Hang Seng Bank: Creating award-winning solutions for customers

It is innovative approaches like this example, combined with fintech solutions, that help Hang Seng Bank stand out from the crowd, in Hong Kong and mainland China.

As a long-term partner of commercial customers and business in both locations, Hang Seng Bank actively supports growth within the Greater Bay Area, and Belt and Road Initiative economies.

As the bank’s customers explore opportunities in mainland China, the bank is helping to make their aspirations a reality, through customer-focused initiatives and fintech solutions, from new digital platforms, to transforming transactional banking and liquidity management.

Its new digital services offer retail and commercial customers greater flexibility and ease, when making and receiving digital payments.

Artificial intelligence (AI) is an important tool when it comes to providing round-the-clock client services. For example, the 24/7 interactive Virtual Assistant BERI, addresses commercial customers’ general enquiries about select services, from opening accounts, to cash management.

Additionally, BERI’s AI and natural language processing ability recognises traditional and simplified Chinese, and English.

In keeping with rapidly changing market demands, the bank’s timely market alerts and ‘anytime, anywhere’ services mean customers can act swiftly, to take advantage of business and investment opportunities.

A new digital lending initiative enables customers to apply for loans at any time. All required documents can be uploaded online and enquiries are handled by customer service representatives through Live Chat.

The new digital transformation journey within Hang Seng Bank will soon include the Foreign Exchange Order Watch Trading Service with a Pre-set Target Rate feature. This will allow automatic transaction execution when a pre-set target rate is reached.

An alerts service (when the preset target exchange rate is reached), means customers will receive an FX rate alert, and can react accordingly.

INNOVATIVE PAYMENT SOLUTIONS

Innovation also involves working collaboratively, especially with blockchain solutions which offers greater efficiency and cost saving to business.

In late 2018, the Hong Kong Monetary Authority, Hang Seng Bank and others in the banking sector joined forces to launch eTradeConnect, a blockchain-based trade finance platform, designed to increase efficiency and reduce risk by digitalising trade documents and automating the trade finance process.

The emergence of a multitude of payment types in Hong Kong means merchants need to be equipped with different payment devices.

One solution that simplifies this process is Hang Seng One Collect, a new all-in-one payment collection service. Using this service, merchants can accept a wide range of digital payment methods – including contactless mobile and QR code payments with Alipay and WeChat Pay – through one integrated point-of-sale terminal, resulting in faster and more flexible payments.

Recently, a new Faster Payment System (FPS) QR code solution was added to the One Collect service which allows retail merchants to offer their customers the option of making real-time payments. The service also provides daily reports to facilitate reconciliation and sales analysis – a welcome step in the cash flow cycle. 

FPS provides 24/7 instant local interbank transfers of up to HK$1 million ($127,000) with just one business account, with direct fund transfers to suppliers – simplifying business operations – and in so doing, accelerating the cashflow cycle for SMEs.

CROSS BORDER TRANSACTIONS

Hang Seng’s digital innovations also help to streamline cross- border business transactions.

Hong Kong and mainland enterprises that have established businesses can use the bank’s Global Liquidity solution to optimise their day-to-day cash management of domestic and cross-border account balances.

This allows customers to maximise the use of their own liquidity as a corporate resource, thereby reducing the need for overdrafts and also maximises the opportunity to invest idle funds.

Additionally, corporate treasuries can track cashflows and manage their accounts in Hong Kong and mainland China via Hang Seng HSBCnet – a global online commercial banking platform which facilitates business operations in mainland China, Hong Kong and Macau.

STRATEGIC PARTNERSHIPS

The bank has teamed up with technology partners such as Tencent and Hong Kong Science and Technology Parks Corporation (HKSTP) to accelerate fintech development in Hong Kong by providing innovators and start-up companies with tailor-made banking solutions and business advisory expertise.

Our collaboration with Tencent on various aspects of technology application, account-opening procedures and retail payment services, such as providing a merchant acquiring service for Weixin Pay and WeChat Pay HK, means customers can use Weixin Pay or WeChat Pay HK to make mobile payments, at designated merchants in Hong Kong.

Our strategic alliance with HKSTP is also helping to drive fintech innovation in four key areas: solution sourcing and development, corporate investment and acceleration, cultivation of innovators, and banking services.

By providing financial solutions and business advisory expertise, together with tailor-made loans offers, Hang Seng is helping tech elites to commercialise their fintech innovations and develop their business.

HANG SENG AT LARGE

Hang Seng is one of Hong Kong’s largest listed companies with a market capitalisation of HK$336.1 billion ($42.819 billion), as of 31 December 2018.

The bank also has an extensive network in mainland China. Its wholly-owned subsidiary, Hang Seng Bank (China) has headquarters in Pudong, Shanghai and operates a mainland China banking network with outlets in the Pearl River Delta, the Yangtze River Delta, the Bohai Rim Region and midwestern China.

The recent  CorporateTreasurer award, adds to the bank’s shelf of awards which includes being named CorporateTreasurer’s “Best Bank in Hong Kong” for two consecutive years, in recognition of excellence in services, including cash management, trade finance and foreign currency exchange.