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
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