A renowned local Chinese bank in Hong Kong, Shanghai Commercial Bank (“Shacom”) has been serving the community for over seven decades. Shacom has been guided by its principle of offering personalised services to support and empower small and medium-sized enterprises (SMEs) under any economic condition.
Small businesses is the backbone of Hong Kong’s economy, with over 36,000 SMEs accounting for 98% of all businesses in the city. With a legacy of 70 years, Shacom has built a strong reputation for its exceptional customer relationship management for corporates and SMEs, delivering personalised services and tailored products through an extensive branch network. Shacom’s firm commitment to cutting-edge technology has also positioned itself at the forefront of the financial industry, driving robust economic contributions and setting new benchmarks for innovation.
Recognising this outstanding achievement, The Digital Banker awarded Shacom with Outstanding Digital Innovation in SME Banking, at the Global Retail Banking Innovation Awards 2024 held in Singapore.
Empowering SMEs with tailored digital solutions
Over the last three years, Shacom has been working closely with Hong Kong Monetary Authority (HKMA) and the banking industry, and has successfully launched over 20 digital initiatives, fundamentally transforming the banking experience for SMEs. In support of “Simple Bank Accounts” for corporate customers initiated by HKMA, Shacom has introduced its enhanced online account opening services to provide SMEs with a convenient and fast account opening option, enabling them to obtain basic banking account services at ease. By leveraging the “Commercial Data Interchange” (CDI), Shacom can now efficiently and automatically collect business data from data providers which significantly simplifies the loan approval process. Furthermore, Shacom was also one of the first banks to participate in HKMA’s “Interbank Account Data Sharing” (IADS) pilot program, providing strong support for the acceleration of SME loan applications and approval processes. By the end of October 2024, Shacom has processed over HKD 50 million in SME loans through IADS, marking a major milestone in its commitment to enhancing SME financial empowerment.
Enhancing customer experience through innovation
These digital transformations have been pivotal in addressing the critical challenges that SMEs are facing. When SMEs open business accounts and apply for Business Instalment Loan through Shacom’s SME Online Onboarding and Loan Application Platform, the entire process can be completed in as fast as one working day*, which is fully digital and paperless, eliminating the need for submitting physical bank statements and providing a more accurate assessment of SMEs’ creditworthiness. This enables SMEs to gain access to the necessary funds for daily operations, business growth and even investments. More notably, Shacom has introduced a customer insight report that provides a comprehensive overview of interbank accounts, cash flow analysis, and key transaction tracking, specifically benefiting its SME customers. This shows Shacom’s dedication to helping SME customers manage their finances more conveniently and in a more digital manner, thereby enhancing operational efficiency, seizing business opportunities, and experiencing truly seamless digital financial management.
Looking forward
For Shacom, its investment has also reaped notable achievements including a significant year-on-year increase in new-to-bank corporate/SME customers, and a continuous uplift in operational efficiency and productivity Shacom has successfully positioned itself at the forefront of digital banking innovation, significantly outpacing its peers in both technological adoption and customer satisfaction.
Stepping into the future, Shacom also expands its reach to broader regions, and assists more corporate customers to capture the growth opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area). In 2024, Shacom has started supporting non-permanent Hong Kong residents in online SME accounts opening. Going forward, Shacom will continue to support and implement more digital initiatives and facilitation measures, such as cross-boundary data flow within the Greater Bay Area to provide customers with more convenient banking services. Shacom is firmly committed to providing comprehensive support for SME customers in the Greater Bay Area in opening business accounts, raising operational funds, managing cross-border payments, and capitalising on market trends and industry insights.
Looking ahead, Shacom will continue its customer-centric approach by offering more digital products and services to SME customers, remaining firmly committed to playing a key role in supporting the growth and stability of SMEs.
