Country for PR: Hong Kong
Contributor: AAP Medianet International
Wednesday, April 25 2018 - 09:00
AsiaNet
Hong Kong Bank Customers Ready to Embrace Artificial Intelligence and Automation in Digital Banking – Unisys Banking Insights Survey
HONG KONG, China, April 25, 2018 /Medianet International-AsiaNet/--

-- Hong Kong consumers willing to allow banks to share data for Open 
Banking-based services – but privacy objections must be overcome for wide 
adoption

New research from Unisys Corporation ( http://www.unisys.com/ )(NYSE: UIS) into 
the Hong Kong banking industry reveals that Hong Kong consumers are willing to 
embrace new bank services based on emerging technologies such as Artificial 
Intelligence (AI) and machine learning. They are moderately willing to support 
data sharing in an open banking environment, but only if privacy and security 
concerns are addressed.  

Unisys APAC Banking Insights – Banking on the CX Factor ( 
http://www.unisys.com/insights/research#UBI ) is a study about the attitudes of 
banking customers in Hong Kong, Australia, Malaysia, the Philippines and 
Taiwan. This year's report explores how consumers feel about banks using AI to 
assess eligibility for credit cards and home loans, as well as sentiment toward 
banks sharing data with non-bank entities to offer new services.

Customer Experience
The top annoyance for Hong Kong bank customers is long queues, cited by 53 
percent of respondents – the highest of the five countries surveyed. However, 
the biggest change in the last year is the percentage of people who are most 
frustrated when an "online" service needs to be completed by printing out a 
document or visiting a branch has doubled from seven to 15 percent.

"Hong Kong bank customers are annoyed by bank queues and are increasingly 
frustrated when transactions can't be finished to completion online. To move 
more customers to digital services many banks need to improve the functionality 
of their digital services to enable completed transactions, and provide an 
omnichannel experience so that customers can start a transaction in one place 
and pick it up in another without having to start over. Artificial intelligence 
and machine learning can help banks deliver more targeted and relevant online 
services to their customers," says Richard Parker, vice president financial 
services, Unisys Asia Pacific. 
Balancing Artificial Intelligence with the Human Touch
The survey reveals that Hong Kong consumers have an increasing appetite for 
tech innovations to enable digital bank services - depending on the type of 
transaction. Sixty percent of Hong Kongers are comfortable with their bank 
using software and algorithms to assess online credit card applications, but 
only 31 percent are willing to use this for home loans.

"The Unisys Banking Insights findings suggest there is a great opportunity for 
Hong Kong banks to use smart software to lead decision making for commodity 
products such as credit cards. But currently consumers are less willing to use 
this for life events such as home loan applications which involve larger 
financial amounts and emotional involvement," says Mr Parker.

Readiness for Open Banking
Open Banking allows banks to share data with other organisations in order to 
offer new services to customers and new revenue streams for the banks. The Hong 
Kong Monetary Authority (HKMA) issued its proposed approach to Open API for 
banking for industry consultation in January 2018[1]. Thirty-eight percent of 
Hong Kongers support their bank sharing their personal data with other 
companies to access financial products. However, 33 percent don't support it, 
citing concerns about privacy and the ability of the bank and third party to 
secure their data.

"For Open Banking to really take off in Asia, banks must address customer 
concerns about how they protect their customer data – not just in the bank, but 
across all of the departments, partners and agencies in the value chain. Doing 
business in the 21st century requires dynamic software that adapts to business 
trends and evolves with security concerns. Unisys' Retail Banking Delivery 
platform, Elevate(TM), is secured with Unisys' Stealth, an identity-based 
micro-segmentation security software that allows banks to microsegment and 
conceal critical assets and establish encrypted channels for secure user, 
application and system communication," says Mr Parker.

Unisys has taken steps to make banking easier by introducing new software 
called Elevate (http://www.unisys.com/elevate), an end-to-end, digital banking 
software platform and suite of applications designed to help financial 
institutions deliver an instantly secure, omnichannel banking experience to 
their customers. Importantly, this means customers will be able to pay their 
bills on the go, transfer funds and apply for loans and mortgages anytime, 
anywhere – regardless of whether they are doing so on a mobile device or 
tablet, via an internet browser or inside a branch. The platform incorporates a 
high-level of security, as built-in adaptive biometric and data analytics 
securely identify customers, authenticate access and validate transactions. 
More than 500 financial institutions worldwide rely on Unisys solutions. For 
more information on Unisys' financial services capabilities, please visit 
http://www.unisys.com/industries/financial-services.

For more information, download the full Asia Pacific Banking Insights survey 
results and infographics here. ( http://www.unisys.com/insights/research#UBI ) 
[1] Consultation Paper on Open API Framework for the Hong Kong Banking Sector – 
January 2018

Research Methodology
Research firm OmniPoll conducted the online survey in November 2017, polling 
nationally representative samples of at least 1,000 people aged 18+ years in 
each of: Hong Kong, Australia, Hong Kong, Malaysia, the Philippines and Taiwan. 
 
About Unisys 
Unisys is a global information technology company that builds high-performance, 
security-centric solutions for the most digitally demanding businesses and 
governments on Earth. Unisys offerings include security software and services; 
digital transformation and workplace services; industry applications and 
services; and innovative software operating environments for high-intensity 
enterprise computing. For more information on how Unisys builds better outcomes 
securely for its clients across the Government, Financial Services and 
Commercial markets, visit www.unisys.com.

Follow Unisys on Twitter ( http://twitter.com/UnisysCorp ) and LinkedIn ( 
http://www.linkedin.com/company/unisys ). 

Contact:	Claire Hosegood, Unisys Asia Pacific, 
+61 411 253 663 claire.hosegood@au.unisys.com


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Unisys and other Unisys products and services mentioned herein, as well as 
their respective logos, are trademarks or registered trademarks of Unisys 
Corporation. Any other brand or product referenced herein is acknowledged to be 
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UIS-C


SOURCE: Unisys Corporation
Translations

Chinese - Traditional
Hong Kong