Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 59 Survey Findings Conducting personal financial transactions online is safe In Hong Kong, a large proportion of individuals and businesses have been using online banking services provided by traditional banks for years. Online banking customers generally use a simple PIN code and may add authentication devices to verify identification. With the introduction of digital banking services offered by both virtual banks and incumbents, personal data such as facial data and fingerprints are increasingly used for authentication. Technically more secure than PIN codes, customers are still required to trust that banks will not misuse this sensitive data. In addition, the devices and Internet connection to the bank must be safe from malware and cyberattacks. Respondents were asked if they consider that online financial transactions are safe. The results show that 44.4% of respondents feel indifferent. The number of respondents who totally agree/agree (30.8%) is slightly higher than those who totally disagree/disagree (24.7%). Exhibit 30 Conducting personal financial transactions online is safe [1 - Totally Disagree ...... 5 - Totally Agree]