How one bank is aiming to ease the stress of customers relocating overseas
- With borders reopened, the pace of globalisation is accelerating; an increasing number of people have moved or plan to move abroad for work and study
- HSBC taps into its global network with a digital community, and upgrades its international banking services to make relocation easier for clients
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The pace of global mobility and the speed at which technological advances are accelerating is changing how – and where – we live. According to a survey by the Boston Consulting Group of 50,000 people in 79 cities around the world, half of them have relocated to another city, while another 48 per cent of respondents were considering a move in the future.
However, the excitement of moving to a new country is often overshadowed by uncertainties: establishing new friendships, settling children into a new school, mastering an unfamiliar transport system, transferring bank accounts and dealing with other financial matters can all take their emotional toll.
Insights from a recent HSBC study, which surveyed more than 7,000 individuals in nine locations including Hong Kong, suggest that it takes around eight months on average for individuals to feel settled in a new location. A quarter of participants reported needing at least a year to settle into a new life abroad.
The study also found that among those relocating to Hong Kong, 54 per cent felt unsettled because of difficulties in setting up day-to-day essentials such as mobile phone packages, internet connectivity and banking services. In addition, 75 per cent of the respondents found it difficult to find the right financial services for their needs, leading to anxiety about access to their funds.