Hong Kong Retail Banking - Competitor Benchmarking 2021

Hong Kong Retail Banking - Competitor Benchmarking 2021

Summary

Despite the impact of COVID-19, banks in Hong Kong remain well capitalized and ready to support recovery going forward. All incumbents increased their total divisional assets (TDA) in 2020. Although the threat of a long-term low-rate environment persists, profitability is unlikely to be affected as banks focus on controlling costs and non-interest income. As net interest margins across the banking sector compress due to the need for ultra-low interest rates, the importance of non-price factors has become significantly more important in the banking space.

This report - which is part of a series of Hong Kong content including market analysis and consumer profiles - looks at market performance, retention risk, and current account market share. It ranks Hong Kongs top banks across a range of criteria, from digital adoption and user experience to rewards and money management tools.

Scope

- Use of digital channels peaked in 2020. However, reversion to pre-pandemic habits appears to be underway. Standard Chartered, HSBC, Hang Seng Bank, and Bank of China are all experiencing greater branch usage in 2021 than in 2020.
- 38% of Citibank customers have joined within the last five years, suggesting its customer acquisition efforts have been successful.
- HSBC leads the way in terms of cross-selling, with 20% of its customers holding three products with the bank. Challengers ZA Bank and Mox Bank struggle in this regard due to a lack of services.

Reasons to Buy

- Discover which banks in Hong Kong are performing best.
- Learn which banks are under threat and are perceived as behind the curve by customers.
- Understand the Hong Kong retail banking landscape and how it may develop based on key performance indicators.

Table of Contents
Executive Summary
Financial Performance, Market Share, and Cross Selling
Channel Visitation Trends and Digital Adoption
Customer Satisfaction
Appendix

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