Vpon: The New Wave of Tech Behemoth in Hong Kong – Virtual Bank
Hong Kong, 12th May, 2021 - The pandemic crisis has accelerated the growth of the fintech market, we are also witnessing the blossoming of a new form of banking system in Asia– Virtual Bank. In 2019, Hong Kong Monetary Authority issued licenses to eight virtual banks, and all of them have launched their service to the general public after years of preparation.
Leveraging own proprietary Data Management Platform (DMP) and sophisticated data analytics capability, Vpon Big Data Group has released the first inaugural report of Hong Kong's virtual bank industry, exploring the potential and unveiling significant findings on these digital-first challenger banks.
The Rise of Virtual Bank in Asia
The overall number of virtual banks are rapidly climbing across the Asia in recent years. Relatively low operation cost with cutting-edge technology drive to the boom of virtual bank, allowing these challenger banks to offer a broader range of banking services to people with lower income and assets and to SMEs.
Fierce Competition Sparked Between Hong Kongs’ Virtual Banks
In spite of the challenging business environment, the report projected an impressive growth of the virtual bank sector over the past year. Some of them have acted in concert with the market pre-conditions and government policy to arouse immediate awareness and tap into the banking market. Yet, the report also indicated a fluctuated new install trend after some of the major promotional campaigns, bringing up a critical question for virtual banks: How to maintain your current customers and uncover potential customers?
Look Closer into Hong Kong Banking Apps' User Profile
Customers are invariably seeking for a more seamless and personalized experience on using virtual banks; data is, therefore, serving as a bedrock for new incumbents to gain a deeper understanding of the customers and differentiate their value proposition.
According to the report, 24/7 operations attributed to the easier accessibility of banking services in residential areas and also result in higher users' activeness at midnight. In addition, virtual bank tends to be more popular among the younger generation, with a strong interest in entertainment-related App. They are also deemed as technologically adept population, mainly engaged in toys & games, and electronic gadgets ads.
Go Viral, but Also Go Deeper
Cultivating brand reputation and market presence is only the first step, the heart of one business always lies in “customers”. Understanding and fulfilling customers’ intricate needs is no doubt the keystone in building long-term customer relationships. Leveraging high-tech and low-cost advantages, such as Big Data and AI, could be the key factors to achieve business goal.
For full report: https://reurl.cc/R6N1Ye
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