HSBC Hong Kong launches remote account opening solution

Source: IBS Intelligence 2020-06-28

HSBC Hong Kong launched a remote business account opening solution targeting small and medium enterprises (SMEs). Business owners can now open an account without having to schedule face-to-face or video meetings with the bank. The accounts can be opened anytime and anywhere and there is no requirement for the submission of physical documents and signatures. The application process is completely digitised and paperless.

Daniel Chan, Head of Business Banking, Commercial Banking, Hong Kong, HSBC elucidated, “This seamless account opening solution means quick and easy access for small companies and startups to reliable and convenient banking services, reaffirming our commitment to support SMEs in Hong Kong and drive digital innovation in banking. We have engaged some SMEs for feedback in the design phase. A few of them have successfully opened an account remotely to enjoy the frequently-used fundamental banking services like deposits, autopay, payments and foreign exchange during this pilot period.”

Applications for the business integrated account can be done through HSBC’s online Account Application Centre and Business Express mobile app. Customers can even obtain the account number immediately. They will also be directed to register for Business Internet Banking and activate their Mobile Security Key.

A team has been formed to process remote business account applications. They will reach out to customers through telephonic conversations, to understand more about the businesses. An SMS will be sent to applicants to confirm the account activation, following the assessment. Customers can seek real-time help from a customer service officer through HSBC Live Chat, an online messaging service on the bank’s digital platform.

The new solution is initially offered to Hong Kong customers whose establishment is of less than 3 years and that of a simple company structure. HSBC will extend the solution to businesses with more complex structures and overseas operations in the future.

HSBC has a long record of using digital innovation to transform the customer journey. Last month, the bank partnered with corporate service provider NOVA Group to introduce the business account opening Open API as a move to drive open banking developments.

Hong Kong SMEs

HSBC

HSBC Hong Kong launches remote account opening solution

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