Being a highly competitive environment, Hong Kong is one of the global locations for globally oriented FinTech accelerators. Hong Kong government strongly supports the startup community. Bitspark provides cash in cash out remittance platform for individuals and Money Transfer Operators to send money to emerging markets cheaper, quicker leveraging Bitcoin as the means of transmission. Currently, Bitspark allows users to send money to the Philippines, Indonesia and Vietnam with cash pickup at partnering shops, pawn shops and local bank account transfers, among other withdrawal methods.
Leaders in financial services across the globe have now turned their attention to the use of chatbots to meet these goals, which hold great promise to transform the entire industry. A chatbot is a virtual robot that relies on a series of decision-making logic to converse with people in their native language via messaging apps or chat-windows.
The rise of chatbots began with the proliferation of social media apps, e. Over the past decade, businesses have been exploring ways to utilize chatbots to facilitate better communication with their customers and address their needs in an efficient way.
In the future, the personalization of responses can thus bring greater value to the customer experience by building a stronger relationship between the chatbot and the user. The typical use case for chatbots is frequently asked questions FAQ — answering common questions from customers within a few conversations.
Chatbots can also support basic service requests, fraud detection, proactive product advisory, internal transaction processing, etc. Businesses across the globe are finding that chatbots can help improve the customer experience and reduce operational costs.
Zooming into the financial industry in Hong Kong, banks and insurance companies have started experimenting with chatbot technology, both internally and externally.
With a wide range of potential applications, chatbot technology offers to bring extraordinary business benefit to the financial industry. In this article, we will take a closer look at the chatbot market, both globally and in Hong Kong, focusing on five main topics: The competitive advantages of chatbots compared to existing technologies; The current condition and market potential of chatbots in Hong Kong; The success factors in chatbot implementation for Hong Kong financial institutions; The future of chatbots; Source: Accenture Research The competitive advantages of chatbots compared to existing technologies When a new technology emerges, it is natural for financial institutions to ask: The advanced technologies allow service providers to offer personalized and streamlined services to customers.
For example, with the Internet of Things IoTdrivers can make carry-out orders in the car and get goods delivered upon arrival without getting out of the car.
With big data technology, eCommerce companies can analyze customer online shopping behaviors to provide personalized offers to customers. Digital revolution drives the change of customer behaviors and expectations.
Good services have three key characteristics: However, when it comes to providing financial services to customers, meeting these expectations is challenging in the current landscape. Here are some common scenarios where a customer gets frustrated when trying to find an answer to a query: Customer browses a few pages in the website but fails to find relevant information.
Customer calls the service center. Customer follows the complex Interactive Voice Recognition IVR instructions and gets directed to the customer service manager, but is informed that the service is only available during office hours. Customer calls the service center again during office hours.
The IVR process repeats. All lines are busy, and customer waits for 30 minutes to get served. Chatbot technology can shorten the enquiry process to one minute with a few conversations between the customer and the bot.
Chatbots have several competitive advantages, when compared to self-service channels e. IVR and service agents call center: Availability, relevancy, scalability and data collection. IVR cannot answer specific questions on product features, fees, etc.
Hierarchical structure makes IVR unnecessarily complex and inefficient. For example, the customer may realize the wrong option is selected after going through a few menus.
The customer then has to go back to the main menu, listen to the instructions again and select another option. Implementing a chatbot would avoid these limitations. Chatbots can answer more questions than an IVR.
For instance, the virtual assistant of DBS Singapore supports more than 10, frequently asked questions. This allows the chatbot to resolve most of the repetitive questions and service requests. In addition, with Natural Language Processing NLP capability, chatbots are able to interpret the specific customer types, which avoids the complex hierarchical IVR structure.
With chatbots, customers can finetune their query with better key words. The conversational interactions improve the effectiveness of customer communications.
Relevancy — chatbots can sieve out large information and present only highly relevant information to the customer The rise of search engine and recommendation systems demonstrates the importance of information relevancy.
We live in an age of information explosion. A single webpage may contain thousands of words; while to a specific query, probably only two or three sentences are relevant.the Financial Industry of Hong Kong”(in Chinese) in , with a policy recommendation to integrate various Hong Kong’s banking industry underwent great volatility since the Asian Financial Crisis in , with contracting loan portfolio and rising bad debts for several years.
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