HSBC to launch ‘bank in the pocket’ innovations in 2021

Among the plans for the bank is the accessibility of unit trust, insurance and individual investment on mobile app, including payment and forex

By NUR HAZIQAH A MALEK / Pic MUHD AMIN NAHARUL

HSBC Bank Malaysia Bhd is planning to roll out more digital solutions next year, to ensure every account holder has their “bank in the pocket”.

HSBC Malaysia digital head Heather Goh said for 2021, among the plans for the bank is the accessibility of unit trust, insurance and individual investment on mobile application, including payment and foreign exchange (forex).

“We are looking to maintain the rewards and loyalty programme while providing financial advisory, digital onboarding and instant approval for our account holders.

“Spending analytics and data capabilities are also on the line for the bank,” she said at the bank’s innovation highlights recently.

Despite the move digitally, Goh added that features in the future will still include human interactions, especially in the wealth management segment.

“As advisory services are still needed by account holders, feature is made available for those who need further advice and input from the bank,” she said.

The bank’s global liquidity and cash management country head Shayan Hazir added that moving forward, plans for business solutions include more digital customer engagement initiatives.

“There is also commercialisation of blockchain, partnership with key players in the digital ecosystem and tech investment in more digital innovation,” he said.

At the bank’s innovation high- lights, Goh said HSBC Malaysia had launched “access to view eStatement” for up to 12 months and became the first international bank to complete DuitNow capability suite.

“We also rolled out the ‘instant apply at home’, which is applicable for credit cards, personal loans and banking accounts.

“In the third quarter, we rolled out digital account opening with 24/7 biometrics capabilities and increased the daily online banking limit up to RM200,000,” she said.

By the end of the year, the group would have launched 38 digital journeys.

“We launched the mobile secure key and real-time transaction for the last quarter of the year,” she said.

HSBC Malaysia wealth and personal banking country head Tara Latini said the bank has delivered digital features in time for customers to enjoy a seamless banking experience that is safer and more convenient.

“A strong digital foundation enabled the bank to adapt to the changes brought on by the pandemic.

“2020 is the year of multiple firsts and recognitions for our digital capabilities,” she said.

She added that the pandemic has accelerated the bank’s digital transformation to make banking simpler and more personalised, in line with the group’s previous statement on post-Covid-19 banking.

The group’s commercial banking country head Andrew M Sill said even as the pandemic fades, people are likely to stick to the new digital behaviours that have become routine.

“The transition is inevitable. There will be more people who will perform banking activities via digital channels, and we are hoping to make that more accessible,” he said.