HSBC offers SG’s first instant digital banking registration
**Other new mobile-first digital wealth solutions include Digital Wealth Dashboard, Securities Trading and Investment Account Opening**
HSBC Bank (Singapore) today announces the introduction of Singapore’s first instant digital banking registration using Singpass login details. The launch is part of a suite of mobile-first banking and wealth enhancements that HSBC has introduced since 2020 to support customers’ increasing preference to bank and invest virtually.
HSBC is the first foreign bank in Singapore to enable customers to register for digital banking access with their Singpass login details. This service taps Singapore‘s National Digital Identity infrastructure to offer customers a frictionless experience.
Available from 30 March 2021, new-to-bank customers in Singapore can register for digital banking once they open a new account via the HSBC Singapore website or apply for a new HSBC credit card via the HSBC Singapore App, reducing the need to step into any HSBC branches. Similarly, for existing HSBC customers, they simply need to download the HSBC Singapore App to register for their online banking access, without the need of a card and PIN.
Mr. Anurag Mathur, Head, Wealth and Personal Banking, HSBC Bank (Singapore) said: “The future of wealth is about blending the best of technology with the expertise of people to deliver a seamless wealth management and financial planning experience. Since we accelerated the pace of our digital banking transformation in 2020, we have seen tremendous growth in mobile banking adoption among our customers.”
Adding to its mobile-first banking and wealth solutions
Since 2020, HSBC has introduced more than 60 remote-enabled processes and customer servicing journeys to support virtual banking in Singapore. Similarly, HSBC’s mobile active customers grew by over 60% while online wealth sales grew over 30% in 2020, compared to the year before.
Available since February this year, both existing and new to bank customers can leverage a suite of digital wealth features to manage their investments seamlessly via their mobile.
Within a month of the launch of the mobile journey, HSBC saw a jump of close to 25% in customer investment account opening. Similarly, close to 40% of customers have accessed their Digital Wealth Dashboard via mobile to review their investment portfolio, which is 3x more compared to those using their browser.
The new features introduced in the HSBC Singapore App include:
- Investment Account Opening – customers can open a securities and/or unit trust trading account without the need to visit a branch;
- Digital Wealth Dashboard – customers can review their investment performance anywhere, any time; and
- Securities Trading – customers can now trade securities listed in Singapore, Hong Kong and US via mobile.
Blend of digital & human interactions to help Singaporeans do more active financial planning
HSBC’s surveys consistently point to the need for Singaporeans to be more proactive in managing their wealth.
A 2019 survey on Singaporeans digital banking activity1 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.
Similarly, HSBC’s latest study, HSBC FinFit Index2, which measure the financial fitness of Singapore residents reveals that they have a moderate financial fitness score of 67 over 100. While those surveyed scored well for good financial habits (70%), more than half (58%) professed to be not confident with having enough savings for retirement yet only 48% invests.
Mr. Mathur added: “A key reason often cited by our customers for not doing more active financial planning or investing was the inconvenience of having to visit a branch or log into their digital banking account using a PC or laptop. Our pivot to delivering mobile-first digital banking solutions aims to address that and we are thrilled by the response from our customers.”
These new launches and enhancements are part of HSBC’s ongoing effort to encourage and make it easier for our customers to manage their finances and invest more.
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$2,984bn at 31 December 2020, HSBC is one of the world’s largest banking and financial services organisations.