Citigroup, HSBC, and other Asian banks accelerate digital upgrades amid the pandemic - Business Insider

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

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PHOTOS: Look inside a pre-Revolutionary war mansion in Charleston - 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.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Robotics startup Zume is now selling masks amid 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. I don’t see the synergy between pizza, robots, and face masks. Zume should have focused on its robotic solutions and expand them into healthcare, manufacturing, and technology. This company needs to take a step back and determine where is it exactly headed. Marketing Business
Source: BusinessInsider - 🏆 729. / 51 Read more »

Citigroup org chart for investment banking and BCMA - 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. Citigroup's power comes from having been bailed out by the power of the American taxpayer. But go on, sing the praises of the Empire of Nothing.
Source: BusinessInsider - 🏆 729. / 51 Read more »

What 17 female business owners are doing to survive 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.
Source: BusinessInsider - 🏆 729. / 51 Read more »