A new research has found that more than half of banking customers in Hong Kong are willing share their private financial data with third parties to receive tailored banking services.

The research, conducted by Accenture, indicates the potentiality of open banking in the Hong Kong.

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The Hong Kong Monetary Authority (HKMA) is set to launch the first phase of its open API framework this week.

Hong Kong open banking survey

Accenture surveyed more than 2,000 consumers in Hong Kong. Majority (51%) of the respondents opined that they can share their data with a third-party if it provides them with more personalised services. It includes higher returns on savings and better mortgage rates.

However, 31% of the people surveyed said they are not ready to share their banking data.

Accenture conducted similar surveys in the UK and Australia, where 66% and 69% of the respondents were not comfortable to sharing financial data, respectively.

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Accenture managing director and head of banking practice in Asia Pacific and Africa Fergus Gordon said: “Banks still enjoy a lot of trust from consumers, but Hong Kongers are willing to share their financial data if they know they’ll get something in return — indicating that the foundations are clearly there for Hong Kong to leapfrog many markets with Open Banking solutions.”

The Hong Kong open banking survey also found that 71% of the respondents identified security and privacy of their financial data as the main hurdle in accepting open banking.

On the same question, 43% of the respondents cited lack of trust on third-party providers, while 42% stated lack of sufficient understanding about open banking.