HSBC seeks balance between mobile payments, Hong Kong branch network
Bank will not stop expanding branch network even amid surge in app usage
The increased popularity of mobile payments in Hong Kong has pushed HSBC to invest in related technology, but the bank said it would not stop expanding its branch network.
Diana Cesar, head of retail banking and wealth management at HSBC in Hong Kong, said the lender would strike a balance between different banking services, even as mobile banking emerged as a growth area.
In the first quarter, average monthly HSBC mobile banking logins increased more than 60 per cent from last year, Cesar said at the launch of a wealth management app.
The number of mobile banking transactions jumped 50 per cent in the same period.
The app allows a user to check foreign exchange rates and accept an offer of a pre-approved credit card.
"The investment we have put into mobile banking technology is quite large, and the maintenance and updates will take a lot of effort," she said.