Following its recent upgraded consumer digital banking app, HLB Connect, Hong Leong Bank today unveils a digital banking platform that is targetted at serving savers and their parents called HLB Pocket Connect.
The app includes an “Earn Feature” which allows for parents to set tasks or goals and reward their children with extra pocket money when they complete them.
The account also comes with a reloadable junior debit card for the children to spend. It also allows the parents to monitor and control their children’s pocket money.
Parents can transfer money into this account through their HLB connect and set spending limits, control where and what their children spend on. Parents can also block or freeze the Junior Debit Card instantly if they suspect any fraudulent or improper spend, all done through their HLB Connect.
To inculcate a savings habit, Hong Leong Bank said that HLB Pocket Connect will soon have a customizable Save feature which allows children to set their savings goals for things that they want and allowing them to track their savings through progress report.
According to Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB, the launch of HLB Connect Pocket under the Bank’s flagship digital platform is in line with the Bank’s aspiration to shift Digital Banking from an efficient transactional tool to a connectional lifestyle partner for customers.
“Today’s customers are already used to having high level of personalization and interaction through e-commerce, digital tools and mobile applications and they should expect the same interactive and intuitive ways when it comes to their banking and financial needs. We upgraded our flagship HLB Connect with a clear intention to move from being an efficient transactional tool to an integrated and personalised banking platform that can help our customers take control of their financial management. HLB Pocket Connect is the manifestation of a fit-for-purpose digital banking experience for our customers who are raising a family consisting of young digital natives who are exposed to hyperpersonalisation, real-time gratification and highly interactive content and experiences.
said Domenic Fuda.
As of June 2020, almost 80% of HLB customers are regularly using HLB Connect, an increase of over a quarter over the past year alone. Customers aged above 50 had the biggest year-on-year increase at 42% from June 2019 to June 2020.
Mobile banking transactions recording an impressive spike across the board with an 80% increase in total transaction amount and a 75% increase in the number of transactions conducted over the same time frame. The Bank also saw a 13-fold increase in the total transactional value of e-wallet top-ups via HLB Connect over a period of 2-months March-May 2020, compared to the same period last year.
