The Hong Kong Polytechnic College’s (PolyU) Faculty of Accounting and Finance, in collaboration with AI funding buying and selling start-up Asklora, has launched the inaugural PolyU-Asklora Fintech Adoption Index (FAI), which is the primary domestically developed index to measure Hong Kong customers’ fintech adoption and impression.
The FAI surveyed over 1,000 Hong Kong residents in regard to their adoption of key fintech purposes together with digital banking, cell funds, on-line brokerage, digital insurance coverage and cryptocurrency. The survey discovered on-line inventory brokerage has the second-highest adoption charge amongst all of the fintech purposes however ranked second-lowest by way of lively utilization charge. Conversely, digital insurance coverage has the second-lowest adoption charge whereas scoring second-highest in lively utilization. The analysis additionally discovered that customers of digital banking providers had the next total adoption charge of all types of fintech purposes. For example, 77% of them had been customers of on-line brokerage providers.
The PolyU-Asklora challenge is led by Dr Jingran ZHAO, Affiliate Professor of the Faculty of Accounting and Finance, Mr Jack POON, Professor of Observe from the identical faculty and Mr Stephen Joon CHOI, Co-founder and Chief Expertise Officer of Asklora. Total, the FAI was measured at 55, which captures each the proportion of respondents adopting fintech merchandise and the spectrum of fintech providers they adopted, with 51% of respondents recognized as lively fintech customers. Moreover, 85% of respondents reported being happy with their fintech options expertise, whereas safety was cited as their largest concern.
Dr Jingran Zhao stated, “The FAI survey outcomes present that Hong Kong residents are eager to undertake fintech merchandise, however fintech corporations nonetheless have extra work to do to transform these new customers to lively customers by, for instance, bettering the safety of their merchandise.”
Mr Jack Poon additionally remarked, “It takes two to tango. Monetary establishments’ fintech choices, which is the supply-side, doesn’t translate into true adoption till customers use and profit from the providing. The FAI measures demand-side adoption by surveying customers. Understanding the patron’s adoption friction is a necessary step to broadening monetary inclusion in Hong Kong.”
The FAI is a long-term analysis challenge to measure the evolution of Hong Kong fintech adoption by totally different occasions and market situations, and shall be launched on a quarterly foundation. The following launch shall be in December with an expanded scope and extra members achieved by on-line and offline surveys.