HSBC Talks Business Podcast: NBFI Stores "The success with MooDoo"
Join HSBC NBFI Stories podcast series discussing capabilities for Non-Bank Financial Institutions, bringing you direct feedback from our valued clients, offering you an authentic glimpse on the customers and from our stakeholders who were of part the journey.
HSBC FinConnect leverages the newly launched Singapore Financial Data Exchange (SGFinDex)1, which links various data sources from participating banks and MyInfo to financial planning applications.
Upon providing consent, HSBC customers will be able to retrieve information on their deposit accounts, credit cards, loans including home mortgage, investments in unit trusts with other participating banks as well as CPF account balances and IRAS tax-related information via HSBC FinConnect.
Given HSBC customers typically are internationally-minded, be it in their lifestyle or investments including overseas properties, HSBC FinConnect also offers unique view of over 80 currency types including AUD, GBP, HKD and USD for deposits and unit trusts holdings. This is especially important given foreign currency deposits and unit trusts make up a significant proportion of HSBC customers’ overall financial holdings.
Anurag Mathur, Head, Wealth and Personal Banking, HSBC Bank (Singapore) shared: “Planning for one’s financial health today and in the future has never been more important. Our ability to leverage SGFinDex will enable us to gain deeper insights on our customers which in turn would help us better tailor and provide a holistic financial plan. Given HSBC customers typically have international needs, be it for their children’s education or investment opportunities, having a clear view of their financial information via HSBC FinConnect will enable us to better guide them on their financial health and fitness.”
Blend of digital & human interactions
HSBC’s survey on Singaporeans digital banking activity2 shows that a vast majority of Singaporeans use their mobile banking app for basic banking transactions such as checking account balances (75%) and paying bills (67%). However, only 21% have made long-term investments, such as bonds, using their smartphones, while 25% have history of using their mobile banking app to make short-term investments such as equities or unit trusts.
It is with that in mind that once customers use HSBC FinConnect to consolidate their financial information, they can make an appointment for a virtual or in-person one-on-one financial planning session. With the consolidated financial information, a HSBC banker will address their financial goal or retirement concerns as well as identify investment opportunities that will help them build a more diversified portfolio that is personalised to their needs.
Mr Mathur added: “The differentiation that HSBC offers is not just about the convenience that HSBC FinConnect brings, but how we can help customers make informed and appropriate decisions. While customers often want banking services to be modern and responsive, they also want to be certain that their money and information are kept safe. This is why HSBC continues to build capabilities that can support a blend of digital and human interactions.”
Singapore is central to HSBC’s Asia Wealth ambitions. As such, HSBC will continue to accelerate the digitalisation of its banking services and solutions in this market. To better enable its ability to support virtual banking in Singapore, HSBC has introduced more than 50 remote-enabled processes and customer servicing journeys in 2020. HSBC FinConnect is the latest mobile-led feature to be introduced.
HSBC FinConnect is available to Singapore customers holding a valid SingPass account from 8 December 2020 onwards. HSBC customers will have full control of their financial data. In particular, when and how they like to share financial data or remove linkages via HSBC FinConnect.
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book