Older millionaires becoming just as digitally savvy as younger ones, says Citi’s new HK chief
Angel Ng is seeking to make lender’s workforce more diverse in terms of age, knowledge and background, as she targets the city’s wealthy with a raft of new online and mobile services
Citi’s new chief executive in Hong Kong says the US banking giant plans to cast its digital wealth management net far wider than its competitors, by targeting older as well as younger aspirational customers in future.
Angel Ng Yin-yee – who’s the first ever Hong Kong female to head the bank’s operations in the city and Macau – says she has been struck by a surprising phenomenon taking place in Hong Kong, since taking over the local reins in May.
It’s not just 18-35 year-olds who are now embracing online banking, as many believe, but the older generation of customers too.
That means under her watch, Citi will be just as focused on over 50 year-olds as it is on the younger generation, as it launches its latest digital offering, which is targeting clients with at least HK$1.5 million (US$192,000) to invest. Ng can understand the age group as she has just turned 50.
“It is a myth to believe that only young customers like to use their smartphone or computer to handle their bank transactions,” says Ng, who’s Hong Kong born and bred.
“My own mother, who is 80, has an iPhone and an iPad. It is not right to use age to determine who wants to use digital services.”