The majority of people in Taiwan prefer to conduct banking transactions in person rather than online, a survey by global information technology company Unisys said.
The survey, conducted in September last year, found that 74 percent of consumers preferred visiting a bank in person, while 19 percent preferred to bank online, 5 percent would rather use a mobile banking app and 2 percent would opt for telephone transactions.
Among seven Asia-Pacific regions questioned in the survey, Taiwan and Hong Kong had the highest preference for in-person banking (74 percent), followed by the Philippines with 73 percent, Malaysia 67 percent, Australia 53 percent and New Zealand 42 percent, according to the survey.
The majority of people in all seven nations said that they were likely to make payments, research banking products and check their account balances via a bank’s Web site, Unisys said.
“However, Taiwan consistently recorded the lowest use of mobile banking apps of all countries surveyed and a higher preference for using a branch than most other countries,” Unisys said.
The survey also found that long queues in branches were the biggest annoyance to consumers in Taiwan when dealing with a bank.
This finding “suggests there is substantial opportunity for Taiwan’s banks to extend digital banking strategies to improve the customer experience and reduce operational costs,” Unisys said in its report, which was published in November last year.
Eric Crabtree, Unisys vice president and global head of financial services, said that in Taiwan’s crowded retail banking market, it is critical for banks to differentiate themselves to increase their domestic market share, defend against overseas banks entering Taiwan or expand overseas business.
“Branches still play a key role in educating customers on their financial future, but most bank transactions can be done via more convenient digital channels,” Crabtree said.
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