Bank of China (Hong Kong) adopts new mobile app launched by Hong Kong government

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Bank of China (Hong Kong) will adopt “iAM Smart”, a mobile application launched by the government of the Hong Kong SAR, for digital identification when opening a mobile account, making it one of the first local banks to use “iAM Smart” to facilitate remote account opening via mobile banking.

With the help of “iAM Smart”, customers can choose to automatically fill out the mobile account opening form with the personal information stored in “e-ME” of the mobile application, which can save time when manual data entry and facial recognition.

Wendy Kwan, Head of Systems (Digital Identity) at the Office of the Chief Information Officer of the Government, said: “The government launched ‘iAM Smart’ in December 2020, the unique platform for personalized digital services, which enables the public to connect and use various online services with their unique digital identity.

By the end of September 2021, more than 150 online services from government and public and private organizations were using “iAM Smart,” Kwan said. To date, over 940,000 people have registered ‘iAM Smart’.

Winnie Cheung, Deputy Managing Director, BOCHK Personal Digital Banking Products Department, said: “The ‘iAM Smart’ platform works seamlessly on our mobile banking platform to provide identity authentication for opening. account. We have seen an increasing demand for mobile banking from our customers, the total number of accounts opened through mobile banking in the first half of this year has increased by almost 70% year-on-year and the total number of Active personal mobile banking users increased by about 30%.

She added that the bank is looking to extend ‘iAM Smart’ to other banking services in order to provide a more efficient and smarter banking experience for our customers. In addition, the Bank is accelerating the intelligent development of its branches.

A recent study by Visa found that in Hong Kong, nearly four in 10 consumers in Hong Kong were using more mobile banking services from their major banks than in the pre-COVID period. The same level of growth is expected within a year.

Mobile banking was the most widely used banking method in Hong Kong, with 82% using it several times a month.

In addition, 82% of Hong Kong consumers have installed mobile banking apps on their phones (77% in 2020), citing that they can save time by not going to the bank (68%), access services mobile or online banking (65%), skip the line at the bank (64%).

Meanwhile, traditional banks continue to have the upper hand, mainly due to security concerns. About 80% of respondents said they would use traditional banks as their primary bank; while 59% felt their money was safe in traditional banks and 56% found traditional banks reliable for transactions.


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