The “My RM” tool allows priority private and priority banking clients to communicate with their relationship managers, as well as gain access to market information and updates.
“In the new digital era, the need for banking products and services on digital devices is greater than ever before,” said Vicky Kong, head of retail banking in Hong Kong, in a statement.
“[However] we understand that personal touch is a key foundation for our relationship with clients,” she added.
Using the My RM function, clients can check the availability of their relationship manager, chat with them, gain access to research and market information and advice on suitable funds across different asset classes.
“Supported by My RM’s document and file sharing, screen sharing, text chat and audio call functions, clients would be able to get detailed market updates from their relationship managers without visiting the branch,” a spokeswoman told FSA.
“We are planning to expand My RM to other markets and will announce these in due course,” she added.
However, the requirement for banks to offer increasingly customer-friendly mobile and online services to enhance competitiveness is especially important in Hong Kong, where the virtual banking sector is developing rapidly.
Standard Chartered was one of eight banks and technology firms granted a virtual banking licence by the Hong Kong Monetary Authority in the middle of last year.
Virtual, or digital, banks promise to offer similar services as traditional banks, but at a lower cost. The most significant difference is that they operate online only and are not allowed to open physical branches, according to the HKMA website.
Technology firms, such as Alibaba, Tencent and Xiaomi (which all gained HKMA licences) perhaps pose the greatest threat to traditional banks, which have had to upgrade their online and mobile services.
Last November, DBS in Hong Kong unveiled its “i-wealth app” to attract new wealth management clients, and which incorporates instant identity verification, biometric recognition and digital security. It was marketed as a “virtual, invisible bank”, rather than “pure” virtual bank, because the Singapore-based lender will maintain its physical presence in Hong Kong.
Standard Chartered already offers wealth management services on its online banking and SC Mobile app, including unit trust, securities and foreign exchange trading.
It also forged a partnership with the Singapore-based robo-advisory start-up Bambu in 2017, which now has relationships with other banks in the region, including HSBC, for which it powers the online “HSBC Wealth Planner” platform in Singapore.
The My RM tool and the Bambu partnership are not related, according to the spokeswoman.
