Retail banks in Hong Kong are among the most impacted in the study, with up to 7% of their revenue in the next three to five years at risk (behind only Australia, with up to 9%, and the UK, up to 8% of retail banking revenue). Still, banks in the city have a big opportunity if they become trusted advisors to customers and offer value-added services, which could help them capture up to 12% in incremental revenue in the coming years, more than making up for the lost fee revenue.
Additional survey data:
The three most cited difficulties globally were that banks apply unfair fees and commissions on their products, the way banks price their products is not transparent, and banks don’t help with all of their clients financial needs.
The three most cited services that Hong Kongers would be willing to pay were (in order):
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