Betting on People-First Banking

China CITIC Bank International’s Wendy Yuen warns that the impending future of finance will not be driven solely by technology, but by banks that seamlessly blend digital speed with human trust, cross-border insights, and lifelong learning. As the head of China CITIC Bank International’s Personal and Business Banking Group, Yuen sits at the crossroads of technology, regulation, and customer needs.

Based in Hong Kong, Yuen oversees retail banking, SME support, fintech innovation, and cross-border growth in the Greater Bay Area.

Yuen emphasizes that technology is a powerful tool, but people and purpose must remain the cornerstone of banking. "We are a society of people," she asserts, "particularly in the banking industry, the service industry. We are using people to serve people." Yuen believes the most significant transformation in banking lies not in digitalization itself, but in how it enables banks to operate.

The old advantage of a vast branch network is being replaced by a model centered on speed, convenience, and intelligent connectivity. In the past, a bank’s strength was derived from its expansive network and personnel. However, today, success hinges on "how quickly we can reach you and how we make your life convenient."

Although digitalization offers timely and convenient services for standardized offerings, Yuen acknowledges that complicated matters still require professional human intervention. That's why she advocates for a hybrid model where technology handles basic tasks, while people manage high-trust conversations such as mortgages, holistic investment planning, legacy arrangements, and business growth.

According to Yuen, technology "simply replaces some very basic things," streamlining customer interactions and enabling bank staff to work more efficiently.

Trust remains a critical factor even in highly digital markets. Yuen points out that some technology companies have recognized the importance of offline contact, as customers still prefer to physically see, touch, and feel before making crucial decisions. This human connection "builds credibility and trust," even when the final transaction is executed through technology.

At China CITIC Bank International, Yuen has fostered collaboration across various business lines, including investment banking, asset management, trust, securities, and retail banking. The objective is to serve customers as complete entities rather than isolated account holders. "We serve one person, his family, the corporation, and ultimately the whole society," she states.

Yuen's strategic focus rests on three pillars: fintech, the Greater Bay Area, and data-driven personalization. Customer expectations have evolved, demanding 24/7 availability. As a result, China CITIC Bank International has adopted a mobile-first strategy, with more than 80% of its banking transactions now occurring through mobile channels. Yuen emphasizes that people now rely on their mobile phones as much as wallets, if not more, given the convenience and accessibility of digital services.

The Greater Bay Area (GBA) is central to Yuen's vision for the future. She views Hong Kong as both a gateway and a platform, connecting businesses and investors with the world while remaining close enough to the mainland to understand its growth, capital, and wealth-management needs. Her ambitions extend to individuals relocating to Hong Kong under talent and residency programs, as well as SMEs and large corporations seeking opportunities in the city.

"If you want to get access to the world, the first office could be in Hong Kong," she remarks. "We can help them to land and then push further out."

Another critical aspect of Yuen's strategy is the internationalization of the renminbi. She envisions Hong Kong as a leading offshore RMB center, gaining importance as companies seek funding, products, and settlement solutions linked to the currency. "Hong Kong is a very good platform," she affirms. "If you want to get access to RMB, Hong Kong is getting more and more exciting in this arena."

For SMEs, Yuen anticipates that the next five years will be defined by cross-border and multi-market business. Banks must provide payment gateways, digitalization tools, and cross-border solutions to enable smaller firms to operate beyond their home markets. "As the world becomes increasingly connected," she asserts, "it's actually the cross-border payment solution, digitalization solution, the payment gateway, staying connected at every portal, that helps a company or SME do business."

Technology and artificial intelligence are integral to Yuen's strategy. The bank is building capacity to leverage data and AI models for better customer understanding and tailored solutions. However, she emphasizes that trust and safety cannot be afterthoughts. Cybersecurity, biometrics, and customer education remain indispensable components of the bank's offering. Yuen advocates for "leveling up" and training employees to sharpen the model and better serve customers.

Yuen's success can be attributed to her deeply rooted human convictions. Continuous learning is not a mere slogan but a discipline for her. "The world is changing every minute, and we need to stay updated," she underscores.