According to a recent market study conducted by OracleAddedValue, there are over one million potential mid-market customers in Hong Kong, representing a quarter of the total banking population in the territory. The study also showed that over half (53%) of liquid assets held by mid-market customers are in savings deposits. In addition, the products with the highest penetration include credit cards (90%), securities (75%) and life insurance with savings (60%).
HSBC Advance is a new banking experience offering an all-in-one integrated account covering deposits, investments, insurance and credit cards, accessible through multiple channels, including 24/7 dedicated phone banking, priority branch counters, self-service banking and a dedicated website with online money management tools. Customers can also enjoy preferential offers on loans, overdrafts and mortgages. HSBC Advance ATM cards and HSBC Advance Visa Platinum cards with no annual fees provide customers exclusive recognition and best-in-class rewards.
HSBC Advance brings a range of services to mid-market customers for the first time. Global View4 allows customers to access and manage all their HSBC accounts around the world online, using a one-time login. Global Transfers enables fund transfers to and from a customer’s multiple accounts in one or more markets.
To get customers started on the road to wealth management, HSBC Advance provides a range of financial planning resources, including a team of trained and accredited financial planners, financial planning tools such as WealthMaster and Express Goals and timely HSBC views on the investment markets. Customers have a comprehensive choice of investment, insurance and retirement savings products with special offers.
Francesca McDonagh, head of personal financial services in Hong Kong, said: “We aim to support one of the most important groups of individuals in the world today – the growing pool of educated, internationally minded and ambitious individuals from the middle market – who value time, simplicity and efficiency. They are also self-directed and forward-looking individuals who seek access to wise and practical advice and knowledge from a trusted partner to fast-track their way to financial independence.
“HSBC Advance complements our strategy to be the leading personal financial services provider for the world’s growing affluent segment through a global standard of services that will take our customers from one stage of wealth to the next. In Hong Kong, we are excited to support our mid-market customers, from their day-to-day banking, to their wealth management and protection goals, to their emerging international banking needs. We are committed to build a lifelong relationship with them as they advance towards financial success.”
