In order to better serve customers during the COVID-19 pandemic, support pandemic control efforts, and facilitate work and production resumption, banks are prioritizing their digital transformation efforts.
HSBC Bank (China) Company Limited (“HSBC China”) announced the launch of Smart Mobile Onboarding (SMO) for customers across mainland China, which will enable individual customers to apply for the opening of Category I RMB accounts via the mobile channel, thereby enhancing service convenience and accessibility. HSBC is the first foreign bank to introduce the service in mainland China.
Richard Li, Executive Vice President and Head of Walth and Personal Banking for HSBC in China, said, “Although the severity of the pandemic is reducing in China, reinforcing effective control efforts remains crucial. For the banking industry, enhancing the convenience of online services helps support pandemic prevention efforts in society. Meanwhile, digitization is part on an ongoing trend for banking services.”
“As one of our ongoing financial countermeasures against the epidemic launching Smart Mobile Onboarding will enable the opening of Category 1 I accounts via mobile channels - we hope that this will represent a breakthrough in driving digital transformation among foreign banks.”
With the launch of SMO, individual customers (aged 18 or above and holders of second-generation Chinese ID cards) can complete and submit an application for an appointment to open a Category I RMB account online through HSBC China WeChat Banking or Internet Banking. The entire process only takes around 10 minutes. This new smart digital process significantly enhances account opening efficiency, and under the premise that risks control measures for including customer due diligence are in place, it also helps minimize face-to-face account handling time at the branches. Hence, by going through SMO journey, if customers complete online application at home, customers only need to bring their valid ID documents and visit the branch once to provide their signatures, and the new account will be fully activated. Overall, this will help to reduce 15 to 20 minutes of branch visiting time.
HSBC China’s digital financial system strives to offer a broad spectrum of “zero contact” banking services to their personal banking customers. HSBC Global Transfer and HSBC International Education Payment System take transfer or remittance instructions online 24 hours a day; foreign exchange services can be handled via fully digitalised channels; transactions involving major investment products can be conducted online; and online tailor-made solution for Structured Products can satisfy personalised investment needs online. Moreover, HSBC also offers products and services such as Category II personal accounts via mobile banking and digital credit cards.
Richard Li said, “Through our series of digitalised remote banking services - from account opening, to routine transactions, to settlement and sales of foreign exchange, to wealth management - we hope to better satisfy the requirements of our customers in the digital era while making a contribution to pandemic control efforts.”