The following is the 2021 Global Digital Banking Tour: Hong Kong, China From Micro insight of financial technology recommended by recordtrend.com. And this article belongs to the classification: research report, financial technology.
In recent years, the digital transformation trend of global banking industry is gradually clear. In this context, the Hong Kong Monetary Authority of China began to actively promote the technological innovation of the banking industry and prudently issue the virtual bank license, hoping to promote the development of inclusive financial business in Hong Kong and better serve the individual and SME customers.
In 2019, the Hong Kong Monetary Authority issued eight virtual banking licenses. After two years of operation, the development pattern and profit potential have gradually become clear. Therefore, this report will analyze the business layout and operation characteristics of virtual banks in Hong Kong, China from horizontal and vertical dimensions. Among them, it compares the specific contents of deposit, loan and foreign exchange business of eight banks horizontally, and analyzes the development direction and product uniqueness of each bank vertically.
Specifically, eight virtual banks have been operating one after another on the basis of shareholders’ scientific and technological capabilities, focusing on retail business. For example, integrate online and offline services with technical means, reshape various business links with digital and intelligent ways, so as to improve competitiveness by improving operational efficiency. However, virtual banks tend to adopt a conservative attitude in the initial stage of business, focusing on the development of basic business such as deposit, loan and foreign exchange with convenient customer experience and preferential fees.
In terms of challenges, in addition to the global epidemic hindering the development of virtual banking, the existing market culture of Hong Kong, China, the digital habits of customers, and the technical risks of innovative business also bring some challenges.
On the whole, virtual bank can fill the gap in the value chain of traditional banks in Hong Kong market. Although it is not a smooth road to promote industry innovation with virtual bank, it is a good time to stimulate industry vitality and break through innovation. Looking forward to the post epidemic era, the trend of regional cooperation is prominent. Virtual banks need more flexible business models and technology iterations to improve their operational agility. They also need to strengthen brand building and create characteristic businesses to take the lead in future competition.
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