The average person in Hong Kong has 4.5 credit cards. With the introduction of virtual banking, the interest in personal financial management (PFM) should spike as consumers look for smarter ways of managing their finances.
In this exclusive, Victor Lang, Co-Founder and Chief Operating Officer at Fintech startup, gini, talks about the underdeveloped market of PFM in the city. Banks that claim to have vested interest in the financial success of their customers will discover a variety of opportunities to engage customers through the use of PFM tools and apps.
The use of PFM tools can help a bank important insight into its customers consumption behaviour and thus finetune its products and services to the specific needs of each customer.