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Survey on Online Banking Services Presentation of Findings

This survey conducted by The University of Hong Kong's Public Opinion Programme presents findings on online banking user behavior, opinions, preferences, and expectations among Cantonese-speaking Hong Kong citizens aged 21 and above. The survey reveals insights on services used, reasons for choosing online banking, frequency of usage, satisfaction levels, and suggested improvements based on 505 successful cases. Data analysis highlights areas for service enhancement such as personalized offerings to increase satisfaction and frequency of usage, with significant findings at a 95% confidence level.

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Survey on Online Banking Services Presentation of Findings

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  1. 香港大學民意研究計劃 The University of Hong Kong Public Opinion Programme Survey on Online Banking ServicesPresentation of Findings Dr Robert Chung September 25, 2009

  2. Contact Information Date of survey: May 26 – June 8, 2009 Target population: Cantonese speaking Hong Kong citizens aged 21 or above who have used online banking services Survey method: Telephone survey with interviewers Sample size: 505 successful cases Effective response rate: 83.3% Sampling error: Less than +/-4.4% at 95% confidence level

  3. Background • In May 2009, SAS Institute Limited commissioned the Public Opinion Programme of the University of Hong Kong (HKUPOP) to conduct this survey. • Research objective: To understand online banking user behaviour and opinions, preference and expectations. • The questionnaire was designed by HKU POP after consulting SAS Institute Limited; fieldwork and data analysis were conducted by POP independently.

  4. Survey Findings

  5. Most frequently used online banking services [Q1]Which of the following online banking services have you used before? [read out answers, order randomized by computer, multiple answers allowed] (Base = 505)

  6. Reasons for using online banking [Q2]What are your main reasons for choosing online banking service? [answers not prompted, multiple answers allowed] (Base = 501)

  7. Frequency of using online banking per week [Q3]On average how many times do you use online banking service per week? [exact figure] (Base = 505)

  8. Understanding users’ needs - Only 16% online banking users think their banks understand their needs [Q13] From your own online banking experience, to what extent do you think your bank understands your personal needs?(Base =505)

  9. Understanding users’ needs by income groups - Respondents earning over HK$50,000 a month (26%) are more likely to think the banks understand their needs [Q13] From your own online banking experience, to what extent do you think your bank understands your personal needs?(Base =505) * Difference between groups are tested to be statistically significant at 95% confidence level.

  10. Satisfaction of service aspects - Users are least satisfied with customized services and premium offers provided [Q5] In terms of 1-5 marks, please indicate your level of satisfaction with each of the following aspects of the online banking you use most frequently now, with 1 meaning very dissatisfied, 3 meaning half-half and 5 meaning very satisfied. [read out answers, order randomized by computer]

  11. Importance of service aspects [Q6] Again in terms of 1-5 marks, please indicate the importance level you assign to each of the following aspects of your online banking usage, with 1 meaning not important at all, 3 meaning half-half and 5 meaning very important. [read out answers, order randomized by computer]

  12. Suggested improvement - Emerging demand of more interactive communications and relevant services [Q7] Can you think of any improvements for the existing online banking services that you are using? [answers not prompted, multiple answers allowed] (Base = 498) (Base = 174)

  13. Attractiveness of new services [Q8] If your online banking service provider offers the following services in future, would you like to have them?

  14. Higher satisfaction level & tailor-made services • Nearly 60% users would become more satisfied if their bank provides personalized service and information via e-banking services [Q11] If your bank provides you with some tailor-made information based on your daily usage of online banking and personal background (for example, when you are checking out the mortgage rate or loan plans, the website would instantly show a personalized offer of a housing mortgage plan for you), will you become more satisfied with the online banking service because of this? (Base= 498)

  15. Increased usage of online banking - Over 40% think the availability of personalized services will increase their frequency of using online banking services [Q12] Do you think you will use online banking service more frequently if these personalized services are provided? (Base=502)

  16. Higher satisfaction level and usage if tailor-made services are provided (sub-group analysis) - Among users who welcome “customized services and premium offers according to individual users’ needs”, 73% become more satisfied & 55% would use more Satisfaction level would increase if tailor-made services are provided (Base=229) Increase online banking usage(Base=229)

  17. Higher satisfaction level and usage if tailor-made services are provided (sub-group analysis) - Among users who like “webpage automatically display relevant and professional information when he/she enquires a particular banking service online”, 72% become more satisfied and 52% would use more Satisfaction level would increase if tailor-made services are provided (Base=250) Increase online banking usage (Base=251)

  18. Overall satisfaction with online banking services - Only 12% users are very satisfied [Q10] Overall speaking, are you satisfied with the online banking services that you are using? (Base = 505) 83% 1%

  19. Summary

  20. Summary • Only 16% of online banking users think that their banks understand their needs, 26% is negative, 53% said half-half. • Majority are satisfied with the comprehensiveness, safety and ease of use provided by online banking service providers, but not satisfied with customized services and premium offers. • More than 70% would like to have immediate interaction with the customer officer through the web, while 50% want immediate access to related info when checking a particular service. About 46% want tailored offers according to their specific needs. • About 60% would be more satisfied if their bank can provide personalized and customized service and information via e-banking services. Over 40% would use more e-banking service under such circumstances.

  21. End of PresentationPlease visit http://hkupop.hku.hk

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