Banking and beyond: harnessing technology to redefine banking for business customers
- HSBC partners with fintech firms to embrace innovations that will reshape the commercial banking landscape
- The bank goes beyond traditional banking services to help businesses shift to a more sustainable growth model
What if a bank not only handled financial transactions, but also acted as a partner, connecting businesses and helping companies on their growth journey?
Imagine if it helped businesses consolidate payment transactions, streamline daily workflows or even expand their network in local and overseas markets, with all services being conveniently accessed through a mobile device.
This is not fiction, but fact: these services are exactly what HSBC is now offering its SME and business customers.
HSBC is building what it calls a “bank of the future” by investing in digital transformation. “We are already a digital bank, and we are investing US$2 billion in the next five years to turn into a ‘digital-first’ bank,” says Barry O’Byrne, chief executive officer of global commercial banking at HSBC.
The bank – the title sponsor of Hong Kong FinTech Week held earlier this month – is collaborating with fintechs to create innovative, holistic solutions. These business-focused initiatives are designed to redefine banking services so that they meet the changing priorities and needs of its business customers. So far, partnerships are in place with more than 100 fintech firms.
HSBC recognises the importance of seamless online banking, with 96 per cent of its commercial banking payments already being processed through digital channels, O’Byrne says.