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WPB GCB 0-4 Monthly Communication
Eleventh Edition August 2021
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Welcome to your monthly bite-sized brief packed full of content designed to help you do what you do best… lead. Everything we’ve included is designed to be shared with your teams and colleagues.
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HSBC to buy AXA Singapore
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We announced on Monday that we've entered into an agreement to acquire 100% of the issued share capital of the insurance company, subject to regulatory approval.
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Why it matters: This acquisition will enable our insurance business, HSBC Life, to scale up and diversify in Singapore – a global hub that is key to our plans to be a leading wealth manager.
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“This is an important acquisition that demonstrates our ambition to grow our wealth business across Asia,” says Noel, and “strengthens our status as one of Asia’s leading wealth and insurance providers”.
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The big picture: HSBC Life will “seamlessly meet the needs of customers – from health and life protection, savings and investments, and retirement and legacy planning – as they move from one stage of life to the next,” says Bryce Johns, Global Chief Executive of HSBC Life and Insurance Partnerships.
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This proposed acquisition will add to the region’s growing accomplishments, which include:
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Expanding Pinnacle in mainland China.
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Launching new health and employee benefits platforms in Hong Kong.
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Establishing a dedicated wealth office for the Greater Bay Area.
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What’s next: We plan to merge the operations of HSBC Life Singapore and AXA Singapore and grow our workforce in the city state to support the expansion of our wealth and insurance offering. You can read more in the note that was issued from Nuno Matos, David Liao and Surendra Rosha.
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Last month we shared what drives our Group strategy. Our WPB strategy also went through a thorough refresh (not a reset). We are now in the best place to deliver on our strategic priorities and bring the best of WPB to our customers, colleagues and stakeholders.
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We need to embrace our biggest opportunities and take bold, decisive actions to accelerate the delivery of our strategy.
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The new operating model is a critical step in our journey to become a fully aligned and integrated WPB business serving our clients distinctly, seamlessly and efficiently.
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Market and central teams are now working in close collaboration to design and implement the model in a way that will deliver the best outcomes.
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What is next:
For us to succeed, it is vital that everyone in WPB is enabled and empowered by our shared purpose and ambitions.
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We will open up a world of opportunity by delivering borderless banking and world class wealth management through best in class mobile-first capabilities and exceptional people. |
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This is our mission and statement of growth.
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If you missed the Global WPB webcast on the new operating model or you’d like to watch it again, click here for the replay.
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Now live in Singapore: Global Money Transfers
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It’s a best in class cross-border payments experience on mobile.
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They can hold, manage and send money using their mobile app at any time to over 200 countries and territories, with over 20 of those completely fee-free throughout.
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As well as being able to send money, also free of cost, to other HSBC account holders in real time.
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We are also the first global bank to partner with UnionPay International in Singapore, with customers able to remit funds directly to UnionPay cardholders in Mainland China.
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What’s different: Unlike the previous standalone Global Money Account launches in the US and the UAE, we have added the Global Money Transfer capability to the existing HSBC Everyday Global Account in Singapore.
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“With Global Money now in our third international hub, we’re making strong progress enabling FX and cross-border payments”, says Taylan Turan, Group Head of Retail Banking and Strategy, WPB.
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What’s next: We’ll be bringing Global Money to HSBC Expat in Q3, and new markets later this year. Our launches in the UAE and US have also far exceeded expectations… with over 50,000 customers onboarded.
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How we are delivering a bank into our customer’s pockets
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What you need to know: Our ambition is to put a competitive bank in our customer’s pockets.
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For our Universal Scale Markets and Wealth/International markets, this means that by 2026 we want to surpass our best-in-class competitors and FinTechs to deliver a market leading digital experience. For our other markets, we’ll offer a suite of competitive capabilities similar to what other banks are offering.
