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HSBC wants to double the bank’s number of mobile users by 2022 in a bid to generate more revenue per customer, Bloomberg reports.<\/p>\n
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<\/p>\n“All the industry is going to struggle for a while,” says HSBC exec<\/p>\n<\/div>\n
The aim follows plans it laid out to drastically reduce its branch-focused services. This will see $4.5 billion in cost cuts and roughly 35,000 jobs slashed.<\/p>\n
Branch to mobile<\/p>\n
The bank will focus on migrating services around account opening and investments to digital-only channels.<\/p>\n
The branches will therefore be used for “more complex transactions”, such as family planning, life insurance and mortgage loans.<\/p>\n
But where possible, the bank does want to reduce the paperwork around these more complex, in-branch financial services.<\/p>\n
Acceleration in crisis<\/p>\n
Kevin Martin, HSBC’s head of digital transformation for its wealth and personal banking business, tells Bloomberg “all of that was already underway” pre-coronavirus.<\/p>\n
“This crisis has probably accelerated it,” Martin says. Though the bank did press pause on its cutting programme due to coronavirus uncertainty, it resumed cuts less than two weeks ago.<\/p>\n
“All the industry is going to struggle for a while in terms of margin on deposits,” adds Martin. “What I would say though is that the cost to service our customers on average will decrease.”<\/p>\n
Digital footprint to date<\/p>\n
HSBC says almost 90% of its global transactions are already handled remotely and electronically.<\/p>\n
This year, it has rolled out more than 270 new digital products and features to retail customers. This is up from 160 roll outs last year, Martin says.<\/p>\n
The bank’s biggest profit in 2019 came from its wealth-related business. According to Bloomberg, retail banking and wealth management made up 36% of the banks overall pre-tax profits.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Tags:<\/b> Ruby Hinchliffe<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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HSBC wants to double the bank’s number of mobile users by 2022 in a bid to generate more revenue per customer, Bloomberg reports. “All the industry is going to struggle for a while,” says HSBC exec The aim follows plans it laid out to drastically reduce its branch-focused services. This will see $4.5 billion in … Continue reading HSBC wants to double mobile users by 2022<\/span><\/a> Continue Reading