A new report from Unisys suggests that data security is crucial for Hong Kong banking customers. The regional study looked at people’s banking preferences in Australia, the Philippines, Australia, New Zealand, and Hong Kong, and found that the majority (61 percent) of those in Hong Kong cited safety as their primary criteria when searching for a new bank.
For contrast, a mere 47 percent Hong Kong citizens viewed convenience as a priority, which only underscores the importance of strong security measures in an Open Banking landscape.
“In Asia Pacific, governments and financial regulation bodies are driving the security agenda by setting formal standards and requirements,” said Unisys Industry Director Ian Selbie. “However, these findings highlight that banks should treat security as a competitive differentiator, not just a compliance issue.”
Selbie specifically cited programs like the Hong Kong Monetary Authority’s “Cybersecurity Fortification Initiative,” which have fostered an environment in which Hong Kong citizens trust their government more than their bank (30 to 20 percent) with their personal information.
“This research shows that Hong Kong’s banks do not have the trust of the public,” added Selbie.
Hong Kong was the only country that displayed that particular trend, and it’s worth noting that the majority of respondents were still comfortable using biometric authentication for mobile banking apps (70 percent) and ATMs (60 percent). However, they were less receptive to behavioral biometrics (47 percent), which is in keeping with previous Unisys research from the Philippines.
Another Unisys study found that Hong Kong customers would be willing to embrace more modern banking options, as long as banks can keep their personal information safe. That was also the primary point of contention for respondents in the latest study, which indicates that Hong Kong banks still have some work to do as they update their financial services.
May 15, 2019 – By Eric Weiss