HSBC boosts pocket-sized banking with new virtual journeys
**New credit card can be issued within 5 minutes and used immediately upon successful application**
**New deposit accounts can be opened online and operational within 10 mins**
**Forms part of the more than 50 remote-enabled processes and customer servicing journeys introduced in 2020**
HSBC Bank (Singapore) today announces the introduction of two new seamless, straight-through, instant deposit account opening and credit card application journeys for new customers.
New-to-bank customers in Singapore can now open a new deposit account via the HSBC Singapore website or apply for a new HSBC credit card via HSBC Singapore App without having to step into any HSBC premises. Both new application journeys are supported by MyInfo, a Singapore government database of information for Singaporeans and permanent residents, making the process effortless for new customers.
Singapore being central to HSBC’s Asia Wealth ambitions continues to accelerate the digitalisation of its banking services and solutions. 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. Some key projects that are currently underway include remote account opening for international customers with banking needs in Singapore.
Mr. Ranojoy Dutta, Head of Retail Products, HSBC Bank (Singapore) said: “As Singaporeans become more comfortable in leveraging their mobile to manage their daily lives from shopping to making payments, they also expect their banks to offer more on-demand services as well as customise solutions for their banking needs.”
“These new digital journeys are significant as they demonstrate our intent to continuously build a bank fit for the future that places our customers at the centre. This is especially crucial given COVID-19 has dramatically changed the way people and businesses interact and operate.”
New Credit Card Application Journey
Available since August 2020, Singapore is the first in HSBC to offer a straight-through credit card application journey for its suite of credit cards, with the exception of the Premier MasterCard. Essentially, new customers can complete their credit card application within five minutes, with as few as 26 clicks and no document submission required by leveraging the MyInfo platform.
New-to-bank customers simply need to download the HSBC Singapore App to apply. Upon card approval, new cardholders can instantly make online purchases as they will be given access to their full credit card credentials, including card number, expiry date and CVV. In addition, they can also immediately make contactless payments (via Apple Pay).
Cardholders can also now manage their credit card bills via HSBC Singapore mobile app which provides flexible re-payment options such as Spend Instalment and Pay with Points.
New Deposit Account Opening Journey
Available since September 2020, new-to-bank customers can now open a range of deposit accounts including Everyday Global Account and Premier Account using the new online journey in under 10 mins. The new deposit account opening journey supports instant application via the secured MyInfo platform. This is a significant milestone given in the past it would have taken a new customer close to an hour at a HSBC branch to open a new deposit account. For customers without access to MyInfo platform, HSBC Singapore also offers an end-to-end virtual account opening journey leveraging video-conferencing to perform identity verifications.
Mr. Dutta added: “In order to introduce completely new digital experiences for our customers, the team had to re-imagine banking and how our customers manage their finances. For both account opening and credit card application digital journeys, the team had to streamline and overhaul over 20 manual operations and processes to ensure they are seamless and frictionless for our customers.”
Media enquiries to:
Betty Fong, HSBC Singapore | +65 6658 4103 | betty.c.y.fong@hsbc.com.sg
About HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of 10 dedicated HSBC Premier Centres and 2 HSBC Jade Centres including a Premier International Centre as well as many locations across the island providing self-service terminals.
About The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organisations.