HSBC Hong Kong shines at ABF Retail Banking Awards

The bank has been a digital and transformation pioneer in the industry.

HSBC Hong Kong emerged as a clear winner at the ABF Retail Banking Awards with seven awards across different categories. The bank’s exceptional performance throughout 2022, coupled with its launch of innovative products and solutions, were key factors in its success.

Amongst these innovations is the bank’s launch of a digital onboarding journey for its Wealth Portfolio Lending (WPL) services, enabling eligible HSBC customers to activate a WPL facility online within a few minutes and use the credit line as soon as the next business day – funds can be drawn down across the full range of HSBC online and offline channels.

Customers are now kept abreast of all product information, including the key risks involved. The service journey also includes step-by-step guidance for customers, who can now use the bank’s mobile app to monitor collateral values, transfer funds and manage margin trading 24/7.

By automating the onboarding journey on digital platforms, customers can now efficiently unlock the liquidity of their wealth portfolio in the fast-moving markets. Following the enhancements, the number of customers using the service rose 3.6 times in 2022, along with the growth of total pledged collateral value by 4.5 times over the same period.

Meanwhile, HSBC Hong Kong also aimed to empower customers in their wealth journey and support their banking needs through new financial inclusion initiatives and a data-led approach to customer lifecycle management.

They launched the HSBC HK App – Lite Mode as part of this strategy. Lite Mode is a simplified version of the existing HSBC HK App, pioneering an innovative mobile banking approach for the elderly and digital novices. It comprises frequently used features, such as checking account balances, making transaction enquiries, setting up time deposits and transferring funds. The interface is designed to be clean and simple, with the added convenience of one-tap access to chat and call support.

By understanding the lens of customers, the service was launched after an in-depth review of the specific requirements of different demographic groups. It has acquired 271,000 unique users since its launch, including new and existing mobile banking customers. 

With the support of data and partnership with technology innovators, HSBC rolled out over 200 digital features and enhancements in 2022, in alignment with the bank’s data-led Customer Lifecycle Management strategy.

All HSBC customers are provided with best-fit, personalised solutions based on their specific needs. The bank has built a comprehensive and dynamic onboarding journey to equip customers to the fullest within their first 90 days. All of these are supported by its powerful data analytics engines.

At the same time, HSBC Hong Kong is the pioneer in using artificial intelligence technologies in risk management and driving excellent service quality with its Automated Quality Management engine.

CLCM strategy supports HSBC customers in ‘seeing’ and ‘feeling’ the power of data through a seamless and personalised banking experience beyond their imaginations – everything is powered by its unparalleled data analytics capabilities.

Redefining the ‘Premier’ brand

Whilst HSBC is one of the most respected brands in Hong Kong, it does need to overcome challenges from market competition as other peers continue to redefine their business strategy, increase their acquisition budget and step up their customer loyalty and engagement initiatives. 

This led to a campaign to whip Hong Kong into a frenzy during the Chinese New Year. Utilising its mobile payment service PayMe, the bank launched its Lucky Laisee Giveaway to excite the market and differentiate itself from the competition amidst much noise.

The campaign resulted in a 106% uplift in the number of merchant transactions and a 104% increase in the active unique merchant-paying users during the campaign period. PayMe users sent over 2.6 million digital laisees during the Chinese New Year period, with over one million sent on the first day of Chinese New Year alone.

The bank also launched the #ThisIsMyFamily campaign to target different customer groups, believing that there is now no single definition of a family.

It harnessed the power of social media to drum up dialogue and support to highlight HSBC’s role in supporting different families. It also engaged key opinion leaders with unique family backgrounds to join the conversation by showcasing their unique family portraits on social media. The bank also leveraged tech and micro-targeting to ensure precise and seamless delivery of communications to the right audience.

Through the #ThisIsMyFamily campaign, the bank recorded a 73% uplift in brand perception. It also saw an increase of 21,000 in new-to-premier clients.

In 2023, HSBC Hong Kong also partnered with Ping An Bank in Mainland China to provide Wealth Management Connect services in the Greater Bay Area (GBA). The partnership helped investors achieve their wealth goals through an enhanced cross-border wealth management solution, all aimed at expanding customers’ investment opportunities across the GBA.

It is a synergistic partnership between two financial institutions, which work seamlessly to drive economic integration in the Greater Bay Area through best-in-class services to customers. 

For its successful initiatives, the bank took home the Investment Product Innovation of the Year - Hong Kong, Wealth, Management Platform of the Year - Hong Kong, Analytics Initiative of the Year - Hong Kong, Millennial Product Initiative of the Year - Hong Kong, Strategic Partnership of the Year - Hong Kong, Financial Inclusion Initiative of the Year - Hong Kong, and the Marketing & Brand Initiative of the Year - Hong Kong wins at the prestigious event.

ABF Retail Banking Awards salute exceptional industry leaders who have introduced cutting-edge products, services, and solutions that made a positive impact on its customers.

The ABF Retail Banking Awards is presented by Asian Banking & Finance Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be recognised for your company's cutting-edge products, services, and solutions that made a positive impact on your customers, please contact Julie Anne Nuñez at [email protected].