Fri, Jun 29, 2018 - Page 12 News List

HSBC to change banking experience

By Crystal Hsu  /  Staff reporter

HSBC Taiwan aims to stay competitive by bolstering its expertise in risk management, financial innovation and global connectivity, as technology is reshaping the industry, chief executive officer Adam Chen (陳志堅) said yesterday.

HSBC Taiwan has followed its customers abroad and even stayed ahead of them, he said.

The approach strikes a chord with the government’s New Southbound Policy, which encourages local firms to expand in Southeast Asia rather than concentrate on the Chinese market, he said.

HSBC last week unveiled plans to invest between US$15 billion and US$17 billion over the next three years in technology and China, among others, as it shifts its focus from cost-cutting to growth and investment, he said.

The investment is to enhance the retail banking experience, Chen said, adding that he needs more time to iron out the details.

HSBC assigns great importance to digitalization and innovation to tap businesses related to Internet and mobile banking, he said.

“Web-only banks per se are not enough to attract customers who want more when choosing banks,” Chen said.

Brick-and-mortar branches would decline or need to adopt different a business model to survive the “digital revolution,” Chen said, adding that unstaffed branches are an option.

Partnership with other sectors could help with the transition, he added.

However the digital transition plays out, HSBC Taiwan would try to minimize the impact on its employees, whose number has remained about the same, despite previous downsizing, Chen said.

As the largest foreign bank in China and the second-largest in Taiwan, HSBC has expertise in preventing money laundering and other financial crimes that it could share, Chen added.

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