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 WeCom (the enterprise version of WeChat), with
130 million active users, connects about 5.5 million enterprises to more than 400 million WeChat users. Furthermore, additional interactive tools including WeChat Mini Game and Video Account enable businesses to become connected with WeChat users. Adding another plus point, through these channels, financial institutions are able to collect and analyse data, leading to a better understanding of users, and even creating opportunities to acquire them as fans or leads. Meanwhile, Tencent’s Cloud video solutions such as Live Video Broadcasting and VooV Meeting (overseas version of Tencent Meeting) further allow enterprises to engage with potential customers, allowing them to provide more content and interact directly with users.
Stage Three: Retention and Loyalty
Once onboard, it is equally important to not only retain customers, but also provide ways to meet
their expectations and needs so they become loyal customers. For example, a one-stop digital customer service tool including an AI chatbot and virtual branch is essential to engage with customers. Technologies including recommendation engines that tag customers with AI learning, geographic location, buying behaviour, credit history, risk taking level and asset allocation preferences allow financial institutions to recommend products to customers in a more precise and personalised way.
Completing the customer journey, to assist remote users to get on-board, technologies such as ID card OCR (optical character recognition), anti-counterfeit check, user liveness detection and facial recognition and matching and online electronic Know Your Customer (eKYC) solutions all powered by Tencent Cloud can help enable remote account opening by verifying a user’s identity.
Tencent Cloud’s unrivalled technologies and deep understanding of the market make it the best option for enterprises, especially those wishing to expand their footprint in China. With cloud technology at their fingertips, now is the time for Hong Kong’s financial institutions to take advantage of the opportunities stemming from the GBA in order to ensure that they are primed to meet the customer demand.
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  To tap into opportunities the GBA offers and to overcome product and service awareness challenges, it is important that Hong Kong financial institutions make full use of digital channels. Why? First,
Hong Kong financial institutions have lower brand awareness compared to the Mainland’s leading financial brands. Second, Hong Kong financial institutions tend to be less familiar with mainland customers’ digital preferences and usage behaviour. Third, they have less insight into and understanding of Mainland customers, resulting in higher acquisition costs and lower conversion rates. Finally, the GBA covers a broad area making it almost impossible to rely on offline channels to promote brand awareness and to connect with consumers.
With a massive presence in China and in-depth knowledge of the Chinese market, Tencent Cloud is the ideal subject matter expert to assist Hong Kong’s financial institutions
in expanding in GBA effectively. It is customized according to three stages of customers conversion journey: Brand Awareness (from general public to fans/leads), Acquisition and Engagement (from fans/ leads to paid customers) and Retention & Loyalty (from paid customers to loyal customers).
Stage One: Brand Awareness
WeChat Official Account (OA) is a fundamental function in the WeChat Ecosystem, which provides the basis for brand exposure, customer engagement and fans community maintenance. Combining
with WeChat Mini Program, which is backed by Tencent Cloud’s artificial intelligence technologies, OA connects products and content to customers, converts leads to sales, provides after-sales service and builds customer retention. According to WeChat’s 2020 update, WeChat Mini Program has 400 million daily active users with annual gross merchandise value (GMV) increasing by 100% year-on-year.
Stage Two: Acquisition and Engagement
 “Tencent Cloud Technology the key to Hong Kong financial institutions’ expansion in GBA.
    JULY-AUGUST 2021

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