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All About Mindshare

For now, traditional banks remain very much a staple in Asia's consumer life. A recent survey by Visa said that banks ranked the highest in terms of trust in data security (as agreed by 62 percent) followed by the government (58 percent). And confidence in the sector is not solely limited to the physical world but also the digital as 84 percent expressed interest in using online services from an existing bank.

But the future is not favorable for the idle. According to one Goldman Sachs estimate in 2018, 30 percent of Hong Kong’s total banking revenue is at risk of being overtaken by digital banks. Assuming the pandemic persists and global consumers becoming even more accustomed to digital life, it is hard to imagine the figure at risk not increasing.

Broad and significant increase in digital activities has made it a timely opportunity for banks to launch relevant online offerings to grab serious mindshare, if not meaningful revenue. And the latter wouldn’t matter anyway as such moves have the potential for multi-fold returns in the long-term. Early and effective moves could help anchor users to relevant platforms for the long run akin to how companies like Alibaba transitioned from an e-commerce titan into a financial service mainstay.