Nearly 2 in 3 Hong Kongers hold a digital bank account

Respondents said digital banks outperform incumbents in account opening promotions.

Nearly 2 in 3 Hong Kong residents hold a digital bank account, but many do not consider it their primary account on unmet needs and security concerns.

A total of 62.9% across 361 respondents hold a digital bank account, according to a survey by ECHO ASIA and students from the CUHK Business School.

Of the responses, 66.3% of those aged 18 to 49 have digital bank accounts, and over half or those aged 50 and above said the same, the survey found.

About 1 in 3 (31.7%) consider digital banking as their primary account. This suggests that while digital banks have established a foothold in the market, their frequency of use remains relatively low, ECHO Asia’s survey said.

For those who do not use digital banks as their primary account, 68.3% cited unmet needs, security concerns, and unfamiliarity with the services as reasons.

Some also prefer physical or traditional banks, the survey said.

Most valued services from digital banks are account opening promotions, with over 52.6% of respondents believing that these outperform those of traditional banks.

About 23% regard savings services as the most valuable, although 53.2% said that traditional banks better meet their savings needs.

About 52.4% of respondents recommend competitive deposit rates and lower minimum deposit thresholds to boost confidence; whilst 43.5% suggested offering a higher cashback on credit or debit cards.