The ability of clients to carry out fund investments remotely is also happening at a time when conventional business models of banking have been upended by the pandemic and the push to remote working.

Bank of China (Hong Kong) Private Wealth, part of BOCHK, has upgraded its remote financial management tool for mobile banking − RM Chat service − by introducing what it says is a market-first “RM Chat Investment by Video Service.”

The new feature allows Private Wealth customers to have video meetings with their relationship managers and carry out fund investments remotely.

Launched in the second half of 2021, the service allows customers to connect with RMs via text or voice messages and perform certain transactions through mobile banking. 

Clients can also carry out fund investments remotely, starting from investment advisory, evaluation to confirmation of transactions via RM Chat, the bank’s mobile banking instant messaging feature built on its own platform. 

RM Chat Investment by Video Service, which will be launched at selected branches in the first phase, is expected to roll out to all branches later this year, BOCHK said in a statement. 

“Private Wealth customers prefer using digital channels for investment purpose. As of June this year, about 70 per cent of the wealth management transactions conducted by private wealth customers were executed through digital channels including RM Chat. We saw an over 60 per cent increase in the total amount of time deposits placed through RM Chat, compared to the end of last year," Dick Ho, deputy general manager, personal banking and wealth management department of BOCHK, said.
 
BOCHK has also expanded its product offerings to include bonds and equity linked notes through private placement. Private Wealth’s “1+10” team of experts, including the bank’s RMs, along with assistant RMs and other specialists in areas such as external inheritance consultancy, mortgage, wealth management, foreign exchange, insurance, credit sales, securities, cross-border and concierge services, can offer support to its customers.