Banking & Finance Analysis Singapore

Subscribe

Advertise your job ad
    Search jobs

    Online banking on the rise in Southeast Asia

    SINGAPORE: comScore, Inc has released the latest results from a study of Internet usage in Southeast Asia. The report found that an increasing number of consumers across the region turned to online banking throughout 2010.
    Online banking on the rise in Southeast Asia

    In each of the six markets included in the study (Malaysia, Hong Kong, Vietnam, Singapore, Indonesia and the Philippines), visitation to the online banking category grew by double-digits percentages, outpacing overall Internet growth by a factor of two in most cases. These results were presented along with other key online trends via a complimentary, live webinar The State of the Internet Southeast Asia today, Wednesday, 9 March. The webinar was presented by Joe Nguyen, comScore's vice president for Southeast Asia.

    "People throughout Southeast Asia are increasingly turning to the Internet to conduct routine daily activities, such as banking," said Joe Nguyen, comScore vice president for Southeast Asia. "Although online banking in Southeast Asia does not exhibit as high a level of penetration as markets in North America or Europe, it is growing rapidly as more consumers respond to the convenience of the online channel for conducting banking activities and transactions. As the Internet takes a more central role in how consumers interact with their banks, it will be important to continue to enhance and develop site features and improve the overall customer experience to continue to appeal to current and prospective customers."

    Online banking audience surges throughout the region

    Across markets in Southeast Asia, visitation to online banking sites increased strongly in the past year, growing by double-digits percentages across all six countries measured. Malaysia, home to the largest total number of online banking users in the study, climbed 16% to 2.7 million visitors in January 2011. Hong Kong's online banking audience grew 18% to 1.5 million visitors, representing 35.5% of the total online population and ranking as the most highly penetrated online banking market in the region. Indonesia posted the largest percentage increase, growing 72% to 749 000 unique visitors.

    Online Banking Category Visitation by Market January 2011 vs. January 2010 Total Audience, Age 15+ - Home & Work Locations* Source: comScore Media Metrix
    Total Unique Visitors (000)
    Jan-2010 Jan-2011 % Change
    Malaysia 2,360 2,746 16%
    Hong Kong 1,304 1,543 18%
    Vietnam 701 949 35%
    Singapore 779 889 14%
    Indonesia 435 749 72%
    Philippines 377 525 39%

    *Excludes visitation from public computers such as Internet cafes or access from mobile phones or PDAs.

    Strong local brand presence important for banks across southeast Asia

    An analysis of the top online banking destinations by market found that banks with a strong local brand presence ranked as many of the most-visited banking destinations. Maybank Group led the ranking in Malaysia while Vietcombank took the lead in Vietnam and DBS secured the top spot in Singapore. Indonesia (Bank Mandiri) and the Philippines (Bank of the Philippine Islands) also displayed similar trends, while in Hong Kong HSBC claimed the top spot in the market where the bank originated.

    Global banking brands HSBC and Citigroup also secured positions within the top rankings. Citigroup ranked as the #2 largest online banking destination in the Philippines and #3 in both Singapore and Indonesia. Besides leading the Hong Kong market, HSBC also ranked as the third largest banking destination in the Philippines.

    Top 3 Online Banking Sites by Unique Visitors for Individual Markets January 2011 Total Audience, Age 15+ - Home & Work Locations* Source: comScore Media Metrix
    Country #1 Online Banking Destination #2 Online Banking Destination #3 Online Banking Destination
    Malaysia Maybank Group Cimbclicks.com.my Pbebank.com
    Hong Kong HSBC Bochk.com Standard Chartered PLC
    Vietnam Vietcombank.com.vn Acb.com.vn Dongabank.com.vn
    Singapore DBS.com.sg United Overseas Bank Group Citigroup
    Indonesia Bankmandiri.co.id BNI.co.id Citigroup
    Philippines Bpiexpressonline.com Citigroup HSBC

    *Excludes visitation from public computers such as Internet cafes or access from mobile phones or PDAs.

    Source: comScore

    comScore, Inc. (NASDAQ: SCOR) is a global leader in measuring the digital world and the preferred source of digital marketing intelligence.

    Go to: http://www.comscore.com
    Let's do Biz