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Helen KAN, Executive Director and Alternate CEO of China CITIC Bank International (CNCBI), and the bank’s Group Head, Personal and Business Banking Group, believes FinTech will fundamentally transform the way in which services are delivered. “The future of retail banking is about merging banking into customers’ daily lives,” she says.
Even though Hong Kong is currently one of the world’s foremost financial hubs, Mrs Kan says the city will have to work to sustain its international competitiveness in a future transformed by technology. She therefore welcomes moves such as the recent introduction by the Hong Kong Monetary Authority of the Faster Payment System, which connects banks and stored-value facilities (SVFs) to a new integrated payment platform, enabling instant transfers across banks and the SVF operators.
However, challenges still lie ahead, she cautions. “The battle for talent has intensified. Furthermore, the need to innovate, while at the same time strengthen cybersecurity and compliance, requires major investment.”
Preparing for tomorrow’s world
According to Mrs Kan, CNCBI firmly believes that appropriate investments in FinTech are critical for the bank’s future development and expansion. “We believe this entails an end-to-end transformation of our technology infrastructure, process redesign, customer experience and target-market proposition.”