HSBC Bank (Singapore) introduced one of Singapore’s first instant digital banking registration using Singpass login details. The launch is part of a suite of mobile-first banking and wealth enhancements that HSBC has introduced since 2020 to support customers’ increasing preference to bank and invest virtually.

HSBC is the first foreign bank in Singapore to enable customers to register for digital banking access with their Singpass login details. This service taps Singapore‘s National Digital Identity infrastructure to offer customers a frictionless experience.

Available from 30 March 2021, new-to-bank customers in Singapore can register for digital banking once they open a new account via the HSBC Singapore website or apply for a new HSBC credit card via the HSBC Singapore App, reducing the need to step into any HSBC branches. Similarly, for existing HSBC customers, they simply need to download the HSBC Singapore App to register for their online banking access, without the need of a card and PIN.

Adding to its mobile-first banking and wealth solutions

Since 2020, HSBC has introduced more than 60 remote-enabled processes and customer servicing journeys to support virtual banking in Singapore. Similarly, HSBC’s mobile active customers grew by over 60 per cent while online wealth sales grew over 30 per cent in 2020, compared to the year before.

Available since February this year, both existing and new to bank customers can leverage a suite of digital wealth features to manage their investments seamlessly via their mobile.

Within a month of the launch of the mobile journey, HSBC saw a jump of close to 25 per cent in customer investment account opening. Similarly, close to 40 per cent of customers have accessed their Digital Wealth Dashboard via mobile to review their investment portfolio, which is 3x more compared to those using their browser.

The newly developed features introduced in the HSBC Singapore App include:

• Investment Account Opening­– customers can open a securities and/or unit trust trading account without the need to visit a branch;
• Digital Wealth Dashboard ­– customers can review their investment performance anywhere, any time; and
• Securities Trading ­– customers can now trade securities listed in Singapore, Hong Kong and US via mobile.
• Blend of digital & human interactions to help Singaporeans do more active financial planning
• HSBC’s surveys consistently point to the need for Singaporeans to be more proactive in managing their wealth.
• A 2019 survey on Singaporeans digital banking activity1 shows that a vast majority of Singaporeans use their mobile banking app for basic banking transactions such as checking account balances (75 per cent) and paying bills (67 per cent). However, only 21 per cent have made long-term investments, such as bonds, using their smartphones, while 25 per cent have history of using their mobile banking app to make short-term investments such as equities or unit trusts.
• Similarly, HSBC’s latest study, HSBC FinFit Index2, which measure the financial fitness of Singapore residents reveals that they have a moderate financial fitness score of 67 over 100. While those surveyed scored well for good financial habits (70 per cent), more than half (58 per cent) professed to be not confident with having enough savings for retirement yet only 48 per cent invests.