HSBC, Citi speed up digital push to ward off Asian virtual banking upstarts

A man walks past a logo of HSBC outside a branch at the financial Central district in Hong Kong, China June 2, 2015. REUTERS/Bobby Yip/File Photo

Banks in Asia’s financial hubs such as HSBC Holdings Plc and Citigroup Inc. are finding that the disruption from the coronavirus outbreak is helping them push back on a threat from a new breed of virtual upstarts.

With branches shut, customers social distancing and fearful of tainted cash, the brick-and-mortar giants are seeing a surge in demand for digital services for everything from wealth management to insurance. Now they are rolling out new video services and fresh mobile features for retail and affluent clients, speeding up a transformation to cement customer loyalty and reduce costs, consultants and bankers say.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter