Hang Seng Bank enables AI chatbot HARO to assist in management of customers’ personal finances

Maria Nikolova

The chatbot will help customers log into their Personal e-Banking accounts, providing them with an easy-to-read graphical visualisation of their asset allocation, and helping them set up personalised balance alerts.

AI chatbots are invading the financial services industry, and the latest example is provided by Hang Seng Bank (HKG:0011), which has announced that it is upgrading and expanding the capabilities of its artificial intelligence (AI) chatbot, HARO.

On top of handling general customer enquiries about products and services, HARO will have the ability to assist customers with managing their personal finances via their Personal e-Banking accounts. The new phase of services will be rolled out starting from the middle of this month.

HARO will be able to engage in interactive dialogue with customers through the chat interface to assist with personal finances management. The chatbot’s new abilities will include assisting customers to log into their Personal e-Banking accounts, providing them with an easy-to-read graphical visualisation of their asset allocation in response to integrated account balance enquiries, and helping them set up personalised balance alerts.

HARO, which is available on iPhones and Android mobile phones, will also be able to help customers check their account balance and make small-value, peer-to-peer payment transfers through the same chat interface.

Developed in collaboration with IBM Services, HARO has been assisting customers through hangseng.com and the Hang Seng Personal Banking mobile app since January 2018. Powered by IBM Watson’s machine learning and natural language processing technologies, HARO can communicate in Chinese and English, and can also understand Cantonese as well as the mixing of English and Chinese.

Hang Seng will build on HARO’s new ability to offer assistance to customers as part of the Hang Seng Personal e-Banking service experience by continuing to expand the chatbot’s service scope. Mid-September will also see the Bank launch a new comprehensive, one-stop digital payment service platform that will enable retail customers to enjoy greater payment convenience.

More financial services companies are launching AI-based chatbots, with the trend especially pronounced in Hong Kong. In August this year, for instance, TD Ameritrade Holding Corp. (NASDAQ:AMTD) announced that it is launching a special chatbot for Hong Kong investors.

Powered by AI and backed by live human client service support, the chatbot enables retail investors in Hong Kong are to do their research, access market information, and get support through one of the most popular social and messaging platforms in Asia.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<