With a strategic emphasis on improving customer experience and broadening its service offerings in banking and wealth management throughout the Greater Bay Area (GBA), Hang Seng Bank has been awarded best domestic bank for the GBA this year.
In 2024, Hang Seng recorded an 8% year-on-year increase in operating profit to HK$21,558 million, driven significantly by its GBA business. Retail banking saw robust expansion, with an 81% surge in mainland China account openings.
One of the standout achievements is the establishment of nine cross-boundary Wealth Management Centres in key GBA cities, allowing for seamless financial services between Hong Kong and mainland China. This initiative aligns with the bank’s commitment to serving its four million customers in Hong Kong and expanding its footprint across the GBA.
Hang Seng leads the Wealth Management Connect (WMC) scheme, holding more than 60% of the market share of eligible exchange-traded funds (ETFs). Its product suite under WMC has doubled to approximately 340 offerings, including co-branded ETFs with CMS Asset Management and the Hang Seng High Dividend 30 Index ETF – Hong Kong’s first passive equity ETF with monthly dividend payouts. Additionally, the launch of GBA-focused indices in collaboration with the Shenzhen Stock Exchange underscores Hang Seng’s proactive approach in adapting to market needs.
Hang Seng continues to invest in talent and technology to meet the evolving needs of GBA customers
Digital innovation remains central to Hang Seng’s strategy. It has led to the successful launch of the Generative AI Centre of Excellence, which enhances operational efficiency through AI-powered tools such as a code conversion system and Smart Teller services, which have reduced customer servicing time by up to 50%. Mainland customers benefit from a 15-minute express account opening via its mobile app, while corporate clients can access e-sign services and receive loan approvals in as fast as 10 seconds.
In cross-border payments, Hang Seng was among the first banks to integrate Hong Kong’s faster payment system (FPS) with China’s internet banking payment system (IBPS) system. On launch day, the bank processed more than 25,000 transactions, enabling 24/7 small-value remittances via mobile numbers.
Hang Seng continues to invest in talent and technology to meet the evolving needs of GBA customers. Its commitment to digitalisation, product diversification and regional integration underscores its leadership in the GBA banking landscape.
