HSBC debuts digital account sign-up process for small business customers
- HSBC claims the service is the first of its kind for small business customers in Hong Kong
- New remote system allows SMEs to open accounts without visiting branches, sending in documents
HSBC on Monday unveiled what it claims is the first completely digital account opening system in Hong Kong for small and medium-sized (SME) businesses as it looks to compete with a bevy of virtual banks setting up operations in the city this year.
The remote account opening system follows on from HSBC’s mobile account opening service for its retail customers that debuted in December and will allow small businesses to open an account without face-to-face meetings at a branch or submitting physical documents or signatures. SMEs will be able to obtain a bank account number immediately and verify their identity using the bank’s mobile app, but it will take two to five days for the account to be activated, the bank said.
The service uses facial recognition to verify a person’s identity against their documentation, which is authenticated using a combination of artificial intelligence and machine learning, HSBC said. It first implemented “selfie” verification technology for commercial banking customers in 2018 across Hong Kong, but customers still had to come into a branch to provide a signature and documentation.
“This seamless account opening solution means quick and easy access for small companies and start-ups to reliable and convenient banking services, reaffirming our commitment to support SMEs in Hong Kong and drive digital innovation in banking,” Daniel Chan, HSBC’s head of business banking in its Hong Kong commercial banking unit, said in a news release.
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HSBC will initially offer this new account opening process to Hong Kong SME customers that have been in business for less than three years and have a simple company structure, which account for 80 per cent of its monthly sign-ups, the bank said. HSBC said it plans to extend the service to businesses with more complex structures and overseas operations in the future.