Sia Partners consulting firm ranked seventh Hong Kong mobile banking applications in its regional top 10, with Mox Bank to number one
Traditional and virtual banks seek to differentiate themselves in a crowded market as competitive rivalry intensifies
HONG KONG, 22 November 2021 / PRNewswire / – Sia Partners today announced the Asia results of its annual benchmark of mobile banking services. The survey shows Mox Bank, DBS SGP and Livi Bank stand out as regional leaders, although overall, a gap persists between Asian and European players.
With Sia partners Benchmark of mobile banking services 2021, 135 banks in 17 countries were assessed to understand the current state of mobile banking services globally, including 16 banks from Hong Kong and six of Singapore. This is the fourth consecutive year that the company has conducted the survey.
In Hong Kong, Mox Bank, Livi Bank and Hang Seng Bank occupy the top three spots for mobile banking. Overall for Asia, Sia Partners assigns the top ten places to seven Hong Kong banks and three Singapore banks.
The survey also shows how the arrival of virtual banking will initiate change in the Asian retail financial services market. Increased innovation is likely to continue, as regional followers seek to improve their offering rather than risk being left behind by new entrants and more digitally-focused incumbents.
Reflecting this model, four virtual banks (Mox Bank, Livi Bank, WeLab Bank and ZA Bank) and three traditional banks (Hang Seng Bank, HSBC and Bank of China) lead the Hong Kong digital banking market, each mobile application having relatively comparable characteristics. Sia Partners expects this to change over the next year as competitive rivalry makes mobile apps the next battleground for banks’ market share in Hong Kong.
Etienne Ranwez, a manager in the Hong Kong Sia Partners office, said: “A crowded market and emerging digital developments expose opportunities amid continued disruption of business. that of Hong Kong mobile banking sector. But for that of Hong Kong banks to close the gap with their European peers, they must offer services in their applications beyond basic banking services and improve the user experience. The ability to offer a modern design with a wide range of functions will be essential in winning the battle for market share. “
The methodology used for the benchmark is based on a rating of over 85 criteria across 13 categories, covering features, user experience and app store ratings. Key features throughout the customer journey were assessed, from opening an account and day-to-day banking features to subscribing to new products, investing and closing an account.
To find out more about Sia partners Benchmark of international mobile banking services 2021 and download a copy of the Asia results, please visit the dedicated page on the Sia Partners website.
About Sia Partners
Sia Partners is a next-generation consulting firm focused on delivering superior value and tangible results to its clients as they navigate the digital revolution. Our global presence and expertise in over 30 industries and services enables us to improve the businesses of our clients around the world. We support their projects and initiatives in strategy, business transformation, IT & digital strategy, and Data Science. As a pioneer of Tip 4.0, we develop consulting bots and integrate AI into our solutions.
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