ECHO ASIA, partnering with students from Global Business Studies, CUHK Business School, announced the release of the Hong Kong’s Digital Banking User Experience Survey 2025 on 7 July 2025.

The said Hong Kong digital banking survey collected responses from 508 Hong Kong residents via an online questionnaire. Of these, 361 complete responses were analysed.

Founder of ECHO ASIA, Samson Tong, elaborated:

“This survey offers insights into the latest developments in Hong Kong’s digital banking landscape, as well as the experiences and needs of Hong Kong users, providing the industry with a multi-faceted market analysis.”

Next, Fred Ku, Associate Dean of the CUHK Business School and Co-Director of Global Business Studies, stated:

“While previous studies have primarily focused on the breadth of adoption—measuring account growth—our study is the first to delve deeply into the depth of usage, uncovering that only 31.7% of users consider digital banks their primary account.”

Findings show that 24.1% of respondents have a negative view of digital banks, and only 31.7% use them as their primary account. The study examines public perceptions of digital banking in Hong Kong, the reasons for low adoption, and potential strategies for improvement.

The study was conducted via an online questionnaire, with over 80% of respondents aged 18 to 49, primarily representing Generation Z and Millennials.

Over 62.9% of respondents currently have a digital banking account, indicating widespread adoption of digital banking services in Hong Kong. Among those aged 18 to 49, about 66.3% use digital bank accounts, while 50% of respondents aged 50 and above also maintain digital banking accounts.

Despite this growth, traditional banks continue to be the preferred choice for most users. While 54.2% of respondents have held digital bank accounts for more than two years, only 31.7% consider them their primary account.

Among respondents who do not use digital banks as their primary channel, 68.3% point to unmet needs, security concerns, or a lack of familiarity with digital banking services. Some also continue to prefer traditional banks with physical branches.

Account opening promotions emerged as the most valued feature, with 33.5% of respondents citing them as the top benefit of digital banks. Over half believe these promotions are better than those offered by traditional banks, showing that digital banks are succeeding in attracting users through initial incentives.

However, only 23% consider savings services the most valuable, and 53.2% say traditional banks offer better savings options.

52.4% of respondents recommended that digital banks offer more competitive deposit rates and lower minimum deposit requirements. Meanwhile, 43.5% suggested increasing cashback rates on credit or debit cards, particularly 1-2% for local spending and 3-5% for overseas transactions.

Notably, around 70.1% of respondents are unaware of the Hong Kong Monetary Authority’s evolving policies related to digital banks, such as proposed name changes, the removal of certain retail services, or the option to open physical branches. 24.1% of respondents also hold negative views of digital banks, influenced by concerns about trust and accessibility.

Over half of the respondents associate digital banks with the absence of physical branches (56.2%) and a reliance solely on mobile apps (54.9%). Significantly, 57.6% say they would feel more confident using digital banks if physical branches were available.

Both speakers shared that they hoped this research would serve as an empirical foundation to help Hong Kong’s digital banking sector overcome its challenges and unlock successful fintech adoption.

Featured image by Echo Asia on Echo Asia