Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 23 Survey Methodology To understand the views and perceptions of the public towards virtual banks and insurers, we conducted a large-scale survey that covered different social demographic sectors from May to July 2020. Respondents were asked to provide inputs to questions related to the following areas: • Brand awareness of virtual banks and insurers • Knowledge and adoption of virtual banks and insurers • Intention to adopt virtual banking and insurance services • Comparison between traditional and virtual banks and insurers • Trust and security concerns • Society-wide infrastructure for identity authentication • Challenges facing virtual banks and insurers • Success factors of virtual banks and insurers Due to COVID-19, conducting the survey face-to-face was not feasible. Instead, the survey was conducted online in collaboration with a major portal in Hong Kong. The portal used to be an official website of government services and includes a large database of active members. The questionnaire was developed with inputs from practitioners and regulators. It was implemented on an online survey server and can be accessed through a web link. The portal sent the survey link to a random sample of its members with a demographic distribution that broadly reflects the working population in Hong Kong. The first section of the questionnaire provided the background and objectives of the Study. Consent-to-Participate was sought for each respondent before the survey began. By the end of the survey period, 2,278 valid responses were received. Background of survey respondents Among the 2,278 participants, the number of female respondents (55.6%) is higher than male respondents (44.4%). According to government statistics in 2019, the gender distribution of Hong Kong was 54.4% female and 45.6% male 6 . The gender distribution of the sample is comparable with that of Hong Kong’s population. 6 Census and Statistics Department, https://www.censtatd.gov.hk/hkstat/sub/so150.jsp