How did your bank leverage and adopt technology regionally in 2024, and what is planned for 2025? What are the key metrics employed to assess technological investments and which specific investments have had the most significant impact on revenue generation and overall client experience?

Last year, our focus was to further enhance our award-winning digital capabilities, such as our ability to seamlessly interact with clients through their WhatsApp/WeChat accounts with all required controls in place. We have also been modernising our order management, client relationship management, and core banking systems. These enhancements are crucial for supporting sophisticated products and boosting operational agility in alignment with HSBC’s commitment to deliver better banking services for our clients – wherever they are – driven by significant investment in technology and innovation.

In 2025, we will uplift our core banking capabilities and make use of state-of-the-art credit tools and modules for alternatives products, as well as robust online payment controls, and cutting-edge cybersecurity measures to foster sustainable growth and ensure a reliable and secure client experience.

Leveraging the latest technology, we gain deeper insights into our clients’ needs, enabling us to respond more swiftly with tailored service anytime anywhere.

Given the increasing sophistication of digital channels and other client-facing innovations, how do you maintain an equilibrium between high-touch client services and cutting-edge technologies?

Our expanded digital concierge team exemplifies high-touch service by providing hands-on support for digital tools, ensuring a seamless client experience. This empowers clients with on-demand digital access while staying closely connected to our relationship management team.

More generally, human interactions will remain core to private banking relationships. We are trying to make the best use of technology in support of our front-line staff, enabling us to deliver personalised hybrid journeys that combine seamless digital solutions with bespoke human advice. To meet clients’ growing need for timely support, we’ve enhanced engagement using data analytics and streamlined processes, allowing our front office to focus on individual client needs.

Artificial intelligence (AI) has both promises and challenges for the private banking industry. What are some of the AI use cases in your bank over the past year? How has AI been helping the bank to improve operational efficiency? What are some of the pain points banks need to overcome in AI implementation? What’s your plan for AI adaptations in 2025?

Generative AI has emerged as a transformative force in global private banking, with opportunities from know your customer (KYC) to investment servicing. As an example, we are currently piloting our Virtual CIO, which allows our advisors to interact with an AI Chatbot that processes HSBC’s extensive range of investment insights and provides access to data at speed.

In 2025, we aim to expand our AI capabilities further, with better reasoning capabilities provided by the latest large language models (LLMs), to investment products and advisory capabilities. We are also looking to adapt AI to improve process efficiency from onboarding, KYC to sales quality processes, which will drive front-to-back efficiency improvement.