Top virtual banks in HK that enjoyed the strongest brand equity in 2023

ZhongAn Insurance’s ZA Bank and Mox by Standard Chartered had the strongest brand equity among consumers in Hong Kong across 2023, according to YouGov’s brand equity rankings. 

Among major virtual banks in the city, ZA Bank achieved the highest index score (5.9 out of 10) for its impression, quality, value, corporate reputation, customer satisfaction and recommendation scores.

Coming in second is Mox with an index score of 5.8 out of 10, followed by Bank of China (Hong Kong)-backed livi bank (4.1), WeLab Bank (3.7), Xiaomi’s Airstar (3.2), Tencent-backed Fusion Bank (3.2), Ping An OneConnect Bank (PAOB) (2.7) and Alibaba Group-affiliated Ant Bank (2.3).

PAOB, however, saw the largest year-on-year improvement in Index scores (+2.3), ahead of Ant Bank (+2), Airstar (+1.7) and WeLab bank (+1.3). Fusion Bank (+0.8) and ZA Bank (+0.3) saw much smaller gains, while livi bank maintained the same score. In contrast, Mox saw its average Index score dip year-on-year (-0.6).  

On the other hand, Mox enjoyed the highest advertising awareness and purchase consideration across major virtual banks in 2023. More than one in 10 (11.2%) of consumers, on average over the past year, recalled seeing its ads. 

Next on the list is ZA Bank (7.8%), followed by livi bank (7%) and WeLab bank (5.7%). However, less than 5% of consumers recalled seeing advertisements from Fusion Bank (4.4%), Ant Bank (4.3%), Airstar (3.7%) and PAOB (2.8%). 

Ant Bank, however, saw the largest year-on-year improvement in advertising awareness (+1.5%), ahead of PAOB (+0.2%). Meanwhile, other insurers saw a decline in their ad awareness across the year.

When asked which virtual operators they would consider banking with, one in ten (10%) of consumers, on average over the past year, selected Mox.

The next most considered virtual banks were ZA Bank (9.7%) and livi bank (6.4%), ahead of Fusion Bank (5.5%), Airstar (5%), Ant Bank (5%) and PAOB (3.8%). 

PAOB, however, saw the largest year-on-year improvement in Consideration scores (+2%), ahead of Ant Bank (+1.1%), Airstar (+0.9%), followed by WeLab Bank (+0.3%) and Fusion Bank (+0.2%).  In contrast, annualised consideration scores declined year-on-year for livi bank (-1.5%), Mox (-1.1%) and ZA Bank (-0.8%).  

Don't miss: Top 10 brand movers in Hong Kong for August 2023

Back in October last year, YouGov issued the Biggest Brand Mover list in Hong Kong for August 2023. HKT Payment’s mobile wallet Tap & Go topped the list by making gains in nine out of 13 YouGov BrandIndex metrics, in the media and communication category (Buzz), brand perception category (general impression, value, corporate reputation, customer satisfaction, recommendation, quality) and purchase funnel category (consideration, purchase intent).

Following closely behind was DFI Retail Group’s customer rewards app yuu, scoring upticks in eight metrics across the media and communication, brand perception and purchase funnel categories. 

Watson Group’s customer rewards programme Moneyback took the third place, it saw improvements in seven metrics across the media and communication category, purchase funnel and brand perception categories.

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