The article published by Huanfutong Fund stated that a survey found that 55% of consumers surveyed may try digital banking services in the next year, while 29% have already started using them. The surveying agency believes that the 8 digital banks in Hong Kong have a great opportunity to further expand their market share. The top three reasons for surveyed consumers willing to try digital banking services, but not yet registered, are related to financial and platform aspects, namely higher deposit rates (28%), more advanced technology (26%), and the convenience of accessing services anytime, anywhere (26%). For consumers who have already registered and are using digital banking services, higher interest rates, the convenience of accessing services anytime, anywhere, and rewards are the main reasons that attract them. Technology solutions provider FIS conducted a survey on over 1,000 retail banking customers in Hong Kong and found that all age groups surveyed (including the older generation) have a high openness to digital banking because they can easily manage their finances through a comprehensive and seamless digital banking experience; 30% of the baby boomer generation (59 and older) surveyed have already registered and are using digital banking services. Digital banking is most popular among the millennial generation aged 28-42, with 37% of them using digital banking for financial matters. While the survey results show that digital banking is becoming increasingly popular, customer loyalty to traditional banks in Hong Kong remains very high. In fact, over 70% of the surveyed Hong Kong bank customers are very or extremely satisfied with their main bank that they use, and the average tenure of current customers with the same primary bank is close to 15 years, reflecting their strong trust in the traditional banking industry in Hong Kong. The survey results indeed have implications for digital banks. A few respondents indicated that they are unlikely to try virtual bank services, mainly because they are satisfied with their current bank (37%), unable to meet bank staff in person (34%), and lack confidence in security (33%). 77% of respondents hope that financial applications can simplify the experience, with the biggest fear being technical glitches and service interruptions. When asked about their experience using online banking platforms and financial applications, Hong Kong consumers clearly stated the need for an easy-to-use customer experience, and the majority of respondents (77%) hope that financial applications can simplify the user experience. In fact, over half of the respondents stated that the proliferation of financial applications and websites makes them feel overwhelmed. At the same time, 72% of respondents consider easy-to-use websites as very or extremely important. Respondents stated that the top issues they encounter when using online banking and financial applications are technical glitches and service interruptions, followed by long transaction processing times and complexity due to too many functions. Kanv Pandit, head of international banking at FIS, pointed out that as the demand for digital banking increases, traditional banks in Hong Kong have accelerated their digitalization process and are working hard to attract and retain customers. New digital banks are rapidly gaining popularity across all age groups, not just among young customers who are digital natives. As the survey shows, many customers still choose to use the services of traditional banks, but the banking industry has no room for complacency.