Hong Kong, Singapore offer best mobile banking experience in Asia, fifth globally, study shows

Hong Kong mobile banking apps scored 18 per cent more on average than a year earlier, reflecting better user experience and more functions, Sia Partners’ study shows

Hong Kong’s ZA Bank, Mox Bank and Hang Seng Bank took the top three spots in Asia in the banking category

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Mobile banking apps in Hong Kong scored 56 points, tying with Belgium and Singapore for fifth place globally, according to Sia Partners’ 2022 Mobile Banking Benchmark. Photo: Shutterstock

Published: 8:30am, 14 Oct 2022

Hong Kong’s mobile banking is the joint best in Asia and fifth worldwide, with the Covid-19 pandemic acting as a catalyst to speed up the development of digital banking in the city, according to a global study.

The 17 mobile banking apps in the city scored 56 points, tying with Belgium and Singapore for fifth place, according to management consultancy Sia Partners’ 2022 Mobile Banking Benchmark. The Netherlands was placed first with a score of 66, followed by the UK on 65, Spain on 63 and Italy on 60.

The report looked at 85 criteria including functions, user experience and clients’ opinions to assess 151 mobile banking apps in 22 markets, with each getting a score from 0 to 100. The Post got an exclusive preview before the report’s publication later this month.

“Hong Kong mobile banking standards showed a significant year-over-year improvement in 2022 and are catching up with Western peers,” said Jeremy Fetiveau, associate partner in Sia Partners’ Hong Kong office. On average, the scores gained by Hong Kong mobile apps this year rose 18 per cent from a year earlier, reflecting a better user experience and more functions.

The fifth wave of Covid-19 and the government’s fintech push has helped to improve mobile banking in Hong Kong. Photo: Edmond So

“Traditionally, Hong Kong consumers rely on both physical cash and retail banking branches. However, due to several catalysts such as massive branch closures during the fifth wave of Covid-19 earlier this year and the government’s fintech push, mobile banking in Hong Kong has improved substantially,” Fetiveau said.