Bank of China (Hong Kong) Ltd. could overtake the Hongkong and Shanghai Banking Corp. Ltd. as the city’s leading bank in 10-15 years, the Hong Kong Economic Journal reported Friday, citing a survey by RFi Group.
The firm interviewed more than 40,000 retail clients in 21 markets and found that the Chinese bank is now the most popular in Hong Kong among customers aged 18-24.
Overall, however, HSBC remains the city’s leading bank, with 36 percent of respondents using it as their primary bank.
The high proportion of young people using BOCHK’s services may be the result of the bank’s digital engagement with its customers and the convenience it offers in exchanging renminbi as more mainland travellers visit the city, RFi Asia general manager Gerald Ferguson said.
The survey also showed a low rate of usage of electronic banking among retail banking customers in Hong Kong, only 19 percent of respondents indicating they are frequent users.
RFi urged lenders to improve the efficiency and intelligence of their online platforms, to cope with rising competition and to reduce operating costs.
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