On the heel of its recently upgraded consumer digital banking app, HLB Connect, Hong Leong Bank unveils an extension of the platform, the HLB Pocket Connect which is the first in-market interactive digital banking platform to serve both young savers and their parents. It enables young savers to take charge of their own pocket money and savings and for parents to cultivate a responsible and healthy financial lifestyle in their children from a young age in a fun and interactive way.
The HLB Pocket Connect which is available for HLB 3-In-1 Junior Account customers in a simple to use mobile app for the young users also enables them to learn the value of money and good money habits through its proprietary Earn, Save and Spend interactive features. These features can be customized and controlled on their parents’ HLB Connect online banking seamlessly, allowing them to manage and monitor their children’s savings and pocket money usage anytime, anywhere.
Under the Earn feature, parents can set tasks or goals and reward their children with extra pocket money when they complete them. Not only does this teach children the value of hard work and earned money, it also gives them sense of achievement when they are able to meet their goals.
As the account comes with reloadable Junior Debit Card for children to Spend, parents can have a peace of mind knowing that they can monitor and control their children’s pocket-money spending. Not only can they top-up the pocket money through seamless transfer from their HLB Connect, they can set spending limits, control where and what their children can spend on as well as monitor real-time spend of their children.
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, 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.
HLB Connect proposition is powered by consumer insights and is the first digital banking product that was completely developed in-house via multiple customer research and usability sessions, in which the entire design thinking, user journey, interface and experience was built around the insights and patterns of customer behavior and habitual use of an app including tracking where the eyes look. This is how we intend to reach our goals of delivering a true simple, seamless and straightforward digital human experience with all our digital banking products,” said 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.
The introduction of HLB Pocket Connect also underscores the Bank’s commitment towards its sustainability initiatives in environmental protection, financial literacy, cashless agenda as well as expanding financial access and inclusivity amongst Malaysians.
“We believe digital banking platform like HLB Connect and HLB Pocket Connect not only add value to our existing and new customers but also contribute towards making financial services accessible, affordable and sustainable for society at large. With our highly customizable features, we are able to scale and expand our services to serve different communities’ needs, giving them greater social and economic empowerment,” added Fuda.
To learn more about financial institutions' offerings for kids, visit our FS Innovation Radar and download the report "Generation next"
