Reimagining Customer Engagement for the AI Bank of the Future

Cover Story

Reimagining Customer Engagement for the AI Bank of the Future

With annual technology investments at a large global bank typically range from two to ten billion US dollars, with a significant allocation for digital and analytics transformations, the Cover Story looks at what it takes to reimagining customer engagement as part of an enterprise strategy centred on Artificial Intelligence (AI). Accustomed to the service standards set by consumer internet companies, customers now expect the same degree of consistency, convenience and personalisation from their financial services institutions. To stay competitive, incumbent banks will need to take an entirely new approach to doing business: They must reimagine customer engagement as part of an enterprise strategy centred on Artificial Intelligence (AI).

Thought leaders

Less Can Mean More When Simplicity Overrides Complexity

Banking, for centuries, has been the bedrock in the development of civilisation. However, as the banking industry undergoes a radical shift driven by changing business models, mounting regulation and compliance pressures and disruptive technologies, Mr BI Ming Qiang, President and Chief Executive Officer of China CITIC Bank International Limited, offers his insights on the changing landscape and China CITIC Bank's continuous investment in products, service innovation and its agile company culture.

China World

Bridging Regulatory Differences for the Greater Bay Area: Possible Ways Forward 

As the scale of expansion of the financial sector and increasing financial cooperation within the Greater Bay Area continues to gain momentum, regulatory differences between the three jurisdictions remain a key barrier for deeper integration. The China World article looks at the various ways this might be achieved. 

Fintech 

Survey Reveals an Upsweep in the Number of Businesses Using Fintech

As more Hong Kong business embrace Fintech they are experiencing improved business efficiency and cost savings while enhancing customer experience, according to a survey of business Fintech usage by CPA Australia. The survey sought to gauge what Fintech (defined as innovative technology or software used to improve the delivery and use of financial services) businesses are using, what advantages the technology drives, and what barriers there are to greater adoption.

Knowledge Plus

Hong Kong Has a Leadership Role in Financing the Greater Bay Area’s Sustainability Journey

As business and political leaders unveil plans to build a green and sustainable economy in China’s Greater Bay Area, Asia’s premier international capital market operator and champion of sustainable finance, Hong Kong Exchanges and Clearing Limited (HKEX), as launched STAGE, Asia’s first multi-asset sustainable finance platform that connects issuers, investors and other stakeholders across the GBA and rest of Asia. At the heart of the STAGE platform is an online product repository that features information on sustainability, green and social bonds, as well as ESG-related exchange traded products listed on the HKEX.
 

GRC Corner 

Roadmap Aims to Accelerate the Adoption of Regtech

With Regtech fast becoming an indispensable part of the banking industry, our GRC Corner article takes a look at the White Paper recently published by the Hong Kong Monetary Authority (HKMA), which outlines a series of actions the Authority will take, or consider taking, to accelerate Regtech adoption in Hong Kong. According to the 69-page White Paper, one-third of banks have fully implemented at least one Regtech solution. However, the document also notes there are "significant opportunities" both to encourage banks that have yet to implement Regtech.