“Hong Kong is moving quickly into a new era of branchless banking, a shift that brings up challenges for traditional lenders which must innovate to cope with the competition.” – SCMP
A virtual bank is a licensed financial institution that handles all transactions via the web, email, mobile cheque deposit, ATMs, and “experience centres.” There are no “brick and mortar” branches. The regulatory and compliance guidelines are identical to safeguard the interest of retail customers. Virtual banks are designed to promote financial inclusion and enhance the customer experience.
With these virtual banks set to launch in Hong Kong, questions have arisen around the pros and cons. What are the benefits for consumers – and banks – of a virtual model, and what has been learnt so far? How will traditional banks evolve to meet the competition?
Join our high-profile panellists as we explore the future of banking in Hong Kong and online.
- Deniz Güven, CEO, Virtual Bank by Standard Chartered
- Patrycja Oselkowska, Banking Partner, Deloitte
- Ken Lo, Head of Strategic Partnerships, ZA International
- Peter Dingle, Business Model Innovation, HSBC
- Brit Blakeney, Executive Director of Innovation, DBS