Rich Hong Kong Clients Can Set Up Investment Accounts Digitally by DBS
By the third quarter, clients with high assets in Hong Kong would be permitted to set up investment accounts digitally by DBS with hopes to reduce the time taken to open a wealth management account to less than 12 minutes from the two hours it can now take at a branch.
It is said that technology has enabled banks with connections to credit card departments to do client background assessments.
The Greater Bay Area is one of the bank’s four growth engines in China and DBS is counting on several key industries such as technology, automotive, manufacturing, healthcare and textiles where expertise has been built up over the past year.
This is done by accelerating support to the small and medium-sized enterprise (SME) sector through a supply chain strategy.
DBS’ Business Grow With Increased Speed
Over the next five years, DBS’ business in the Greater Bay Area is likely to grow at an increased speed of that on the mainland or in Hong Kong
With DBS’ $275 million profit last year from Greater China, excluding Hong Kong, and revenue, including Hong Kong of 25 per cent to $3.9 billion, Greater China including Hong Kong accounted for 29 per cent of DBS Group’s total income of $13.2 billion.
As technology firms are now investing in the retail banking “gold mine”, it has allowed high net-worth customers to move their open investments into a digital realm.
As opposed to traditional banks that have an actual retail outlet, virtual banks, as such is its name, does not have one. However, it is of similar functions whereby it can give out loans and even accept deposits.