E-mail Article
Printer Friendly
Share Article
HSBC to focus on small business
HSBC is to put an increased focus on small business customers in the Middle East, with increased emphasis on electronic banking services.
Margaret Leung, general manager and global co-head commercial banking, HSBC, said: "For three years now we have been looking at small businesses. We offer a unique proposition, especially in the UAE. We have developed a proposition catering for smaller businesses, with bundled products."
By offering packages with all the services that commercial customers are likely to need, the bank is able to reduce their clients' time to market.
Leung added: "Customers do not have time to visit the branch on a regular basis or during office hours.
"Very often they are the decision-maker, so they don't want to go to the branch if they can avoid it."
The bank is expanding its online commercial banking services to reach more Middle East businesses. In markets such as South Korea, online banking is now the norm, Leung said.
She added: "It gives the bank a greater operational efficiency and the customer as well."
Keith Bradley, head of commercial banking, HSBC Middle East, said that commercial customers switching to electronic services would benefit from lower rates.
"We're passing on that efficiency through lower tariffs," said Bradley.
"It's now half what it would be for manual banking."
While some customers are concerned that their details may not be secure if they bank online, Bradley says that the bank is constantly investing in internet security and its electronic services are now more secure than traditional paper-based transactions.
HSBC's increased focus on smaller commercial customers is also likely to mean a increase in user numbers for its Islamic services.
Bradley said: "2007 is a big year for converting commercial customers to Islamic commercial banking.
"In Saudi Arabia about 98% of our personal banking business is Islamic banking and in the commercial world it's 50%. The UAE is going that way."
HSBC is a major user of advanced information technology, with an annual spending of US$4.4 billion. Its e-business channels include the internet, PC banking and telephone banking via both fixed and mobile phones.
The bank maintains its own private telecommunications network - one of the worlds largest - to deliver IT services to customers and to staff around the world. HSBC web sites attracted 900 million visits during the first half of 2006.
Quick Links(Residental)
Filter by address:
No Comments