Despite all the talk of traditional financial corporations dragging their feet into the digital age, most banks and financial institutions are engaging with tech to some degree.
Many of the high street banks have invested in some form of startup accelerator program, often, but not exclusively geared towards fintech, and on a smaller level, banks like HSBC have grabbed hold of the opportunity to seem more human by embracing aspects of popular apps.
Hot Topics sits down with the CMO of HSBC, Chris Clark, to discuss how the bank is reaching its customers in a new way.
How is HSBC using tech to improve customer service? Clark says:
“It’s all about understanding what people’s experiences are of using things like digital services. I don’t think what you can do is just be slightly better than the rest of the players in your category.”
Tech has meant that HSBC can offer simple but practical solutions to improve their customer service. For example:
“What we now do instead of giving someone some horrid letter, we send you a text the moment you go overdrawn and we give you X number of hours to put it right.”
“That’s what people expect you to do, and why wouldn’t you? It’s the right thing to do.”
Simply by sending a text, the bank’s communication with its customers is improved. It’s an upgrade on what came before:
“Anything that we send to anyone in an email probably goes straight into a spam folder anyway. Understanding ways in which they would want us to communicate with them, and understanding ways in which that’s trusted is important.”
Another way HSBC now interacts with its customers is through social media, which according to Clark says has been: “very effective in helping customers work with us and get done what they need.”
As well as using tech to improve customer service, HSBC is also leveraging social media to enhance its B2B marketing:
“It’s not just in personal banking, we have an exceptionally live network of businesses to business stuff in social media. I don’t hear much around how social media and B2B are coming together, but they are.”
To hear more from Chris Clark about how HSBC is using tech to improve customer service, watch the video above.