Online Banking in Hong Kong: Industry Research Report

Online Banking in Hong Kong

Published Date: July 2008

Published By: Datamonitor

Page Count: 60

Order Code: R313-34409

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Overview: Catalyst; Summary
Executive Summary: The state of online banking in Hong Kong; Competitive dynamics of the Hong Kong online banking market; Future focus; The State of Online Banking in Hong Kong; Hong Kong is highly connected; Online banking is commonly used in Hong Kong; Online banking has contributed to deposit growth in Hong Kong; Hong Kong is one of the world’s most technologically advanced markets; Competitive Dynamics of the Hong Kong Online Banking Market; There are 138 fully licensed banks in Hong Kong; Two-factor authentication has been managed in different ways; Banks have different strategies when it comes to online banking; A wide range of products and services are offered online; Future Focus; Online will become the dominant channel; Security will continue to be the main concern for consumers; Hong Kong will remain on the cutting edge of innovation
APPENDIX: Supplementary data; Definitions; Methodology; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
TABLE OF FIGURES: Figure 1: Online banking customer numbers have grown strongly since 2002, 2002-08; Figure 2: HSBC has a dominant market share of online banking customers in Hong Kong, 2008; Figure 3: Mobile phone subscription rates are high in Hong Kong, 2007; Figure 4: Internet usage is prevalent in Hong Kong, 2007; Figure 5: Internet penetration has increased strongly in Hong Kong over the last seven years, 2000-07; Figure 6: The elder generations of Hong Kong residents are less likely to use the internet, 2000-07; Figure 7: Internet access and website propensity have increased in Hong Kong businesses, 2000-07; Figure 8: Broadband subscription in Hong Kong has increased strongly, 1998-2007; Figure 9: A rising proportion of Hong Kong internet users access electronic business services, 2001-07; Figure 10: Online banking customer numbers have grown strongly since 2002, 2002-08; Figure 11: Bank deposits have grown strongly in Hong Kong over the last decade, 1997-2008; Figure 12: Hong Kong ranks among the world’s most advanced nations in terms of ICT, 2006-07; Figure 13: HSBC has a dominant market share of online banking customers in Hong Kong, July 2008; Figure 14: Visitors to Hong Kong banking sites come from different countries, 2008; Figure 15: Hardware tokens are offered for two-factor authentication in Hong Kong; Figure 16: 2FA affects the key factors of online banking for both customers and providers; Figure 17: The main steps in SMS based two-factor authentication; Figure 18: The BEA online demonstration tour shows the services available online, June 2008; Figure 19: The online channel is the cheapest for banks and the most convenient for customers; Figure 20: Online banking customer numbers will increase over the next three years, 2002-11; Figure 21: Security is paramount for prospective online banking customers, 2005; Figure 22: Hong Kong residents are concerned about security, 2007; Figure 23: Security concerns in Hong Kong have increased somewhat since May 2007; Figure 24: Banks should work on improving both real and perceived security
TABLE OF TABLES: Table 1: Locally incorporated licensed banks in Hong Kong, July 2008; Table 2: Hong Kong online banking sites and traffic rankings, July 2008; Table 3: Number of customers regarding bank as main online banking institution, July 2008; Table 4: Top seven non-Hong Kong locations for visitors of Hong Kong online banking sites, 2008; Table 5: Different Hong Kong banks offer different 2FA solutions; Table 6: Advantages and disadvantages of different 2FA solutions; Table 7: Mobile phone subscribers per 100 inhabitants in selected countries, 2007; Table 8: Internet users per 100 inhabitants in selected countries, 2007; Table 9: Proportion of Hong Kong households with PC and internet, 2000-07; Table 10: Proportion of Hong Kong businesses with website and internet, 2000-07; Table 11: Broadband subscribers in Hong Kong, 1998-2007; Table 12: Proportion of Hong Kong residents that have used the internet in last 12 months, 2000-07; Table 13: Proportion of Hong Kong internet users who name electronic business services as major purpose of internet, 2001-07; Table 14: Online banking customers in Hong Kong, 2002-08; Table 15: Different types of bank deposits in Hong Kong, April 1997-November 2003; Table 16: Different types of bank deposits in Hong Kong (continued), December 2003-April 08; Table 17: E-readiness score for top 10 countries in 2007, 2006-07; Table 18: Location of visitors to Hong Kong banking sites, June 2008; Table 19: Market shares of online banking customers in Hong Kong, 2008; Table 20: Factors prospective online banking customers look for, 2005; Table 21: The Global Unisys Security index, 2007; Table 22: The Hong Kong Unisys Security index, May 2007-08; Table 23: Forecasted online banking customer numbers in Hong Kong, 2002-11