Traditional bank stands to gain as it embraces the digital needs of young millennials disrupting the industry
- Millennials look for seamless digital services, a personalised banking experience and a strong performance record from their bank
- HSBC extends its lead by embracing market disruption and providing personalised financial services for a digitally native generation
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A new wave of digital banks and fintech disrupters are revolutionising banking services, but despite being digital natives, millennials still favour traditional banks.
The recent EY Global Consumer Banking Survey revealed that for nine out of 10 Hong Kong millennials, their primary financial relationship is with a traditional bank – seeking seamless digital services, a personalised experience and a provider ready to meet their unique banking needs.
One reason why this demographic continues to turn to major, established banks is trust, pointing to their proven performance over the years.
“As the leading bank in Hong Kong, we maintain a competitive advantage through our best-in-class digital experience,” says Brian Hui, head of customer propositions and marketing, wealth and personal banking at HSBC in Hong Kong. “Among our new-to-banking customers today, one in two are millennials. Renowned for our customer-centricity and innovative suite of solutions, we are well-positioned to become the number one digital bank for millennials.”
“Millennials embrace and are comfortable with disruption – expecting financial providers to use the latest technological tools to consistently provide better services,” he says. “The key challenge is living up to young millennials’ high expectations for products and services, with affordable fees and great customer service.”
