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.”
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.
Media enquiries to:
Betty Fong, HSBC Singapore | +65 6658 4103 | firstname.lastname@example.org
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 $2,956 billion at 30 September 2020, HSBC is one of the world’s largest banking and financial services organisations.