Following the release of a survey on the virtual banking scene in Hong Kong, Walter Chan, Managing Director and Head of User Research of Field Resources Consultant (Hong Kong) Limited, shares the results of the survey and his opinion on the prospects for the burgeoning industry in the city.

He covers the following questions:

1. Hong Kong has an extensive and established network of retail, commercial and private banking institutions, why is there interest among consumers for virtual banks?
2. Some incumbent banks have lowered their fees to compete with virtual banks. Do you see this as impact the success of virtual banks?
3. Some of the virtual banks are joint ventures between incumbent banks and other organisations. Does this approach make sense for traditional banks?
4. Hong Kong has a very established and conservative regulator. Do you see the regulator’s slow approach to innovation as hindering the ability of virtual banks to deliver innovative new services?
5. Expectations for virtual banking in 2021?