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What are some highlights: We are measuring progress through the following themes: Access, Engagement Sales, Experience and Accelerators. We’ve already got a few highlights to share:
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We launched a 5 minute on-boarding journey for customers in Hong Kong opening a HSBC Canada account, resulting in a 70% reduction in completion time.
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We rolled out in-app push notifications for customers in HK and US, making it easier for them to keep up-to-date with transactions.
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We continue to improve our digital service in multiple markets, with new features on mobile such as PIN reset for credit cards in India, Card Activation for M&S Bank, and Block/Unblock for customers in Malaysia.
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How are we progressing overall: Our digital platforms are becoming the one-stop shop for our customers’ every day banking activities and purchase of financial and wealth products.
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“In the first half of 2021, we launched c.130 new digital capabilities and developed c.2,500 new features across our digital platforms in our WPB markets, globally. These resulted in a significant increase of digital channels usage and digital retail and wealth sales,” said Kevin Martin, Global COO and Head of Digital Transformation, WPB.
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Growth in mobile active increased 19% since last year.
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Nearly 1 in 2 retail product sales completed on digital channels, a 15% increase from last year.
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Digital share of wealth sales in Asian markets at 80%, mainly driven by HK where 95% of structured product sales & 89% of equity sales were via digital channels.
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Have you read our Asian Wealth Playbook?
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Our ambition is to be Asia’s leading wealth manager by 2025, opening up a world of opportunity for Asian international and HSBC-connected clients, wherever their wealth is created, invested and managed.
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What's inside: The Playbook breaks down our Asian Wealth strategy into bite-sized chunks, making it easy to read and navigate. Inside you'll find sections on the opportunities in Asia and our distinctive edge; how we're connecting Asian wealth to the world and the world to Asian expertise; how and where we're investing; and how we're bringing the very best of HSBC to more of our clients.
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Find out more by taking a look at our Asian Wealth Playbook. It’s a one-stop guide to all things Asian Wealth.
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What's next: Our new Asian Wealth branding will launch across markets in the coming months including the lattice hexagon which visually aligns all wealth communications and signifies our Asian heritage and network of opportunities. Check out our new Zoom backgrounds and PowerPoint template here.
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Over the coming weeks and months, we'll be diving deeper into our strategic priorities and key investment areas. And look out for our new social media campaign coming soon!
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Class of 2021 – Global Graduate Induction WPB
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This year, WPB is hiring 149 graduates across 13 markets, split across our different businesses and areas. They are currently having their induction to the business that spreads key content and conversations over a 2-3 week period and formally marks the start of our graduates’ programme journey.
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Why this is important?
For the second time the induction was delivered virtually, meaning savings in terms of costs and CO2:
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International travel eliminated.
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Requirement for large physical exhibition venue removed.
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No large scale refreshments or catering staff.
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No physical event materials required.
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Graduates come from diverse backgrounds and markets, consistent with our Purpose and Values, but also ensuring we will be able to develop the right talent to understand and support our customers and the communities we operate in.
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Nuno Matos talked to them and highlighted our competitive advantages as a global business, our strategy and gave some recommendations for career development.
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We won big at Asian Banking & Finance Retail Banking Awards 2021
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Why it matters: The awards are well-earned recognition for our colleagues, whose dedication and innovation in serving our customers during the pandemic has made a difference.
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“Asian wealth, both onshore and overseas, offers one of the most compelling growth opportunities today. Kudos to our amazing teams for their hard work and dedication as we continue to walk with our customers through their entire wealth journey.” – Greg Hingston, Regional Head of WPB, ASP
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International Retail Bank of the Year – Bangladesh, mainland China, the Philippines & Sri Lanka.
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Wealth Management Platform of the Year – mainland China & Singapore.
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Outstanding Credit and Debit Card Initiative – Hong Kong, Malaysia & Singapore.
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Marketing & Brand Initiative of the Year – Vietnam & Indonesia.
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Corporate Social Responsibility & Green Program of the Year – India.
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Tell us about the incredible things you and your team are doing to support
customers and colleagues.
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