Recognised as a leader in wealth management in Hong Kong, BOCHK is known for its digital solutions and personalised banking services. A commitment to excellence and a proven track record have earned it a reputation for reliability and trust. This dedication is reflected in the impressive growth in its affluent customer base in 2023. Growth in assets under management (AUM) and the affluent customer base are driven by comprehensive and strategic financial solutions, not to mention a legacy protection plan offering multi-currency conversion choices, which provides customers with the flexibility to adjust their fund allocations based on changing financial needs and life stages.

Comprehensive wealth management portfolio and tailored family wealth planning

BOCHK’s wealth management portfolio encompasses a wide range of services and products designed to meet the diverse needs of affluent customers. Its comprehensive and market-first legacy proposition combines insurance protection and wealth growth, ensuring the preservation and transfer of wealth across generations. Dedicated insurance specialists and external legacy consultants provide expert guidance tailored to customers’ unique requirements at various life stages.

By offering a range of multi-currency conversion choices, the legacy plan provides customers with the flexibility to adjust their fund allocations based on their changing financial needs and life stages as well as geographical need. Whether it is facilitating business transactions abroad or supporting educational expenses in foreign currencies, the plan’s adaptability enables customers to optimise their financial strategies and achieve their specific goals.

BOCHK takes pride in its unique team of "1+10" professionals and experts who are dedicated to providing exceptional service and guidance to affluent customers. At the core of the team is the relationship manager, who serves as the primary point of contact and trusted advisor for each customer. Alongside the relationship manager, the bank differentiates itself by offering a diverse group of 10 experts who specialise in key areas such as foreign exchange, cross-border services, mortgage solutions, external legacy consulting, and more. This comprehensive team ensures that customers have access to a wide range of expertise and support, enabling the bank to tailor its offerings to their specific needs. With their deep knowledge and experience, the "1+10" team forms the backbone of the bank's exceptional service and is ready to assist customers every step of the way.

BOCHK’s FamilyMAX caters to the financial planning needs of high-net-worth families across generations. It offers a comprehensive solution encompassing Junior Account, Family Wealth, and Family Health, supporting customers at every stage of their financial journey. It also includes conservation activities to empower families and future generations.

By the end of 2023, the initiative had resulted in nearly 200% year-on-year (YoY) growth in the number of new young millionaire customers, as well as a nearly 140% increase in the number of Kiddie Sky savings accounts opened for their children.

By bridging the gap between retail and business banking, BOCHK offers a seamless approach to serving the financial needs of business owners. A streamlined referral model connects customers to appropriate personal or business banking specialists, fostering long-term relationships and opening new revenue streams.

Digital excellence beyond banking and AI-powered wealth advisory

Committed to digital excellence, BOCHK continuously enhances its wealth management services through digital platforms. RM Chat provides customers access to multiple products and specialists, while “Investment by video” facilitates remote fund transactions. The integration of RM Chat into mortgage applications and structured investments has led to a growth in customer engagement compared to 2022.

Immersive experiences for affluent customers have also been established through an extensive local branch network, with over branches, automated banking centres, and self-service machines across Hong Kong.

A comprehensive digital wealth advisory platform powered by AI is being developed. The AI engine analyses customer data and market signals to provide personalised market analysis and financial insights in real time. Following the launch of PickAStock and PlanAhead, the bank introduced FX Smart in 2023, a new foreign exchange intelligence analytic tool. This tool supports decision-making by using big data analytics technology to analyse foreign currency trends and assist customers in capturing FX investment opportunities via its Technical Signal and Pattern Analysis functions.

The PlanAhead service offers professional asset allocation solutions based on individual risk appetite. This personalised portfolio construction service allows customers to easily invest in a wide variety of funds worldwide, offering a one-stop, tech-driven wealth planning service on the mobile banking platform.

Preferred bank for north and southbound customers

BOCHK aims to be the preferred bank for Hong Kong customers travelling north and for Chinese mainland customers travelling south by providing a range of financial services in the Greater Bay Area, such as account opening, property purchase, wealth management, payment solutions, and insurance protection. The number of cross-border customers and revenue from the cross-border life insurance business have increased YOY. The bank provided over 160 investment products through the Cross-boundary Wealth Management Connect’s Southbound scheme, placing it among the top in Hong Kong for account openings and fund transfers.

Due to substantial growth in affluent customers, innovative family-focused proposition, and advanced AI-driven customer engagement strategies, BOCHK has been awarded the Hong Kong Excellence in Retail Finance and Technology Innovation Award 2024 for Best Wealth Management Bank in Hong Kong.