Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 72 Survey Findings Key success factors for virtual banks and insurers Similar to the challenges facing virtual entries, we asked respondents to use one word or phrase to describe the key successful factor for virtual banks and insurers. With both English and Chinese inputs accepted, their responses are summarized in the word clouds in Exhibit 40. The most selected words were “convenient” and “innovative.” It is clear that convenience and being innovative are most important. Combined with the challenges identified in Exhibit 36, it seems that security and trust are competitive necessities expected for all services delivered by virtual banks and insurers. At the same time, providing a convenient user experience with a novel set of products and services are competitive advantages that can help virtual banks and insurers differentiate themselves from incumbents. Exhibit 40 Key success factors for virtual banks and insurers