As part of its efforts to usher in a new era of smart banking, the Hong Kong Monetary Authority has introduced several important measures to encourage the use of financial technology, foster financial inclusion and enhance customer experience in the industry.

In addition, the development of virtual banking in Hong Kong is expected to boost innovation and competition in the retail banking sector. These new players will seek to gain a competitive edge by streamlining the account opening process, providing personalised and round-the-clock financial services and delivering an improved customer experience.

Leveraging their longstanding customer relationships and proven track record of reliability and sustainability, many traditional banks are also developing financial technology and partnering with technology providers to enhance their digital offering. As the industry transitions towards the digitisation of banking services, digital onboarding will soon become the norm. 

KPMG highlights six key considerations and practical applications for banks around digital onboarding.