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Hong Kong (China SAR) Retail Banking: Competitor Benchmarking 2024

Publisher GlobalData
Published Jun 11, 2025
Length 33 Pages
SKU # GBDT20290041

Description

Hong Kong (China SAR) Retail Banking: Competitor Benchmarking 2024

Summary

This report benchmarks the largest retail banks in Hong Kong (China SAR) across a range of financial and customer satisfaction metrics. The report analyzes gains/losses in market share, depth of customer relationships, consumer pain points, and key metrics including NPS, cross-selling, and digital satisfaction.

The Hong Kong (China SAR) retail banking market is experiencing rapid digital transformation, with customer expectations shifting towards mobile-first banking solutions and real-time financial management tools. Traditional banks face increasing competition from digital-first challengers, particularly among younger and mass affluent customers.
  • Customer relationships: Digital-first banks outperform traditional banks in Net Promoter Score (NPS), particularly among younger demographics who are prioritizing convenience and financial goal-setting support. Environmental, social, and governance (ESG) initiatives are becoming critical in influencing customer perceptions and loyalty.
  • Customer satisfaction: Customer expectations around loyalty rewards and personalized engagement are rising. Concerns persist around declining branch accessibility and service resolution via digital channels, impacting overall satisfaction.
  • Financial performance: While traditional banks maintain strong market positions, digital banks and fintech entrants are capturing significant market share in key product categories. Banks are focusing on cost-income ratio optimization amid inflationary pressures and rising wage costs.
Scope
  • Cross-selling trends: Citibank and HSBC excel in product cross-selling, while Bank of Communications struggles due to a focus on core services.
  • Digital engagement: Agricultural Bank of China has a market-leading 95% of its customers using digital banking weekly, highlighting strong digital infrastructure investments.
  • Customer acquisition and retention: HSBC and Agricultural Bank of China excel in long-term customer retention, while Chiyu Banking Corporation attracts a high proportion of new customers through digital banking incentives.
  • NPS and loyalty rewards: Agricultural Bank of China leads the NPS rankings due to its strong digital innovation and ESG initiatives. Hang Seng Bank faces challenges in rebuilding trust following regulatory fines.
Reasons to Buy
  • Understand how customer engagement and loyalty trends are shaping competitive positioning in Hong Kong (China SAR)’s retail banking market.
  • Identify key performance indicators in financial growth, customer retention, and digital banking adoption.
  • Gain insights into emerging challenger banks and fintech disruptors reshaping the sector.
  • Benchmark traditional banks against digital-first competitors in cross-selling, NPS, and customer satisfaction.
  • Develop targeted strategies to enhance digital banking, wealth management services, and customer retention.

Table of Contents

33 Pages
1. Executive Summary
2. Financial Performance
3. Customer Relationships
4. Customer Satisfaction
5. Actionable Steps
6. Appendix
List of Tables
Financial metrics: Benchmarking of Hong Kong retail banks, 2023
Market shares: Benchmarking of Hong Kong retail banks, 2023
Cross-selling rates by product: Benchmarking of Hong Kong retail banks, 2024
Digital satisfaction rates of Hong Kong retail banks, 2024
Overall satisfaction rates of Hong Kong retail banks, 2024

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