Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 63 Survey Findings Using fingerprints and the Hong Kong ID card as authentication when conducting financial transactions According to the Immigration Department, the first generation of the smart HKID card (launched in 2003) stores the cardholder’s thumbprints in its microchip as a prevention against counterfeiting. 13 Hong Kong citizens are already familiar with the authentication process that uses the thumbprint and HKID card (e.g., going through e-Channels at immigration gates). As explained in the previous question, the iAM Smart Account stored in the mobile device of the account holder can serve as a “digital HKID card” which can be used for authentication similar to the e-Channel. To facilitate responses to this question, we referred to the HKID card rather than the iAM Smart Account, which respondents were not aware of when this survey was conducted. Respondents were asked whether they agree using fingerprints and the HKID card as the authentication measure for financial transactions. Over 44.1% totally agree/ agree, while 34.3% are indifferent. When compared with the preceding question, respondents are more comfortable using fingerprints and the HKID card than facial recognition and the HKID as a method of verification. This response is understandable, since they already have experience using the HKID card with thumbprint authentication when going through e-Channels, and the practice has now expanded to include conducting financial transactions. 13 Immigration Department of Hong Kong, Development of Hong Kong Identity Cards, https://www.smartid.gov.hk/en/Development-of-Hong-Kong- Identity-Cards/index.html Exhibit 33 Using fingerprints and the HKID card as authentication when conducting financial transactions [1 - Totally Disagree ...... 5 - Totally Agree]