Most bank customers in Taiwan prefer to conduct their transactions in person rather than online, according to a survey by global information technology company Unisys.
In the survey that was conducted last September, it was found that 74 percent of Taiwan consumers favored visiting a bank in person, while 19 percent preferred to use the bank's website, 5 percent would rather use a mobile banking app, and 2 percent would opt for telephone transactions.
Among the seven Asia-Pacific countries and areas 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.
In its report on the survey, Unisys said the majority of consumers in all seven countries and areas were likely to choose to make payments, research banking products, and check their account balances via a bank's website.
"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 in the report.
The survey also found that long queues in branches were the biggest annoyance of 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 customer experience and reduce operational costs," Unisys said in its report, which was published in November 2016.
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 if they are 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. "This transition reflects a global trend as banks respond to these issues."
The Unisys Banking Insights Survey provides insights into the attitudes of banking customers in Taiwan, Australia, Hong Kong, Malaysia, New Zealand and the Philippines, according to the information technology company.
The online survey was conducted in September 2016 with a nationally representative sample of at least 1,000 people over the age of 18 in each country, the company said.
Source: Focus Taiwan News Channel