Hong Kong Remains A Popular Destination For Mainlanders For Buying Financial Products

Hong Kong Remains A Popular Destination For Mainlanders For Buying Financial Products

Financial organizations need to be digitally smart if they are to attract and keep customers

Mainlanders are one of the most critical customer segments that drives organic growth of financial institutions in Hong Kong. Despite recent policies controlling capital outflow in China, mainlanders continue to be extremely keen to buy and take advantage of financial products and services in Hong Kong.

Optimism regarding investment in Hong Kong is high

With good returns in 2016 (97% gained in investment in Hong Kong in the past year), mainlanders are optimistic about investment prospects in the territory (79%), compared with optimism about investment in the mainland (71%) and in global markets (74%). Demand for insurance (73% say it will pick up in the next few months) and investment products (71%) is strong, underlining the vast potential on offer. Financial organizations in Hong Kong could continue to leverage the territory’s advantages in offering products with good returns, with financial conditions that foster trust and confidence, providing a wide product variety and excellent service quality to attract mainlanders to invest in Hong Kong.

Crucial to reach out to mainlanders to gain top-of-mind presenceMost mainlanders decide what brand and/or product they want to buy before they visit Hong Kong, underlining the importance of reaching out to them early and remaining in their set of options.

Consultants and websites are key touchpoints in triggering the take up of financial products and services in Hong Kong:
➢ Consultants need to be well-informed about the industry and to stay abreast of developments in the market to provide the kind of consultation and professionalism that clients expect
➢ Company websites need to provide accurate, comprehensive and pertinent information to help mainlanders understand brand and product offerings

Being digitally smart throughout the customer journey is essential
It is important that digital channels are well-established for customers to reach out to the companies throughout the pre-sale, application and after-sales stages.

Apart from consultants, online channels (e.g. company websites, social media, mobile apps) are important touchpoints for mainlanders to interact with the companies:
➢ Adequate and relevant company and product information should be available on digital channels to make information searching and decision-making easier.
➢ Digital application platforms should be user-friendly and reliable to ensure smooth purchase experience. Support service should be easily accessible to provide instant assistance for inquiries. Layout should be mobile-friendly.
➢ After mainlanders have bought products or services they expect proactive engagement through various means including WeChat and email. The use of e-services to manage insurance is also common. Companies could leverage online and mobile platforms to deepen engagement with customers after purchase.

Established in 2012, the Nielsen Mainlander Cross-border Finance Monitor series is designed to provide practical insights for financial institutions to develop effective strategies and engage with this lucrative segment. The survey conducted in 2017 covers 2,000 mainland residents aged 18-54 in Beijing, Shanghai, Guangzhou and Shenzhen who have bought or plan to by a financial product in Hong Kong. Data was collected through online interviewing from June to August 2017.

Nielsen Holdings plc (NYSE: NLSN) is a global performance management company that provides a comprehensive understanding of what consumers Watch and Buy. The Company’s Watch segment provides media and advertising clients with Nielsen Total Audience measurement services across all devices where content – video, audio and text – is consumed. The Buy segment offers consumer packaged goods manufacturers and retailers the industry’s only global-view retail performance measurement. By integrating information from its Watch and Buy segments and other data sources, Nielsen provides its clients with both world-class measurement as well as analytics that help improve performance. Nielsen, an S&P 500 company, has operations in more than100 countries that cover more than 90% of the world’s population. For more information, visit