Hong Kong Data Report Unveils Virtual Banks' Combative Market Strategies Contributing to an Uprise in Virtual Banking Industry

HONG KONG, May 7, 2021 /PRNewswire/ — It’s been around a year since eight virtual banks started to operate in Hong Kong. Recent news has reported on the industry facing challenges in making profits in their first year of business despite throwing in money and resources. Leveraging proprietary Data Management Platform (DMP) and sophisticated data analytics capability, Vpon Big Data Group (“Vpon”), an Asia’s leading big data company, has recently released the inaugural report on Hong Kong’s virtual banking industry, exploring the potential and unveiling user profile and significant trends on these digital-first challenger banks.

The report suggested 24/7 operations attributed to higher accessibility of banking services in residential district and higher user’s activeness at midnight, generally from 1 a.m. to 4 a.m. Virtual banks are not only popular among the younger generation, but also digital learners and further extend to entertainment lovers. Unlike traditional banking users who are devoted in finance-related ads, virtual banking users are deemed as technologically adept populations, being more active in engaging in toys & games and electronic gadgets.

Stand Out from the Fierce Battlefield of Banking Industry

Despite the challenging business environment, the report projected an impressive growth of the virtual banking sector over the past year by launching various initiatives for brand building to lure potential customers. Some of them have acted in concert with different market pre-conditions and government benefits to formulate specific offerings, such as account opening rewards, high deposit interest rate and maximum cashback to attract new customers.

The report revealed that virtual bank users are highly enthusiastic about the mentioned offers. For instance, ZA Bank was the first to offer promotional package upon Government’s Cash Payout Scheme to attract users, which resulted in a 500% growth rate of new install. Fusion Bank, on the other hand, collaborated with a TV channel by sponsoring digital red packets and cash coupons worth over HKD 20 million. Meanwhile, Mox Bank leveraged strategic cooperation and became the first virtual bank in Hong Kong to launch credit on card service, aiming to turn loss into profit as a mid-to-long-term market strategy.

Riding on the Experience of Hong Kong as a Primitive Reference for Regional Markets

According to Vpon’s owned data analytics platform — AppVois, the emergence of virtual bank also attributes to an increasing penetration of banking and finance-related Apps to 89%. Without doubt, virtual bank is gradually becoming a catalyst that drives Hong Kong banking system revolution and fully unleashed the potential and opportunities in this market.

The ongoing pandemic situation presents a mix of opportunities and challenges for the new incumbents, not merely in Hong Kong but also countries/regions intending to or developing cutting-edge banking system. Riding on the experience of Hong Kong, new entrants in other regions can also learn and refer to Hong Kong as an example for the boosting virtual banking development.

For full report: https://reurl.cc/R6N1Ye

Please contact us if you have any further enquiries. ([email protected])

The data provided in this publication are derived from Vpon’s database and pledges to comply with the requirements of the Laws of Hong Kong. We ensure compliance of our platform with the strictest standards of security and confidentiality.

The information and material contained in this site are for general references only. If you intend to rely on or avoid taking any action based on the contents of this publication, you are strongly suggested to obtain professional advice. Vpon makes no express or implied representation, warranty, or guaranty as to the accuracy, appropriateness or completeness of any information contained in this publication.

About Vpon

Vpon Big Data Group (“Vpon”) is a leading big data company in Asia focused on big data analytics capability built with cutting-edge technology with the broadest set of mobile data across Asia in delivering effective mobile data-driven marketing solutions. Supported by the accumulation of massive data from 900 million mobile devices, and strategic partnerships with premium media resources across APAC, Vpon provides clients with customized data-centric marketing solutions, including data analytics, branding and cross-border marketing solutions. Headquartered in Taiwan, Vpon was established in 2008 and is currently operating in seven locations in Asia Pacific, including Hong Kong, Shenzhen, Taipei, Singapore, Bangkok, Tokyo and Osaka. If you wish to know more about Vpon, please do not hesitate to check www.vpon.com.                                        

SOURCE Vpon Big Data Group

Hong Kong Data Report Unveils Virtual Banks' Combative Market Strategies Contributing to an Uprise in Virtual Banking Industry WeeklyReviewer

PR Newswire Technology News

World Reviewer Staff
World Reviewer Staffhttps://weeklyreviewer.com/
The first logical thought has to be "no way". I'm the World Observer! Ill find and share important news all day.

Latest articles

Earnings Disclosure

WeeklyReviewer earns primarily through affiliates and ads. We don’t encourage anyone to click on ads for any other purpose but your own. We recommend products and services often for our readers, and through many we will earn commissions through affiliate programs.

Related articles