HSBC develops digital banking platform that not only deals with financial transactions, but also connects SMEs with business customers, acting as a partner.
HSBC has announced its vision to build a digital banking platform that will connect SMEs and business customers- no longer only offering financial transaction services, but also acting as a partner.
The commercial banking company is collaborating with FinTechs to provide innovative solutions that can meet changing priorities and fulfil the needs of its business customers.
Currently, over 100 FinTech firms have formed partnerships with HSBC.
With 96% of its commercial banking payments already being processed through digital channels, an increase by 125% in HSBCnet mobile app downloads, and 85% of its Hong Kong-based commercial customers already using digital channels for their day-to-day banking, HSBC plans to facilitate this move towards digital transformation, what it calls a “bank of the future.”
“We believe the future of banking is about combining great technology and great people. From our conversations with customers everywhere, it is clear technology sits at the heart of their plans,” said Barry O’Byrne, Chief Executive Officer of Global Commercial Banking at HSBC. “We are investing and innovating to go beyond banking, and that’s a journey we are on with our clients, colleagues and ecosystem partners to shape what finance could look like tomorrow.”
To provide more market opportunities in the Greater Bay Area to SMEs, HSBC has created the GBA WeChart Mini Programme, a first-of-its-kind mobile platform that assists small businesses with their cross-border banking needs. Along with conventional banking services, the Mini Programme also provides direct access to GBA-related market insights, including new business opportunities, operational tips, and the latest market trends in the region.
Moreover, HSBC’s investment in technology goes beyond offering digital banking services. It also facilitates a transition to a more sustainable future through financial support and climate solutions. As the emergence of green technology and finance becomes a new trend, the Hong Kong banking company plans to take part in offering sustainable options, recognising the potential challenges of this new shift.
“Digital change is already starting to create new markets for sustainable financial instruments,” said Jonathan Drew, Managing Director for ESG Solutions, Global Banking, HSBC. “There has to be new ways of thinking and learning if we’re going to be successful with the climate response, and the biggest one of these is knowing how to manage uncertainty.”