- March 22, 2018
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Bank of East Asia’s Hui receives The Asian Banker Retail Financial Services Leadership Achievement in Asia Pacific Award 2018
Vincent Hui, head of personal banking division, Bank of East Asia (Asia Pacific), led the bank’s digital transformation journey, making it as of one of Hong Kong’s top retail financial services providers and an internationally acclaimed innovator.
- Vincent Hui recognised the importance of digital innovation in the industry at an early stage and has exhibited great determination in transforming traditional banking services
- Under his leadership, BEA has successfully responded to both the challenges and opportunities brought by digitalisation
- He ensured that all BEA branches were digitised, becoming one of the most influential and highly regarded players in the local and international financial services industry
Vincent Hui was awarded the Retail Financial Services Leadership Achievement in Asia Pacific for 2018 at The Asian Banker’s International Excellence in Retail Financial Services 2018 awards ceremony, held in conjunction with The Asian Banker Digital Finance Convention at the Westin Kuala Lumpur in Malaysia.
The Council of Advisors recognised Hui’s outstanding leadership in achieving key milestones for Bank of East Asia (BAE), making it one of Hong Kong’s top retail financial services providers and an internationally acclaimed innovator. He had anticipated and recognised the importance of digital innovation in the industry at an early stage and has exhibited great determination in transforming traditional banking services to provide best-in-class experiences to customers.
Under Hui’s leadership, BEA’s Personal Banking Division has seen a 188% growth in total net profit (comparing 2017 with 2012). The recent branch transformation and rationalisation drive is cutting costs faster than anticipated, having reduced the total operating expenses of the business unit overseeing the branch network by 8.2% in the last year (2016-2017).
Under his leadership, BEA has successfully responded to both the challenges and opportunities brought by digitalisation, which translated into significant cost reductions, enhanced efficiency, as well as sustainable and profitable growth. He has led his team in overhauling the bank’s distribution channels with a fully digitalised branch network.
Standing from Left: Emmanuel Daniel, Chairman, The Asian Banker; Foo Boon Ping, Managing Editor, The Asian Banker;Varun Sabhlok, member of The Asian Banker International Advisory Council; Vincent Hui, Head of Personal Banking Division, Bank of East Asia; David Gyori, Chief Executive Officer, Banking Reports and member of The Asian Banker International Advisory Council; and Chris Skinner, fintech commentator and author, The Finanser.com, and member of The Asian Banker International Advisory Council.
During this time, he has driven forward an ambitious digitisation strategy for the entire branch network, overseeing the launch of BEA’s first digital branch in IFC Mall (Central district of Hong Kong) in 2014.
The digital branch is an elegant, highly effective branch model, equipped with a series of digital devices and integrated online and physical operations. Developed in-house by BEA, the branch’s sophisticated i-devices include the i-Counter, i-Window, i-Kit, i-Zone, and i-Panel. The manpower and back office space required for a digital branch are much less than for a traditional branch, making it perfectly fitted for Hong Kong’s high-rental business environment. Not only does the digital branch enhance the customer experience, but its operations are also paperless, and thus environmentally friendly.
Hui has ensured that every one of BEA’s branches was digitised by the end of 2017, reducing the branch network’s total floor space by 20% compared with just two years earlier and achieving a major saving in branch rental expenses.
As such, the bank grew to become one of the most influential and highly regarded players in the financial services industry – locally and internationally. Moreover, the advisors were impressed by his passion in instilling an innovation culture not just in his own workforce, but also in inspiring the industry and the market he serves.
Keywords: Digitalisation, Retail Banking, Innovation
Institution: Bank Of East Asia
Region: East Asia
People: Vincent Hui
Event: Excellence In Retail Financial Services 2018