Half of commercial bank customers in Hong Kong already participate in open banking platforms, with another 27% planning to do so in 2019, according to research from Accenture.
The study found that most large banks in Asia-Pacific are moving towards providing open banking services for their commercial clients as part of their digital transformation programs.
One in two of banks in the region expect that open banking will help them grow their revenues by up to 10%, with a further third anticipating growth of up to 20%.
Interest among Hong Kong corporate banking customers is also high, with 63% of SMEs and large corporates interested in joining an open banking ecosystem with their banks.
But Hong Kong respondents were also the most willing among the 11 countries studied to access open banking services through a non-bank fintech or third party service provider.
The top expected benefits of open banking among Hong Kong commercial bank customers include enabling banks to reach more clients and partners (23%) and reducng the cost of client acquisition (22%).
The business areas commercial bank customers in the city believe can be most improved through open banking partnerships with their banks include finance, cash management, payments, treasury and liquidity management.
“The opportunities around Open Banking and other innovative solutions emerging from Hong Kong’s smart banking initiative are huge,” said Fergus Gordon, a managing director at Accenture and banking practice lead for Asia Pacific.
“A lot of the focus so far has been in the retail market, but value-creation can be just as big, if not bigger, in the commercial banking side.”