Our primary goal is to help you to understand FinTech and to become more confident and persuasive in your ability to analyze and make recommendations to executives within the finance industry regarding how to react to these changes. This FIRST MOOC ON FINTECH IN ASIA-PACIFIC offered by HKUST presents the insight of several professors from the top business school in Asia as well as perspectives from industry professionals. HKUST has been ranked for many years as the No.1 EMBA program in the world, as the number one Finance program in Asia, and as the top MBA program in Asia by multiple independent rating and review journals and surveys. This course "FinTech Foundations and Overview" offers the combined strengths of HKUST in Business, Finance, and Technology as one the world's leading academic institutions on an important area of technology and business innovations. For learners from outside Asia, this also gives an insight into changes happening in the most advanced FinTech markets of the world, since Asia leads worldwide in FinTech adoption and creative innovations.
4.5: Direct Banking
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Do curso por The Hong Kong University of Science and Technology
FinTech Foundations and Overview
57 classificações
The Hong Kong University of Science and Technology
57 classificações
Curso 1 de 4 em Specialization FinTech: Finance Industry Transformation and Regulation
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FinTech Implications for Established Business
Building on our understanding of FinTech market applications and FinTech technologies, we move in this module to examine the implications of FinTech changes and challenges for existing financial services companies, and we look at current and future trends in FinTech world-wide. This module concludes, after the final quiz, with a final course project in which students will present their recommendations for senior managers of a large, established Asia-Pacific bank to take advantage of and respond to FinTech challenges and opportunities.
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Theodore Henry King CLARKAssociate Professor
Information Systems, Business Statistics and Operations Management Department
One of the interesting opportunities of FinTech is this idea of
branchless banking
>> Yeah. >> HSBC obviously has many branches and
you're serious as a big bank, a traditional bank
In the UK, there was a study done of virtual banks or branchless banks and
the number one branch bank, in terms of customer satisfaction, was Direct bank
They have no branches
They're simply a virtual bank
HSBC came in number nine on that list
>> Yep
>> Why is that kind of an intriguing or interesting comparison?
And so let me give you a little bit more background about HSBC Direct
I think you'll be to to HSBC Direct
That's the number one
[CROSSTALK] >> Well they just call themselves
Direct Bank
[CROSSTALK] Pointing out it's owned by HSBC
>> It's owned by HSBC
>> [LAUGH] >> It was created by HSBC
>> So it's a virtual bank
>> Created by HSBC
>> Created by HSBC, a huge bank
>> Yes, yes, yeah
>> So it's a FinTech start-up
>> You can say [CROSSTALK] >> It was a FinTech because
when you started >> I think more than 20 years ago and
from banking bank, because at that time you used us for
No branches, absolutely no branches
>> Right. >> And they tested using ATM
>> Right. >> And what I wanted to share with you is
this direct bank, this brand, and HSBC in UK
They use the same technology systems
>> Right
>> They use the same ATM
>> Okay. >> And often, from our customer services
that HSBC is the direct or the direct bank rate number one on customer service
>> Yeah, yeah
>> And then, we are a little bit behind
Let me just [INAUDIBLE]
>> So HSBC branch banking same ATM
Same ATM. >> They don't like your ATM as much
>> Yeah, exactly
Same ATM
>> Same ATM, same system
>> Same system, same way of servicing
No difference
But they found that the ATM of First Direct is much better than ATM of HSBC
>> Why do you think that is
>> So the first thing to clarify is to take those in order, right?
So the way I see it is, if you are a virtual bank
>> Right. >> Or a direct bank
>> Yeah. >> You focus more on customer service
Now- >> Why?
>> I'm not saying
>> Why do you focus more on customer
service? >> I'm not saying that
because fundamentally you do not have branches
>> Okay. >> You do not interact with
the people directly
>> So the only way you ever meet the customer is by phone?
>> Is by phone, right
>> Or by the web, but yeah
>> Or by web, right, but you've got to bring it real well
Now, I'm not saying that HSBC or link the other banks
they do not focus on customers, they do, they focus on customer service
Very much, [CROSSTALK] >> But they may do other things as well
>> Exactly, it's multiple channels, it's multiple areas
So I think the focus is one thing
>> Right. >> The second thing of course is
the management
When we created this bank, we, Explicitly
by design, it's first direct, but it's not just first direct, different branding
>> Mm-hm
>> Okay?
And when we do the commercial, in order, it's a completely different bank, so
people perceive it's a different bank, okay?
>> Right. >> So, that's a how we start to, and
the management will separate it
Okay?
