“We launched the app in Singapore first, instead of Hong Kong, because we have an innovation lab in Singapore. Also, the Hong Kong version requires additonal language requirements, as the app has Chinese language capabilities, while the one in Singapore only has the English version,” the spokeswoman said.
The app allows viewing of, among other things, portfolio valuations, available funds to invest and asset and currency allocations. Clients can also connect with the Credit Suisse team through instant messaging, audio and video calls and document sharing.
Credit Suisse said that the majority of its private banking clients in Asia-Pacific are what it describes as “validators”, that is those who want to understand investment opportunities and trade-offs to validate with their advisors, who think in the mid- to long-term and appreciate support in understanding global markets and refining their views and ideas.
“Our data and analytics over the past year from Singapore have indeed shown that we have delivered a digital solution that meets many of our clients’ aspirations in terms of functionality and usability. They are logging in more often — at all times of the day and night and on average are spending more time on each visit,” Francois Monnet, the firm’s head of private banking Greater China said in the statement.
Since its launch in Singapore, the number of clients using the digital channel has increased almost thirty times over the past three months, according to the spokeswoman.
Chinese clients also have the access to the app, the spokeswoman said.
“The app is now offered to regional clients whether they have an account in Singapore or now Hong Kong, including China domicile clients. Clients in different locations will have different levels of access to the range of features and information based on the appropriate cross-border regulatory rules according to their country of domicile,” she said.
The app in Hong Kong is accessible across multiple devices including iPad, iPhone, web browsers, with Android users being able to access the platform via web browsers, the bank said in a statement.
“Hong Kong is one of the fastest growing hubs for our private banking business as well as a hotbed of consumer adoption of digital solutions across many products and services,” Monnet said.
His view is shared by some other analysts. According to an EY survey report, Hong Kong has the highest rate of financial technology use of all markets surveyed.