More than half of Hongkongers don’t trust their banks, according to JD Power survey
- Consumers feel banks do not take time to understand their needs
- Standard Chartered, HSBC below industry average in customer satisfaction
More than half of consumers surveyed in Hong Kong do not trust their bank and even more feel the city’s lenders do not fully understand their needs, according to a new study by consumer insights advisory and analytics firm JD Power.
Four out of five consumers said they do not believe bank representatives spent enough time identifying their specific needs before recommending products or services, according to the study. Among those surveyed, 54 per cent said they do not completely trust their bank.
The study comes as the Hong Kong Monetary Authority, the city’s de facto central bank, prepares to issue its first virtual banking licences later this year, as it looks to promote the growth of Hong Kong’s financial technology sector, and improve the experiences of bank customers.
“When banks consistently fulfil their service promise, trust will be earned over time,” said Anthony Chiam, regional practice leader for global business intelligence in Asia and Australia at JD Power. “This trust often becomes embedded in a customer’s relationship with the bank and influences future financial decisions and planning.”
