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HSBC announces Web-based direct banking service

Capitalizing on the Taiwanese public's love for the Internet, HSBC yesterday unveiled a new personal finance program, making Taiwan the first nation in Asia to enjoy the service, bank officials said.

The direct banking service, called HSBC Direct, aims at offering customers a simple way to manage their savings with flexibility and higher interest rates, said Paul Thurston, general manager of personal financial services in Asia Pacific, at a press briefing.

"Taiwan is a well-developed market, with a high Internet penetration rate and an openness to new ideas," which enables the firm to introduce the service here soon after the UK and the US, he said.

no need to queue

The savings program has no minimum balance requirements, lock-ups or hidden fees and customers can manage their accounts by going online or calling a round-the-clock call center, saving time and efforts queuing in front of bank counters, he added.

Thurston said the move would also extend HSBC's distribution network -- an important factor, as foreign banks have much fewer branches than their local rivals.

With costs trimmed down, the bank offers a competitive savings rate of 1.5 percent, three times the average industry rate, which currently stand s at 0.486 percent.

Paul Leech, chief executive officer of HSBC Taiwan, said he has high hopes for the service but declined to give detailed figures on what the bank expects in terms of annual revenue.
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