Winners rationale

It is impossible to improve the client experience without first listening to clients and making visible improvements within a relatively short period of time. During a pandemic, such improvements centre around the digital services offered to clients. In 2021, HSBC Global Private Banking won over clients’ hearts and wallet share by the fine prioritisation and precise execution of its digital services revamp.

By diligently acting upon clients’ feedback, HSBC Global Private Banking in 2021 recorded significant improvements in its net promoter score (NPS) measured in client surveys, which translated into a 14% YoY increase in the number of clients in Hong Kong categorised as promoters.

Compared to 2020, 7% more surveyed clients were satisfied with the bank’s digital services and 12% more were satisfied with the bank’s advisory services. The positive feedback is more than a nicety, as it translates into quantifiable financial returns — HSBC GPB found that clients who identified as promoters generate 49% more revenue than detractors and are more likely to make client referrals.

This fine result was achieved by enhancements made online and offline throughout the client lifecycle, based on the promoter clients’ preferences. At the onboarding phase, the bank launched the e-signature function in 2021, enabling remote signing, reviewing and submitting of documents — which made account opening faster and easier for both RMs and prospects.

Another priority identified by clients was the lengthy risk disclosure process in trade execution. The bank streamlined this process by replacing verbal disclosures with automated voice messages on GPB Chat to all PB clients and standard product risks disclosure emails for sophisticated investors, markedly improving time-to-market for investors.

In addition to its digital revamp, HSBC GPB transformed its client service model by pairing clients with investment councillors, acting as holistic investment advisors side by side with RMs listening to clients’ needs and devising various investment solutions offered by the bank from different product specialists.

The transformation not only improved the client experience but resulted in the 2021 investment revenue being 50% higher than two years earlier. By closely catering to clients’ needs, the bank recorded a double-digit YoY increase in client assets and had received US$14 billion NNM by the end of October 2021.

HSBC Global Private Banking is Asian Private Banker’s Best Private Bank – Client Experience for 2021.