Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 31 Survey Findings Knowledge of digital banking and insurance With the increasing competition from virtual banks and insurers, incumbents have developed more user-friendly digital platforms to attract customers. They are generally known as digital banks or digital insurers, which is a term used to differentiate them from virtual banks and insurers. On a scale of 1 to 5, we asked the respondents to assess their knowledge of digital banking and insurance in Hong Kong. The results in Exhibit 10 below show the majority of respondents admitted that they had little or no knowledge, with 35.3% of them indicating they had no knowledge while another 33.5% replied they had little or some knowledge. Only a small minority replied that they were very knowledgeable. As reflected in their self-assessments, the majority of the respondents had a low level of understanding of digital banking and insurance in Hong Kong. Exhibit 10 Knowledge of digital banking and insurance [1 - No Knowledge ...... 5 - Very Knowledgeable]