Top of main content

Delivering on digital

October 2021

How HSBC is using technology to make banking simpler, safer and speedier for its customers

USD5.8 billion. That's how much HSBC expects to spend on technology this year.

Why? Because we want digital banking to be simpler and feel safer for customers thanks to more efficient operations and better protections.

Digitising at scale is a priority for HSBC. For many businesses globally, digital enablement has moved into the super fast highway, in part due to the global pandemic, with COVID-19 cited as a reason for digital products and technology being several years ahead of projections.1

For HSBC customers, this speed of delivery can only be a good thing. Our digital foundations, enhanced by USD5.5 billion investments in technology during 2020, ensured we were in a position to support them during the global pandemic, providing accessible and timely banking services to people and businesses that were also, importantly, future-focused.

So how did our financial investment in digital technology translate into HSBC customer journeys and interactions last year?2

Millions of customers worldwide turned to our digital channels to do their banking. We've seen:

  • the value of mobile payments increase 220 per cent from April to June 2020 compared with the same period in 2019
  • 28 billion log ons to our personal banking mobile apps
  • downloads of the HSBCnet mobile app for corporate customers rose 155 per cent during the first 9 months of 2020
  • around 689 million transactions across 236 million accounts screened for signs of money laundering and financial crime

Clearly the need and desire for digital usage is an accelerated growing trend. So, what is HSBC doing locally in the Channel Islands and Isle of Man to digitise our customer journeys?

Our corporate clients in Commercial Banking now have a more straightforward account opening process, with the ability to generate and access their own virtual online accounts online in seconds. A new electronic document acceptance process allows clients to digitally sign the majority of our forms, rather than with conventional signatures. And we're also accepting customer due diligence and KYC documents electronically.

Our Treasury API (Application Programming Interface) helps to unlock new possibilities for businesses by providing simplified, real-time access to our innovative cash management services directly from a client's own ERP or treasury platform, without the need for proprietary bank platforms. Also, HSBC's Cash Flow Forecasting tool provides a quick and easy online access point, enabling businesses to build an accurate picture of their future finances.

By being data-led and harnessing the power of AI, we're personalising our banking experience and unlocking value for customers with tailored real-time information, according to Aline Ayotte, Head of Commercial Banking for the Channel Islands and Isle of Man: "Providing digital platforms for our commercial customers, which enhance and streamline their business operations, is essential. We're listening to what businesses need from digital banking capabilities and we are delivering swift and professional solutions that help our customers make smart decisions - which are ultimately making a positive difference to their business in terms of saving them both time and money."

For our Wealth and Personal Banking customers, later this year, HSBC will launch an online funds trading platform, providing access to hundreds of funds, including ESG linked funds. This will enable our Islands and expat customers to take control of investment decisions. We also continue to enhance our digital banking platforms and mobile banking apps, enabling our customers to cut down on their carbon footprint and branch visits, as Islanders can now apply for selected credit cards online, sign their mortgage documents digitally, and switch to e-statements. Our expat clients have access to an enhanced mobile banking app and an FX currency app, that allows them to buy and sell currency and set value alerts. Plus, we've recently launched online wealth calculators for our customers that help them to plan for and grow their wealth.

Interim Head of Wealth and Personal Banking, Cameron Senior, said: "Everyone is busy and time-poor and customers need speedy and immediate access to their accounts and banking services. We're seeing changes in customer behaviour driving an ongoing need to evolve and provide them with access to products and services through their channel of choice, and so we're blending the power of technology with the expertise of our colleagues. Our digital capabilities from HSBC's mobile apps, trading platform and online banking enable customers to make financial decisions on the go, wherever and whenever they need."

Globally our digital vision is simple: to create and deliver fast, easy, digital customer experiences; partner with technology innovators to enable new customer benefits; and to execute with speed and automate at scale and ensure our bank is resilient and secure.

The themes of resilience and security are key foundations for HSBC's future growth and digital innovation. By building strong, secure platforms, systems and processes and harnessing the latest technology and industry-leading techniques we're enhancing protection against cyber-attacks and financial crime, through real-time data analytics and strong global controls.

HSBC is putting the power of our international universal bank in every customer's pocket, with faster, easier and more secure digital banking, with the core aim of making life simpler and safer for our customers and ultimately enabling them to stay in control.

1COVID-19 digital transformation & technology | McKinsey. 2020


You may also be interested in

HSBC in the Channel Islands and the Isle of Man.
Find out more about our community involvement in the islands.
Balancing social, environmental and economic considerations.