BOCHK expands wealth management services to the wealthy working class with a technology upgrade.

Bank of China (Hong Kong) has broadened its wealth management coverage with a new banking service for the mid-segment working population.

The "Enrich Banking" product includes the "first-ever" 24-hour online chat service in the local banking industry and e-alert and e-subscription functions to cater to the financial needs and lifestyles of clients. 

While the service applies to people with assets below what is typically required with HNW private bank clients, the type of technology being offered has parallels with how private banks are also having to embrace technology to keep up with changing client needs.

The launch is in line with a study BOCHK commissioned from The Nielsen Company, which looked into the lifestyle and financial management activities of the mid-segment working class, or those with a monthly salary of HK$20,000 and above. 

Of the 1,200 polled, 85 per cent said they are expecting a significant growth in their wealth on top of their current asset holdings. Property ownership was identified was the most important life goal. A good 85 per cent also said they are interested in the use of different RMB products.

"Wealth management is getting more electronic-driven and self-directed. Eight in 10 of the respondents value more flexible banking services, while around six in 10 said they will be interested in using the online chat platform of banks. In addition, 84 per cent of them want to decide on their own what banking information they would like to receive," said BOCHK in a statement. 

Aside from online privileges, customer of "Enrich Banking" can also enjoy a range of premiere banking services, including priority service counters at certain branches, 24-hour hotline, time deposit, exchange and investment service offers and invitations to special events, such as wealth management seminars.