Facilitating Young People’s Access to Financial Services through Virtual Banking

The Youth I.D.E.A.S. announced its latest report on
“Facilitating Young People’s Access to Financial Services through Virtual Banking”

The Youth I.D.E.A.S. (established by HKFYG Youth Research Centre) has released its study on “Facilitating Young People’s Access to Financial Services through Virtual Banking”.

Data gathered from 525 Hong Kong youth aged 18-39 showed that 73.0% of them have heard about “Virtual Bank”. Most respondents thought that the benefit of virtual banking is “fast” (63.6%), followed by “24-hour service” (35.0%) and “unrestricted by location” (24.6%). However, they did not have enough confidence in virtual banks. Nearly half of them were worried about internet security and privacy problems.

Some young business operators thought that virtual banks may not be able to provide comprehensive commercial service such as cheque and cash deposits, issuing formal receipts as well as inconvenience in reconciliation. They are worried that these problems may affect the daily operation of their business.

The study recommended the Hong Kong Monetary Authority and the Privacy Commissioner for Personal Data to enhance public confidence on internet security and to strengthen public education on personal privacy protection. It also recommended virtual banks to provide trial discounts to encourage business use of electronic payment service so that more young people can access to financial services.