HSBC Malta has made an announcement on its impending roll out of a free mobile banking app that can be used by the iPhone, iPad or Android smartphone users.
They can view account balances as well as other details, transfer funds between the user s accounts, comprising credit cards, and pay bills through the new app.
Head of Retail Banking & Wealth Management, HSBC Malta,
The main job of the soon-to-be-launched mobile banking app will be bill payments, since it will allow fund transfers to all
The bank s new offering forms a part of a string of investments to showcase current and future consumer trends in the retail banking space. As part of a 10m overhaul strategy, the bank has redesigned the branches during the last 30-month period, chiefly to reveal the decline in customer numbers asking for cashier services as a result of steady growth in ATM uses.
There is likely to be further growth in this trend in view of an additional investment of 3m in ATMs, all of these now offer a print-out of deposited cheques. In 2013, 8m transactions were recorded, while the target for this year is 9m.
Our parents used to queue at the teller and were used to getting a stamped receipt. Our generation is now used to doing everything on internet and mobile without any paper trail.
There will be a tipping point when retail bank networks will be reduced and more money will be invested in ATMs. We have not done that here in
But cheque usage is dropping rapidly and once they are phased out, why would you need to go to a cashier? he asked.
He thinks that the future retail bank branch will be a place where one can go for personal discussions on mortgages, protection, legacy transfers and the like. Considering this, the redecorated branches feature private cubicles and conference rooms.
He noted, The rest of banking will be done through other distribution channels.
After Sliema, HSBC Malta launched operations of a Premier centre in
They now fall under the same manager within the branch, which has made a big difference.
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