As the most mature financial market in the Asia-Pacific region and the closest to mainland China, Hong Kong enjoys the wealth effect of the wealthy areas in the surrounding areas
especially the Dawan District where per capita wealth is at its highest level in China. As a leading Hong Kong financial services group, the Bank of East Asia (hereinafter referred to as East Asia) is a market opportunity in the Greater Bay Area. In recent years, it has provided a comprehensive private wealth management service for high net worth clients.
The main advantage of East Asian private banks is in Greater China, with nearly 50% of customers coming from mainland China. Wu Baoyi, head of the Private Banking Department of the Bank of East Asia, pointed out that as of September 2019, the proportion of the management assets of Dawan District’s customers in the private banking department’s mainland China’s customer management assets increased from 20% in the same period last year to 3%. Ten, the income from the Dawan District is also increasing simultaneously.
High-end passengers rejuvenate
As a leader in the financial services industry, helping clients invest to achieve their goals is East Asia’s consistent aim, and clients expect banks to be a long-term, dependable partner to provide trusted and professional financial solutions for asset protection, value addition and heritage. The goal.
Wu Baoyi noted that in recent years, high-end customers in the Mainland have become younger, with a general age ranging from 30 to 40 years old. “Many of them are getting rich because of the wealth effect brought about by rising property prices, while others are rapidly emerging as a result of engaging in emerging industries such as logistics, technology and culture. These clients are educating their children, insurance, studying abroad and overseas assets. There are more obvious requirements for configuration, etc.”
With the development of society, the needs, concerns and habits of young customers have changed, and their requirements for banking services have also increased. Wu Baoyi believes: “East Asia must succeed in pursuing younger high-end customers. It must adjust its communication model, build a mutual trust base with them, understand their needs, and provide timely solutions to smoothly transfer wealth management services from the previous generation to the next generation. In particular, we are preparing for the next generation of the “selling” family business.”
To grasp the “rich second generation” blue ocean market is the goal of every bank. It must pass product innovation, service enhancement, and master the needs of customers in overseas asset allocation. “The Bank of East Asia has overseas branch network and corporate banking services. Such customers can get comprehensive services regardless of their overseas home ownership or corporate business.
Strengthen branch network, enhance information technology
The Belt and Road Initiative and the Dawan District are the grand plans for China’s current development, attracting a large number of talents and funds to the relevant development areas. Hong Kong’s geographical location is right in it, and Hong Kong’s free economic system and mature financial markets have irreplaceable advantages in this development. East Asia has a network of branches in the Greater Bay Area and Southeast Asia, which can provide entrepreneurs with comprehensive financial services.
Wu Baoyi said: “Our private banking business works closely with other business units and branches of the bank to meet the financial management of individual entrepreneurs and the demand for financial services in their business development.”
In addition to providing one-stop services to customers through the network of local branches, East Asia has continued to invest in information technology to continuously improve and improve the operating system to provide customers with a more intimate service experience. “East Asia not only enhances the functions of online banking, but also develops related mobile applications, so that customers can understand their assets in a safer, more convenient and more timely manner.”
Helping to reduce risk and increase wealth
In the process of managing wealth for clients and helping them create value-added wealth, banks must also face uncertainties in the external economy.
Faced with a complex market environment, Wu Baoyi pointed out: “Customers generally want to pursue guaranteed products. In addition to time deposits, private banks have different structural products and fund portfolios, which can strike a good balance between risk and return. Interest rates are still at a low level for the time being, and bond and bond funds are still popular. Private banks will also provide flexible loan services to help customers grasp the different opportunities in their business.”
She stressed: “Our team will provide them with different financial solutions according to the specific needs and needs of different customers, and provide investment and risk management tools to meet the needs of customers for the protection, value-added and inheritance of their wealth.”
She promised that East Asia will actively optimize China-Hong Kong linkage, provide customers with comprehensive cross-border financing services, enhance cross-departmental cooperation, actively develop new products, and improve efficiency and service levels to face challenges. East Asia will continue to pay attention to emerging green investment projects in recent years, which is believed to be a new trend in investor investment orientation in the future.