Reflecting on 2024, what were your bank’s major milestones from an operational perspective and how did you achieve them? Conversely, what were the setbacks and challenges encountered along the way, and what measures were taken to surmount them?

In 2024, our bank reached several significant operational milestones that underscored our commitment to innovation efficiency and client-centricity. These milestones represent highlights of a broader strategy to continually enhance our operations, empower employees, and deliver exceptional client experiences

Client Lifecycle Management:

• Delivered a notable 31% year-on-year increase in account openings across Hong Kong and Singapore, driven by strategic enhancements in our onboarding processes.
• Enhanced client interactions by implementing digital account opening and adopting DocuSign, which streamlined key client lifecycle procedures and significantly elevated the overall client experience.

Operational Excellence:

• Successfully implemented the T+1 settlement cycle for US and Canada transactions, demonstrating our operational agility.
• Enhanced our fund processing capabilities, expanding fund offerings through partnerships with a new custodian and new counterparty.
• Upgraded system for accessibility to market data, driving greater operational efficiency and achieving targeted cost savings.

Challenges and Mitigation Strategies:

• The implementation of new technology within our custody chain encountered some initial teething issues, impacting certain corporate actions. We addressed these through focused troubleshooting and rapid system stabilisation efforts, ensuring minimal disruption.
• Adapting to evolving regulatory demands, particularly concerning regulatory reporting and operational resilience, required significant resource allocation. We accommodate regulatory requirements and have implemented robust solutions to ensure full compliance.

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?

In 2024, we made significant strides in leveraging technology to enhance both operational efficiency and client satisfaction. These efforts reflect just a fraction of the technological advancements we are continuously pursuing:

2024 Technological Highlights:

• AI-driven speech analytics: Building on our initial deployment in 2023, we enhanced our capabilities to convert unstructured voice data into structured insights. This allowed us to streamline control processes, better understand client needs, and effectively identify new business development opportunities.
• Streamlined approach for sophisticated professional investors (SPI): In line with the Hong Kong Monetary Authority (HKMA)/Securities and Futures Commission (SFC) circular, we upgraded our order management systems to simplify internal processes, enabling SPI clients to customise their account structures with greater convenience and flexibility.

Upcoming Initiatives for 2025:

• Integrate client lifecycle and client relationship management transformation programme: We are launching a comprehensive client lifecycle and relationship management (RM) solution integrating nine existing tools into one streamlined platform. This will improve client experience with accelerated onboarding, simplified document collection and pre-filled forms. It will also improve RM efficiency with a comprehensive view of client account details and a streamlined process from prospecting to onboarding and to recertification, creating a complete paperless end to end process. Another notable feature of the solution is AI powered name-screening capabilities, bringing greater efficiency to the entire account onboarding process.
• Enhanced credit management platform: Our new end-to-end credit approval system will introduce a centralised credit data hub, advanced simulation capabilities, and streamlined documentation and approval workflows – delivering a transformative improvement in risk management and operational efficiency.
• Digital innovation: We remain committed to exploring innovative digital solutions to enhance client experience and reinforce our market-leading position in client-driven technology adoption.

Both the speech analytics enhancements and the SPI-focused improvements have had a demonstrably positive impact on client experience and operational efficiency. While quantifying the direct revenue impact of these specific initiatives is complex, the improved client satisfaction and streamlined processes are expected to contribute to long-term revenue growth.