HSBC survey: Hong Kong people are better at investing online than Singaporeans

Jun 24 - 2020

HSBC survey: Hong Kong people are better at investing online than Singaporeans

  According to a recent survey by HSBC, Hong Kong people are good at investing online, and nearly two-thirds of Hong Kong people will use online channels for short-term investment, and the ratio is also higher than Singapore. This year, HSBC conducted digital channels for the first five months. The number of wealth management transactions increased by more than 60% year-on-year, reflecting Hong Kong people’s tendency to use face-to-face and digital banking services in a comprehensive manner.

  According to the survey, nearly 70% of Hong Kong people invest at least twice a year, and nearly two-thirds (66%) of Hong Kong people will make short-term investments online through digital tools such as laptops and smartphones. More than 70% (75%) and 50% (56%) of Hong Kong people make long-term investments through digital channels and set up monthly investment plans. In Singapore, only 40% of citizens will invest at least twice a year, and only less than two-fifths of Singaporeans will make short-term (39%) or long-term (33%) investment through digital channels.

  As the "New Coronary Pneumonia" epidemic continues, HSBC Hong Kong's total digital retail sales increased by 63% year-on-year in the first quarter of 2020. In the first five months, the average monthly stock transaction volume of HSBC Hong Kong’s digital channels also increased by more than 50% compared with last year. For HSBC’s mobile account opening services, the number of applications in May may increase by approximately 25% month-on-month, exceeding 90% New customers are all under 40 years old (93%), reflecting that during the epidemic, more Hong Kong people use digital channels for investment transaction instructions.

  Sami Julian Abouzahr, Head of Wealth Management and Personal Banking Customer Wealth Management, HSBC Hong Kong, said: "The epidemic situation continues to accelerate the development of digital channels. Customers can trade foreign exchange anytime and anywhere through mobile banking or video meetings with account managers. Fund, stock or managed portfolio."

  30% of Hong Kong people will apply for a credit card in person

  The survey also revealed that 30% of Hong Kong people will apply for credit card or credit overdraft services in person. About 40% (37%) of long-term investors said they would also choose to go to branches or interview with investment consultants and other traditional banking channels.

  In addition, only 61% of Hong Kong people said they would check their account balances through the mobile app, which is lower than 75% in Singapore, and only 50% of Hong Kong people will use mobile payment or transfer, which is lower than 67% in Singapore. Channels for daily financial management are not as popular as Singapore.

  The survey was conducted by YouGov commissioned by HSBC. In April 2020, a total of 1,037 Hong Kong adults aged 18 or above were interviewed in the form of an online questionnaire.