So I think- >> Separate people
[CROSSTALK] HR systems
>> Separate HR systems, and incentives
And separate type of employees because it's a direct bank
So the employee who take customer call
most of them are part time staff
And most of them are housewives
>> So that makes them less profesional
>> No, they got and maybe by the way because of this occasion
we do better training, we do more training
>> Okay
>> To them
>> Okay
>> But most importantly, the public they understand the customer more
Yeah because they are the housewives
>> And it may also be cheaper
>> And most of all I know [INAUDIBLE] that we use, we enumerate it
>> Okay yeah okay but
>> But the management of it
>> But they really understand the customer, they can relate to the customer
>> The focus on the customer the better
So at the end of the day what I was
saying is be customer focused, we need understanding the customer
And the practice of customer focus is not easy
We gotta make sure that we do that
>> But what's interesting, is if you do a great job of customer service and
you keep your products simple, you have a simple product line
>> Simple product line, you mentioned
>> Then the customers like
everything about you >> Yeah
>> So if you like Amazon
you like all things about Amazon >> Yes
>> Even if
something is the same as somebody else you don't like his thing, but
it might be the same technology >> And of course the things that really
reminds me is that when we did the first direct
>> Yeah
>> The best thing they offer
is the customer can contact them 24/7 through phone
>> What you can't do with a normal bank?
>> We do not offer it as a normal bank branches, okay?
>> Right
>> And also, you gotta think about the mind set
>> Yeah. >> The first thing that come to mind is
well I've gotta go to a branch
[INAUDIBLE] Now, banks offer telephone banking and internet bank services
>> Some banks do
>> Yes
And they may not put enough focus to offer the best
most convenient service 7/24 through the phone
>> So I have a bank in the US that has 7/24 service
I've been with them for over 30 years
They're pretty good
A large bank
But I'm not always happy about talking to India when I call the US
And I feel like their focus is on cost control, not on my quality of my problem
>> So again I think they are right idea of execution
having a phone banking center, or business center
>> And having it 24 by 7 is good
>> Yeah, exactly
All with the right intention
It's the execution, and it's the implementation to understanding
[CROSSTALK]- >> And I don't even mind talking to India
but it would be nice if they didn't tell me, they're from India by their accent, or
their manner of speaking
>> Be transparent about that, right?
So that's the [CROSSTALK] >> Train them to speak English well
people can learn
but pay more for good people from India, >> Who I don't know they're from India
and I don't care
>> That's a good, right?
So another human example, right?
I see some of the BPO service
>> Right
>> And as a call center in India, in the center there
they have TV to broadcast CNN News
>> Yeah
So they know the situation in state they were a US citizen
>> And some of the best BPO people will train you in regional dialects
>> Yeah
>> So you will learn to speak like you're from Boston so when you're answering
the phone for Bank of Boston, You say, hey how about those Bruins, man?
Didn't you love the way they beat the Canadians last week?
You know?
>> So at the end of the day >> You talk right, you sound right
you know the news right, you know what Trump did last week
>> So then it's customer service and so on
>> Right
>> And you talk about this area
>> Right. >> And
the next generation- >> Yeah
>> Will be robot
>> Well, that'd be cool
>> Will be very intelligent robot
>> I probably wouldn't mind talking to an intelligent robot
>> But then, we're going to be
well trained and aligned with the customer expectation
>> In fact, one of my friends said that his goal in life
Is not to have to deal with MWEs
Now we have lots of acronyms
MWE is minimum wage employee
>> [LAUGH] >> And he says
give me an ATM anytime over a bank teller >> I haven't heard about this
[LAUGH] >> He says, give me the technology
please
Give me a good voice response, not a stupid voice response
Give me a good robot, versus a bad person
>> Absolutely
>> Now I'm not saying a bad robot is an improvement
I've dealt with lots of bad tech
>> Yeah. >> [CROSSTALK]
>> But the technology has the potential
of getting pretty good
>> And with the new FinTech and so on, right, and then the technology there
there's some very intelligent and good ones emerging, nowadays
[CROSSTALK] is better
>> Our university did a test with a moot course
where they had a virtual TA to assist with the course
Then they had five TA's, four of them were people, one was a computer
>> Yes. >> The highest rating were for
the computer
>> For the computer, right
Yeah, [CROSSTALK]. >> And the reason was because
the computer's there 24 by 7, it gets back to you in seconds, it has answers
if it doesn't know the answer it says let me check with somebody else
And so if refers all the hard questions to the humans, who have all the tough
problems, and then they take time because they're trying to figure this out
So the humans are slow, the computers fast but it only deals with the easy problems
>> Yes [CROSSTALK] >> There's a bias in the rating, but
it was interesting
>> Yeah but see, it's interesting and
then it apply into other market, including banking services, that's one of them
>> Okay
>> Good
>> Thank you very much
>> Thank you. >> I appreciate that, and
I find it delightful that HSBC is both
a large traditional branch bank and a virtual bank
>> Yes. >> And a FinTech space
>> And FinTech space, exactly
>> Yeah, that's kind of cool
>> Good. >> So you have both sides
>> Yes. >> Thank you very much
>> Thank you, thank you
>> Okay
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