The aim is to bring Microsoft Money's user-friendly applications to retail customers. He may eventually be able to do all this on the Internet. Industry watchers say Hang Seng is wise to focus on technology. And while the territory's banks are still among the most profitable in Asia, the once-cosseted industry is getting a gentle shaking. The system was changed under pressure from consumer groups.
Individual banks can now offer their own rates on some savings accounts and time deposits.
But an all-out bank war has not erupted. When some players started cutting their home mortgage rates earlier this year, Hang Seng and other big banks sat on the sidelines, then eased their own rates in line with new industry levels. We don't use pricing as a competitive tool. The CEO says Hang Seng will also remain prudent. One needs to set a target of writing good loans, not just in Hong Kong but in China.