Make it 4 banks for me, please

Average mid-income level citizens in the city patronize 4 banks and utilise 5.5 banking products, according to a survey conducted by Standard Chartered in 2007. (Respondents were aged 30-40 with monthly income ranging from HKD20,000 – HKD50,000).

Banking on a name

With retail banking products and services being relatively similar, what are the key factors driving brand affinity? What makes customers choose one bank over another?

Manifesto conducted a dip-stick consumer poll amongst banking customers with similar profiles to find out. One interesting finding we found was the position that local bank, Hang Seng, holds amongst customers ( click on chart to enlarge image).

A local flavour

Hang Seng is behind more international or regional banks in its perception as ‘a modern bank’, but Hang Seng still holds a strong position amongst customers in Hong Kong. It even gives Citibank a run for its money, so to speak.

Could this be a factor in its affiliation with HSBC, the leading bank? Or maybe its because its name is redolent of the Hang Seng Index? Or perhaps Hang Seng bank’s long heritage in Hong Kong was a factor.

Whatever the underlying reasons may be, Hang Seng is one of the top four banks for Hong Kong middle-income earners.