THE PROFILE OF the typical high street department store has undergone a transformation in recent years and banks have had to adapt their product range to compete, said Juliana Lam, senior manager, regulated sales, personal financial services, HSBC.
According to Ms Lam, some department stores, particularly in the west, have been experimenting with in-store ATMs that allow customers to withdraw cash, pay bills and even buy insurance while shopping for a pair of trousers.
While it is unlikely that bank customers will soon be able to buy a catty of choi sum when negotiating their mortgage repayments, financial institutions have woken up to the fact that to retain customers they must offer a one-stop shop wealth management service.
'Our customers are expecting a one-stop shop instead of having to go to five different service providers,' Ms Lam said.
The internet has played an important role in this shift towards packaged financial solutions.
Banking online has meant customers have no need to visit their local branch to transfer cash, pay bills, make deposits and buy insurance or investment products. The result is less traffic through bank branches. This in turn has meant less opportunity to push products.
