HSG shares insights on modelling core banking IT for the digital economy

Sisi Yu gives us a glimpse of how banks can achieve higher performance through improved services.

The banking industry today is shifting to digital in a fast-paced manner, to keep up with other financial institutions globally and to meet the needs of the changing behavior of clients. As this change entails an in-depth planning of how retail banking should make a shift in the coming years, it also entails changing ways on how banks will need to adapt rapidly to new ways of banking.

Sisi Yu, Hi Sun Fintech Global Limited (HSG) Regional Director of Channel Development and Marketing, presented in the recently concluded “Asian Banking and Finance Retail Banking Digital Conference” held last 22 April 2021. She imparted key points on how HSG was able to help banks adapt to the changing needs of its customers.

“The banking industry is undergoing a radical shift driven by new competition from tech, changing business models, mounting regulation and compliance pressures, and disruptive technologies. Among all the challenges, I think that customer experience should be the top focus for banking leaders,” she said.

“HSG has been helping banks and financial institutions to unlock these digital experiences through the power of open-source technologies, with a wide variety of products and services tailored to the financial services industry,” she added.

Among the main offerings of HSG is core banking which consists of a complete set of key modules commonly required by our banking clients. These include the accounting and business platform, the branch teller system, the customer information module to support different customer account types, the credit limit control or collateral management, a variety of deposit and loan supporting modules with fix assets management, the inter-bank transfer and remittance module to facilitate fund movements, the critical trade finance and treasury feature as well as settlement and clearing.

For regulatory reports generation and distribution commonly required for daily business operations, HSG offers the reporting platform. To support and manage various e-banking channels for corporate banking and retail banking, they also have tailored and flexible e-banking offerings. Mobile banking apps are likewise available to help accelerate digital transformation of banks.

Other products and services of HSG come with parameters that can be easily configured to adapt to the different market changes, such as payment modules, customer-focused modules including AML and e-KYC and tools for banking engines.

HSG is a technology company that specialises in fintech and implementation of banking solutions. They provide turnkey delivery all the way from consultation to production. The company is one of the major subsidiaries of Hi Sun Technology (China) Limited, which is a listed company in the Hong Kong Exchange, and is currently ranked in the Top 100 IT solutions provider in Mainland China.

HSG has been established in Hong Kong since March 2020 to focus on overseas business expansion. They have recently completed projects with banks based in Macau, Hong Kong, Laos, Malaysia, Cambodia, Lithuania, Puerto Rico, Vanuatu, and Central Asia.

“We've always focused on creating a more modern customer experience and providing “plug and play” banking modules. These modules can dramatically reduce a bank's overall development budget and provide faster time to market, making these solutions ideal for small business and large enterprises alike,” she said.

Whilst banking nowadays may be a challenge to traditional retail companies, HSG assists in the deployment and in building various platforms to deliver all the capabilities required in core banking.

“We provide various deployment flexibility, leveraging the latest cloud infrastructure, and approaches to create a foundational platform that can lower the cost. Bringing together the skills, technology and capabilities in core banking, we've always put our customers first and enable banks and FSIs to become more agile and ready for the future,” she concluded.