Bank of China Hong Kong (BOCHK), the largest bank of the city, has displayed Hong Kong’s explosive demand for online payment and fintech services over the past year. With nearly 1 million customers on its mobile phone platform, BOCHK plans to accelerate the development of online financial systems.
Satisfying the standards of Hong Kong, the center of technology and finance in Asia, BOCHK has persistently focused on the advancement of their existing financial services and mobile banking platforms, encouraging users and customers to complete various financial settlements and transfers without having to visit the physical branch of the bank in the city.
The continuous efforts of BOCHK and its clientele’s willingness to try new emerging financial technologies and mobile platforms have led to a staggering growth in the number of mobile transactions, with mobile phone transactions settled by BOCHK growing by 232% in the past 36 months.
The ongoing popularity of online payment platforms modified the entire banking ecosystem in Hong Kong, as 85% of all customer transactions in the past year were conducted by mobile phones and online applications.
“We have seen an increasing number of customers using non-branch banking services. This is why we have invested heavily to expand our mobile banking and other financial technology, or fintech system, to meet with the demand of the younger generation of customers,” BOCHK Information Technology general manager Rocky Cheng explained.
Maintenance of Physical Branches
In contempt of the rapidly growing mobile market and fintech industry, the bank still believes that BOCHK as a community bank must maintain its physical branches for other customers that are yet to convert to new generation payment systems.
Thus, the bank plans to enhance its fintech services and platforms while maintaining its physical branches to sustain their exposure and control over the market.
However, we do not have any plan to scale down our branch network. BOCHK is a community bank,”Cheng added.