Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 35 Survey Findings Adoption of virtual banks Out of the eight licensed virtual banks in Hong Kong, not all of them have rolled out their services to the public. In this early phase of development, we attempt to understand the customer base of these new virtual entries. The respondents were asked whether they are customers of any of these eight virtual banks. The results in Exhibit 14 show that the majority of respondents (93.5%) are currently not a customer of any virtual banks. Those who joined could be driven by curiosity as onboarding becomes easier using the online platforms of virtual banks. It is still unclear the retention rate of these earlier adopters. Exhibit 14 Adoption of virtual banks Virtual Bank Customers 6.5% Non-Virtual Bank Customers 93.5%