Hong Kong’s banks pause in their headlong dive into digital services to ensure elderly users and technophobes are not left behind
- Over the next six months, all banks and deposit-taking companies have to make sure they can serve customers who cannot or do not want to use online services
- The new code of conduct was announced by the Hong Kong Association of Banks and the DTC Association, after 12 months of consultation with the HKMA
Hong Kong’s banking industry is making sure its embrace of virtual banking and electronic services does not leave anyone behind, as they reach back to paper forms to cater to the city’s rapidly greying population.
Over the next six months, each of the 160 banks and over 300 deposit-taking companies in the city will have to ensure they are able to serve elderly customers and less tech-savvy users, according to a new code of conduct announced on Friday by the Hong Kong Association of Banks (HKAB) and the DTC Association, after 12 months of consultation with the Hong Kong Monetary Authority, the de facto central bank.
“Banking is an essential service to the community. Banks in Hong Kong have always embraced financial inclusion through treating customers fairly regardless of their age, background and health condition,” said Luanne Lim, chairwoman of HKAB.
“In recent years, technology has played a pivotal role in boosting access to banking services and financial inclusion. Importantly, such improvements would require greater financial literacy education to ensure no customers are disadvantaged.”
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Hong Kong has introduced a number of measures in the past three years to promote fintech to catch up with international trends. A landmark move was the 2018 launch of the Faster Payment System (FPS), which allows users to transfer money instantly to friends, family and selected merchants. About 885,985 FPS transactions worth HK$6.7 billion (U$$860 million) were conducted on average per day in November, HKMA data showed.