HSBC Malta is about to launch a free mobile banking app, which can be used on an iPhone, iPad or Android smartphone.

“Customers want a personalised experience across devices and channels while they are on the move, and in a way that suits them,” Paul Steel, head of retail banking and wealth management at HSBC Malta, said.

The mobile banking app can be used to view account balances and details, to transfers funds between the user’s accounts, including credit cards, as well as to pay bills.

However, its most important function is to pay bills as the app can be used to transfer funds to any other HSBC account holder ­– even if they are not mobile banking users themselves. The bank has also launched a mobile-friendly version of its website.

The launch is one of a series of investments made by the bank to mirror present and future consumer trends in retail banking. A €10 million refurbishment of the branches over the past two and a half years has seen the layouts changed, primarily to reflect the decrease in people seeking cashier services as more and more people switch to ATMs.

This trend is set to grow thanks to a further €3 million investment in ATMs, all of which now give a print-out of deposited cheques. In fact, while there were eight million transactions last year, this year the number of forecast to grow to nine million.

“This has really boosted the use of ATMs for deposits by people who were perhaps until now wary of using them as they felt they might lose track,” Mr Steel said.

“Our parents used to queue at the teller and were used to getting a stamped receipt. Our generation is now used to doing everything on internet and mobile without any paper trail.

“There will be a tipping point when retail bank networks will be reduced and more money will be invested in ATMs. We have not done that here in Malta, particularly since cheques usage is still so prevalent – eight million were written last year. For the moment, the branches are still very important here and we have actually added 20 tellers across the network.

“But cheque usage is dropping rapidly and once they are phased out, why would you need to go to a cashier?” he queried.

Indeed, Mr Steel sees the retail bank branch of the future as being somewhere you would go to for face-to-face conversations about mortgages, protection, legacy transfer and so on. The refurbished branches offer numerous discreet cubicles and meeting rooms with this in mind.

“The rest of banking will be done through other distribution channels,” he said, noting that the bank’s internet banking was taken up by 60 per cent of its clients – and 45 per cent use it regularly, which is double the UK rate.

The bank has also opened a Premier centre in Valletta, the second after one was opened in Sliema.These centres are aimed at wealth management and corporate clients and are among the first in the global HSBC network.

“One of the first things I did when I came here three years ago was to review the split between wealth management and retail banking.

“They now fall under the same manager within the branch, which has made a big difference,” he said.

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