HSBC has been named the best bank for digital innovation in Asia-Pacific in The Banker magazine’s Innovation in Digital Banking Awards 2020.
The judges said: “HSBC beat several innovative regional peers to scoop the Innovation in Digital Banking accolade for Asia-Pacific due to its mobile-first digital strategy, single technology platform and global code approach.” With the Bank using common code across its network, HSBC drastically reduces the time it takes to launch or upgrade online and mobile applications. Testing features in local markets provides valuable customer insight that is used to improve technology before it is deployed across other markets.
In 2019 and early 2020 six new mobile banking apps were introduced in Australia, India, Malaysia, Singapore, Taiwan and Vietnam through an accelerated scaled delivery programmethat is helping to transform the bank globally.
HSBC has also matured and updated its delivery model to take advantage of its economies of scale. HSBCPhilippines is one of the first markets to go live with Amazon Web Services for customer on-boarding/approval journeys. The bank also uses Jumio in the Philippines, an AI-powered identity and verification solution, and credit data integration, enabling an instant decision in principle.
Judges also said that HSBC’s overarching vision for digital banking allowed it to respond quickly during the COVID-19 crisis. In the Philippines, credit card application through the Bank’s public website was made available in April 2020, while thecountry was under strict community quarantine guidelines due to the COVID-19 pandemic. This solution allowed faster turn-around time on card applications shortening the usual 10-day processing averageto two days or less.