ICYMI: Citigroup and HSBC are accelerating digital transformation efforts –– helping Asian incumbents dull the competitive advantage of digital banks
Bloomberg. The banks are seeing rising demand for services ranging from insurance to wealth management and have subsequently launched new video services and mobile features for both retail customers and wealth management customers.Similarly, incumbent Bank of China has accelerated the rollout of digital services in Hong Kong, speeding up its plans by months.
HSBC's share of retail transactions conducted digitally in Hong Kong hit 94% in March. Active customers on its mobile app jumped nearly 40% from a year earlier to 1.12 million. "We do anticipate that COVID will lead to an acceleration in customer adoption of digital channels, which will continue," Greg Hingston, HSBC head of wealth and personal banking for Asia-Pacific, told Bloomberg.
Citi's digital wealth management transactions rose 37% in Hong Kong during the first two months of the year. During the crisis, Citi has added features to its mobile app like a "help" function, and it is working on enabling two-way messaging.
The changes come at the same time as incumbents are facing a new threat from digital banks entering the market: Eight firms secured virtual banking licenses from the Hong Kong Monetary Authority last year as it looked to facilitate financial innovation and inclusion in the market. The licenses enable those companies to accept deposits and issue loans without operating branches: ZA Bank was the first to
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
HSBC's notes on the long-term consequences of the coronavirus pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
What it's like to be a therapist working from home amid the pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Wall Street banks pivoting to meet investor hunger for pandemic bonds - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
See the 3D Models Hanifa Used to Launch Its Latest Collection on Instagram LiveDesigner Anifa Mvuemba planned the groundbreaking digital show before the coronavirus pandemic made it essential.
Read more »
Hanifa Used 3D Models to Launch Its Latest Collection on Instagram LiveDesigner Anifa Mvuemba planned the groundbreaking digital show before the coronavirus pandemic made it essential.
Read more »
Watch the 'MTV Prom-athon' Class of 2020 CelebrationHigh school seniors are still being celebrated amid the coronavirus pandemic.
Read more »