Today, Bank of China Hong Kong (BOCHK) revealed its projects to expand its fintech services and platforms. Its aim is to attract and satisfy millenials mainly by improving its mobile and internet services. “The younger generations like to use their mobile phone to do everything,” said Rocky Cheng Chung-ngam, general IT manager at BOCHK.
However the company’s numbers show that millenials aren’t the only age group to prefer online services. “We have seen an increasing number of customers using non-branch banking services. This is why we have invested heavily to expand our mobile banking and other financial technology,” said Cheng. Indeed, in the past three years, 1 million customers used BOCHK’s mobile banking services and 85% of all transactions were conducted online.
This rise in the use of mobile and online banking services is partly due to the government’s recent policies created to facilitate the development of fintechs. BOCHK has not missed a beat and has jumped on the fintech wave last month by joining forces with the Hong Kong Applied Science and Technology Research Institute (ASTRI) to create the BOCHK-ASTRI FinTech Collaboration Centre, dedicated to the promotion of new banking technologies.
Furthermore, the bank plans to develop and use big data integration, mobile money transfer services and biometric authentication to increase security, speed and ease of use of their services. BOCHK will recruit 100 extra employees for these new projects.
BOCHK is Hong Kong’s leading bank with about 220 branches, over 1,000 self-service machines, Internet and mobile banking services and corporate banking centres. It’s services include financial, investment and wealth management for personal, corporate, SME and institutional customers.