The proposals set out in online presentations – and the reasoning behind them - were closely scrutinized by experienced executives from the bank, who also chipped with pertinent questions. This provided a true test of both hard and soft skills, obliging the contestants to further explain or justify their analysis, think on their feet, and remain cool under pressure.  

Subsequently, during the online award presentation ceremony, Professor TAM Kar Yan, Dean of HKUST Business School, commended the efforts of everyone who had taken part. He also thanked the organizing committee, the many judges who contributed their expertise over the various rounds, and WeLab Bank for their tremendous support. 

“There were some new and unique features this year, and I was so glad to see we had teams from around the world,” Tam said. 

Tat LEE, Chief Executive of WeLab Bank, noted that a lot of innovative and interesting ideas had been put forward in the various presentations. He also highlighted the importance of the partnership with HKUST.

“The competing teams should be proud of what they have accomplished,” Lee said. “And I hope that in addition to learning more about WeLab Bank, students can also have an understanding into the Hong Kong’s virtual banking and financial services landscape.”  

After a tough battle, the team to emerge as this year’s winner was Nova Consulting representing HKUST. Over the course of the contest, team members Andrew KONG, Heywood CHAN, LEE Chun Yikk and Cathy CHAN showed insight, imagination and a real appreciation of the practical challenges facing a virtual bank looking to expand services and build market share in a fast evolving and highly competitive environment. 

Their recommendations included an “interactive dashboard” to help with personalized savings plans, as well as thematic savings for a wedding, a first home, or a holiday trip. These concepts could help to attract and increase the “stickiness” of millennial customers and overcome typical pain points in financial planning. 

They also set out the opportunities for cross-selling to other family members and meeting the wider need for insurance, loans, equity investments and mortgage products.  

“The competition was a great experience for all of us,” said team spokesman Kong, reflecting on an intense few days. “Of course, we are very grateful to the professors, advisors and organizers who helped us along the way and made the whole event possible.” 

Their key advisors of the team were Alice LUI, Manager of the Global Business Program, and Adjunct Associate Professor Chris DORAN, who during the pre-competition period offered insights and training to improve the team’s case analytical skills so as to prepare for their competition. 

“There was a very steep learning for the students to understand the latest technology being used in Hong Kong and how it is reshaping the banking sector,” Lui noted during the award presentation ceremony. “It was an honor, though, for the team to be able to present their ideas and recommendations. Let’s hope that WeLab will very soon be the number one virtual bank in Hong Kong.” 

The first runner-up was the University of British Columbia and Thammasat University came in third. Their recommendations included empowering customers via a website, mobile apps, classes to enhance financial literacy, among others.   

In his closing remarks rounding off a highly successful event, Professor Allen HUANG, Associate Dean (UG Programs) at HKUST Business School, commended the performance of all this year’s participants.  

“They addressed challenges with real-world constraints, collaborated well, and should all be congratulated for their efforts.” Huang said.