Consumer confidence in digital banking has risen strongly in past two years – but large majority would trust ‘Big Tech’ with their finances at least as much as a bank.

Hong Kong consumer confidence in digital banking is rising but trust is no longer a bank monopoly, according to a new Asia-Pacific focused Bank of the Future survey from Capco, the global technology and management consultancy.

Capco surveyed 707 Hong Kong consumers to gauge their attitudes to banking services at a time of rapid change in the retail banking industry. The findings form part of a larger survey of nearly 5,000 consumers across five markets in the Asia-Pacific region.

No less than 86% of the Hong Kong consumers surveyed say they would now trust ‘Big Tech’ to fulfil their banking services as much as or more than they would a bank – with 56% saying they would trust ‘Big Tech’ more.

Hong Kong respondents surveyed say they want a better online banking experience from their providers and more visibility across banking products. Most (61%) say they are at least willing to think about sharing personal data to drive a greater personalization of products. More than sixty percent (64%) of consumers would find it ‘extremely’ or ‘very’ attractive to have an app that gave them better visibility and more personalized insights into all their financial products, such as bank accounts, pensions, insurance, and investment.

Key themes to emerge from the Hong Kong survey include:

1. Consumers open to idea of sharing personal data, but the type of data is important – Most consumers are open to the idea of unlocking personalization by sharing more personal data, such as social media profiles and wearables data, with 22% expressing enthusiasm and a further 39% saying they were willing to consider it. Customers are happiest sharing information around health and fitness tests, loan and credit history, location data and life events – but less keen to share items such as information relating to other bank accounts or their web browser history.

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