Since insurance was integrated into the bank`s app, it was time to add investments. ZA Bank digitizes applications and maintains the customer relationship within its application. «We don`t just pass on leads to Generali,» Ng said. The bank`s app manages the relationship with agent bookings, policy alerts, and post-meeting notifications. It also requires users to authorize premium payments from their ZA bank accounts. ZA Bank compares personal loan to installment of other retail banks in Hong Kong «We strive to become people`s leading bank, so we need to provide a one-stop shop and meet all consumers` financial needs,» said Calvin Ng, alternative CEO and co-head of retail banking (pictured). ZA Bank may decide to charge a front-end charge in the future, but for now, it wants to undervalue established consumer banks. Obtain at least 3-4 years of PQE in private practice before exploring other opportunities in a banking or corporate setting. Operator of a virtual bank based in Hong Kong.
The company provides banking and investment services 24/7 and serves both individuals and businesses, enabling customers and users to meet their financial needs. Commitment within the bank and the opportunity to work with smart and like-minded lawyers. This product is a long-term participating life insurance policy with a savings element underwritten by Generali Life (Hong Kong) Limited («Generali»). Policyholders are subject to Generali`s credit risk and may incur anticipated redemption losses. This product is neither a bank deposit nor a bank savings plan and is intended for sale in the jurisdiction of the Hong Kong Special Administrative Region only. Discover opportunities in the banking and financial services industry through the legal knowledge and experience you have gained in practice and in articles. Will the insurance and investment business make money for ZA Bank? The bank now claims about 500,000 customers, many in a city of 7 million people. But virtual banks are not yet primary banks where people hold most of their savings. In other markets, digital-only banks tend to struggle to reach the size required to break even. But a robot is unlikely to work for ZA Bank when it comes to making recommendations – at least as long as the bank doesn`t have a license to trade securities. Theo Lok, head of wealth management at ZA Bank, says the bank has opted for a supermarket approach: they put a lot of third-party products on their shelves and let customers choose. At the same time, the bank relies on its app to show users that they can access a range of investment products.
Right now, the focus is engagement and traffic in the app – through a variety of products and more technology-driven «engagements» from consumers, such as activities, rewards, and sweepstakes. Traffic should lead to more transactions. «We`re not against robo-ops or advisors,» Ng said, «but the path we`ve taken in wealth management has been easier. Digital banking is only two and a half years old. We are learning. Our customers are learning. There will be iterations, upgrades, and user feedback. There is a lot to do.
First, it digitized the application and settlement of insurance products, allowing bank customers to put a policy into effect within five minutes of the request. ZA Bank, one of eight virtual banks in Hong Kong, has launched an asset management offering. This follows an insurance offering last year that complements the bank`s claim to be a full-service institution offering fee-generating products that complement loans, savings and payments. Ng says the advantage of ZA Bank is that it doesn`t employ customer advisors, so costs are low. In order to attract customers, the bank does not charge an initial charge at this time. (In Hong Kong, it`s common for banks to charge a client 3-5% of the investment upfront in addition to the annual management fee.) For purely digital banks, however, entering the insurance and wealth industry presents challenges, as there is no branch network, relationship manager, or agent to sell complex products. Lok says the bank is investigating Robo Tech to see if it will boost business. «This is still new in Hong Kong, and traditional banks using robo-advisors have had a low response rate,» he said. The bank does not want to limit itself to virtual insurance. In April, the company partnered with Generali to sell policies that would normally require face-to-face interaction with an agent, such as pensions and critical illnesses across a full range. Nicolas Rainier, a lawyer and head of legal recruitment at Robert Walters, speaks with a legal advisor at a well-known investment bank to learn more about his role at an investment bank. «It`s harder to be fully digital in insurance than it is in banking,» Ng said.
This shaped ZA Bank`s shares. Ng said it was too early for the bank to discuss the details of customer acquisition costs or operating costs related to assets under management. «In the first few years, we need to invest in the development of the system,» he said. «We build scalable businesses. » New banking users can get approval results in 90 seconds. Screen information is provided for illustrative purposes only. Terms and conditions apply. Invite your friends to open an account successfully, you can both earn 250 HKD in cash! If your friend has a daily balance of HKD 50,000 or more in savings, term deposit or insurance after opening an account, you will both receive HKD 250!*. Digital finance makes it easier to sell simple protection policies as well as more specific healthcare policies. For example, a traditional insurer will sell extensive critical illness coverage with broad, complex, and expensive policies. ZA Bank`s shelf offers policies that target very specific conditions such as cancer or heart attacks.
Why join the SARB Experience hiring junior staff. Enjoy an APR of only 1.8% with no processing fees for early billing after 3 months. The Millions Trophy comes to life this season of world football. The event will take place from the 1st to the 11th. December 2022 at 5/F of the T.O.P Mall in Mong Kok! Play football matches and win prizes, including an Apple HomePod mini, a limited edition adidas AL RIHLA football and a Netflix gift card! We also hand out physical football cards, so join us and share a prize pool of HKD10 million! ZA Bank does not seek to compete in product differentiation. It`s simply trying to improve the user experience while keeping things simple and inexpensive. Take your career to the next level by joining a trusted institution. More information. Investments are associated with risks.
The price of investment products can fluctuate or even become worthless. Past performance is not an indicator of future performance. Losses can occur rather than making a profit through investments. This promotional material is provided for reference purposes only and does not constitute and should not be construed as a recommendation, offer or solicitation to buy or sell investment products. You should carefully and independently consider whether investment products are suitable for you based on your investment experience, objectives, financial situation and risk profile. If necessary, independent professional advice should be sought. Please read the relevant terms and conditions as well as the offering document and risk information of the investment product before making any investment decision. This promotional material has not been reviewed by the SFC or any regulatory authority in Hong Kong.
ZA Bank acts as your agent for the settlement of the transaction. The investment product is provided by a third party, but not by ZA Bank. With respect to legitimate disputes (as defined in the Financial Dispute Resolution Center`s Terms of Reference in connection with the Financial Dispute Resolution System) arising out of the sale process or related transaction processing, ZA Bank will initiate a Financial Dispute Resolution System process with you. However, any dispute regarding the terms and conditions of the Product must be resolved directly between you and the third party supplier of the Product.
