Almost 9 in 10 Hong Kongers admit to having more than 1 bank

They just aren't satisfied.

According to Ernst & Young's survey in Hong Kong, 87% of customers have two or more banking relationships, significantly higher than the global average, where 59% of customers bank with two or more providers.

Here's more from Ernst & Young:

Dissatisfaction with high fees (53%), poor interest rates on account balances (27%) and poor branch experience (25%) are the main reasons for switching providers. 

Steven Lee, Partner, Advisory Services, says, “Price is critical to customer satisfaction, but most customers have no idea how much they pay each year. As they start to take control of their banking relationships, clearer communication about fees is customers’ most sought-after improvement. People are more willing than ever to shop around and want control over what they pay for, and the service quality they receive. Banks need to respond – pricing and service promises need to be transparent if banks are to deliver something customers value. As many customers in Hong Kong have multiple banking relationships, this heightens the possibility of customers switching between banks, should they feel their voices aren’t being heard.”

The customer voice is also growing in strength, amplified by increasing social media use. Personal recommendations from family and friends are the top source of information about banking products, with 78% of consumers in Hong Kong relying on this information as their primary source (71% globally).

78% of customers in Hong Kong use financial comparison websites (65% globally). 73% of consumers in Hong Kong refer to social networks for advice on products and services (44% globally).
 

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