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Is Your Bank Ready for the Great Disruption?

The pandemic tested the boundaries of everything we know about life. We were forced to come up with creative solutions to work safely, go shopping, hang out with friends, and keep our lives in order – all without stepping out of the comfort of our own homes.

It’s no secret that banks suffered a major blow over the pandemic, with interest rates plummeting, and customers unable to access physical banks during the various lockdowns we lived through.

With some hard-hit citizens unable to repay loans due to job loss banks have had to scramble to find funds elsewhere.

In fact, when the pandemic hit, banks saw a 50% drop in their market value.

And so, banks realised they need to bring their business into the tech world of the 21st century – digital banking.

The HSG Solution

HSG, otherwise known as Hi Sun Fintech Global, is a subsidiary of the Hi Sun Technology Limited who has dedicated our expertise to providing innovative digital solutions for banking for the past 24 years.

HSG believe that banks can function properly as a completely digital entity – giving customers better freedom over their money, and an all-over better service experience.

What sets HSG apart from the competition is that its many years of banking-specific experience puts HSG in a unique position in the fintech market to anticipate and provide appropriate tailor-made solutions that address banking concerns before they even happen, bringing customers great confidence in HSG’s services and products.

How HSG’s Digital Solutions Help

1)E-banking

HBS core banking service allows banks to provide seamless e-banking solutions for their customers.

Thanks to HBS flexible modules, HSG’s digital banking solutions allow banks to accelerate the move into the fintech industry without causing disruption to their services.

2)Identity verification

One of the biggest obstacles banks anticipate is the rigorous identity verification process that all banks must abide by.

HSG has robust KYC technology embedded in the service to allow customers to join the new bank from wherever they are. It works by taking a picture of an individual’s ID, followed by a photo of their face for facial recognition against the aforementioned ID.

By implementing this vital feature, it eliminates the need for customers to go into a physical office, making the bank more attractive as a potential solution for them.

3)Business scaling

Being tied to a physical office creates geographical and logistical constraints to FSIs’ business potential. By stepping into the digital banking world with HSG, institutions can immediately begin to scale their operations to add more services over a more expansive radius.

And with the radical cost savings of taking the banking services digital, clients will be able to reinvest the money into diversifying the services offering.

4)End-to-end operation support

With many years of experience, HSG has made sure that the product covers all bases, without ever needing to rely on third party services.

HSG’s front-end elements provide superior user experience (UX) including multiple marketing channels, website designs, and customisable options to fit end customers’ needs.

On the back-end, HSG is able to provide quick and flexible support so app will always function to the highest level. HSG also constantly update our software to help clients’ business evolve.

5)Customised banking products

HSG understands that every bank is unique with its own DNA. While HBS system provides the core services in necessary of a bank to thrive, HSG desires to ensure clients 100% satisfied with the digital banking offerings.

That’s why HSG provides the possibility of customisable solutions to fit the image of how digital banking should look and feel for end customers.

By working together, HSG can create a product that clients are proud to release to end customers.

6)In-depth analysis and reports

There’s only one way to know how well a business and infrastructure are doing – by running reports and monitoring analytics.

At HSG, the software has integrated reporting tools that allow clients to effortlessly run a variety of tests and reports on the system to keep up-to-date on how everything’s going.

This way, clients can easily monitor the KPIs that are significant to the business, including risk assessments, financial management, and operational reports so clients can be confident their business is always growing in the right direction.

7)Loans and lending

One of the biggest elements of banking is lending money. In the past, this process has been a tedious office visit for customers.

But by combining some of HSG’s key tools such as analysis reporting on financial liability, and ID verification processes, the digital banking solution will offer this service within minutes, setting end clients up with the money they need within days, sometimes hours, of their application!

Success Story

In 2020, HSG acquired four of the eight digital banks that were granted a “Virtual Bank” license in Hong Kong. Two banks onboarded the end-to end HSG digital banking service, while the other two opted for select HSG solution modules including Anti-Money Laundering and General Reporting functions.

To this day, all four banks are still successfully operating as digital banks using innovative HSG software.

HSG has also been able to expand operations to multiple other countries, particularly in developing countries, to provide them with the benefits of digital banking.

These countries include:

  • Malaysia
  • Cambodia
  • Laos
  • Puerto Rico
  • Lithuania
  • Kazakhstan
  • Vanuatu

By taking HSG across the world, our expertise grows as our clients grow on a global stage.

Afterword

HSG strongly believes that digital banking is the solution of the future. And that future is today. If you’re ready to bring your banking into the new world of fintech, check us out here.

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