September 5, 2023

Industry Trends: Traditional Versus Online Bank, Which One Do You Prefer?


online bank 2021 October



Do you still personally go to your bank to process transactions? What bank services do they use?



Do you still personally go to your bank to process transactions? According to the latest study result, most netizens are using virtual bank services now. It was found that 75.2% of participants liked to use bank APP, and 59.4% of netizens adopted web-online bank services. People who adopted virtual bank services on APP and websites increased 1.2% and 1.4% separately in six months. The study in October found out a raise in using frequency in online banks. People who weekly login virtual bank through APP and website increase 2.6% and 2.9% respectively. What bank services do they use?


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Most people used an online bank to pay bills with 75.5% followed by checking account information and managing credit card information with 69.7% and 54.2% separately. However, some people still do not use virtual bank service. 52.8% of netizens considered the cybersecurity problem and 40.1% of people were just used to traditional banks.

Internet-only banks have operated in Taiwan since the beginning of this year. What do people think? 13.2% of participants opened accounts in internet-only banks and the percentage increased 7.9 compared with April. On the flip side, 3.2% more people claimed they would not open an account at an internet-only bank. The reasons they reject the services of internet-only banks are different from six months ago.


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People ranked the reasons they refuse to adopt internet-only banks. The Top 3 reasons this April are cybersecurity risk, no demand, and unfamiliar with the brands of the internet-only banks; yet, the Top 3 reasons become no demand, cybersecurity risk, and used to traditional bank service. The internet-only banks have operated in Taiwan for 9 months, and people's choices of bank service are clear now. What is your choice? Would you consider opening an account in an internet-only bank?


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Survey Agency: InsightXplorer Ltd
Date: Oct1 to Oct 4, 2021
Survey Method: Online survey
Respondents: People aged 18-60
Number of samples: 1014
Author: Mercy Shao