other person in Hong Kong  is open to trying virtual banks, while one in three is aware of open banking, according to a study by Visa.

The "Future of Commerce: Consumer Payment Attitudes Study," shows that 62 percent perceive benefits of virtual banks to be lower banking fees, and 47 percent think virtual banks offer better interest rates.

Also, consumers regard the three main perceived disadvantages of virtual banking are the lack of track record of the bank, trustworthiness, and the lack of physical branches.

Maaike Steinebach, general manager of Visa Hong Kong and Macau, said the study indicates that there is a sizable consumer demand for quality digital banking, in addition to low fees and better interest rates.

There is also substantial pushback in the required sharing of personal information to implement open banking services, according to the study.

Two in five find sharing credit card transaction history with service providers unacceptable, and 46 percent object to sharing of bank account history, while one in two disagrees with sharing social media profiles.

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