COO of the Year
Sharon Oh
COO of the Year
“I’m very honoured to receive this recognition from Asian Private Banker. This is surely a team effort, and a testament to the accomplishments of the team over the past year.
I’m proud to say we have laid very strong foundations for our digital offerings in 2021 that covered all key stages of the client lifecycle, including: client onboarding, online trading, communication via WhatsApp & WeChat, automated and customisable notifications, insights & research, payments, and client reporting. This has allowed us to enhance and scale, in order to build a holistic digital ecosystem that will eventually be used across our wealth continuum.
We remain committed to delivering excellent service and solutions to clients, blending digital capabilities with skilled bankers to provide the best of both worlds as we keep investing in digital.”
Winners rationale
HSBC Global Private Banking in 2021 laid the foundations for a holistic digital ecosystem designed for wealth management and expanded its sales force for growth in key target markets, such as onshore China.
The household name managed to execute the changes while keeping costs under control. As of September 2021, the bank’s overall opex increase came in 4% lower than planned, maintaining the cost-to-income ratio within a reasonable range of 50-59%.
The mastermind behind the scenes of all these changes has been Sharon Oh, COO at HSBC Global Private Banking Asia, driving the bank’s digital transformation, which has been the backbone of the client experience at a time when the pandemic limited in-person meetings in the region.
Joining the bank in mid 2020, she has been tasked with moving forward the bank’s digital agenda and visible results were delivered in under two years’ time. During this period, HSBC GPB launched more major digital solutions for private banking clients in Asia than most other competitors in the region. These solutions covered all key stages of the client lifecycle.
Over the past 12 months, the bank rolled out its Private Banking Online Trading Platform and recorded over US$1 billion in transactions in five months, while HSBC GPB Chat recorded over 12,000 messages with over 2,000 documents exchanged. Around half of the bank’s client base now uses the bank’s digital platform and an increased number of mobile device visits have occurred every month in Asia.
Listening to and acting upon clients’ feedback, HSBC in 2021 streamlined the onboarding process with an e-signature function and simplified the product due diligence process for sophisticated clients, both greatly contributing to the bank’s business growth.
At the heart of this success has been an unwavering commitment to trust, team work, and empowering decision making, a clear testament of the results of Agile methodology. As WPB continues on its transformation journey and embeds Agile, this foundation built with the GPB COO team — which is an integral part of GPB — will be a clear leader in the wealth industry.
Sharon Oh, COO at HSBC Global Private Banking Asia, has been named Asian Private Banker’s COO of the Year for 2021.
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