Far Eastern University (2011)
Submitted as a partial requirement to the course Business Administration by Doreen Mendoza
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 percent to 2.7 million visitors in January 2011.
Hong Kong’s online banking audience grew 18 percent to 1.5 million visitors, representing 35.5 percent 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 percent to 749,000 unique visitors.
Strong local brand presence 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.