47 million people in all corners of the world are customers of HSBC.
Their aim is to be the World’s largest banking and financial services institution in the world.
Their mission statement …” our purpose of helping businesses to thrive, economies to prosper and people to realize their ambitions.”
To make it easier for the customers and making more efficient, mobile banking has taken over the conventional, visiting your local branch, and asking to transfer money, or send money abroad.
Just a few clicks on your phone saves you the hassle to make that all possible.
Clearly HSBC have a mission to accomplish. Recently HSBC have invested over £1billion in digital banking. Customers are pushing for HSBC to make the change and catch up to some of their rival banks in fully digitalizing their institution.
The benefits are clear for digitalizing banks:
However, there could be a downfall in digital transformation, as ‘privacy’ will become nonexistent soon. The personal information that needs to be given will make people not have any privacy rights whatsoever.
Identity theft for instance is one of the biggest drawbacks in the transformation of banks. Banks need to heavily invest in encryption software, to make sure customer’s details are safe and sound.
The competitive nature of digitalizing banks. Means some mishaps will happen along the way, sometimes it could mean customers must into store to deal with individual queries.
I think a mix of both digital and instore banking is what is needed for banks to move forward and not just concentrate on one method of banking. Let’s hope for the benefit of customers, efficiency and quality is not disregarded in the process.
By Arman Alam - LinkedIn: https://www.linkedin.com/in/arman-alam-976076142/