For HSBC Singapore, helping its clients understand and achieve their legacy planning goals is of utmost importance.
To elevate the customer experience while also increasing efficiency and improving controls adherence, the bank embarked on a project to integrate legacy planning into the wealth platforms. This led to the creation of the Strategic Financial Planning (SFP) platform, which is integrated into the client reporting system and trading systems to provide an end-to-end platform that not only provides information in a coherent manner, but also benefits client discovery and planning conversations leading towards trade executions.
For HSBC Singapore, this platform not only deepens the client-relationship manager conversations, but also enables relationship managers (RMs) to better identify gaps in their clients’ legacy plans and accelerate the bank’s ability to meet their legacy needs.
This amalgamation of human conversations with digital foundations has been lauded by The Digital Banker, which presented HSBC Singapore with the Outstanding Hybrid CX in Wealth Management award at the Digital CX Awards 2024, held in Singapore.
For the bank, the benefits of its new system are obvious. The platform serves as an end-to-end staff-facing tool to aid RMs and bancassurance specialists in understanding clients’ profile, legacy planning components, quantify the plan’s requirements and identify solutions that are best suited to the clients’ needs.
The platform is further supported by the bank’s Wealth on Mobile app and personal internet banking platforms, providing a holistic view of the clients’ wealth portfolio holdings with research and trading capabilities. This covers areas such as portfolio stress analysis and ESG analysis, providing detailed information for clients and further supporting their wealth journey with their RMs.
All of this serves as a wealth ecosystem – allowing clients and RMs to have effective client conversations and thereby accelerating their wealth journey.
Delivering All-Round Excellence
In addition to winning an award at the Digital CX Awards 2024, HSBC Singapore was also highly acclaimed in several other categories.
A key standout is HSBC Singapore’s latest innovation, known as Thrive Benefits. The platform delivers an exceptional digital ‘benefits in a box’ solution for SMEs, transforming traditional workplace benefits with a view to attracting and retaining talent as well as ensuring employee wellbeing. Specifically, the initiative empowers entities by extending unique banking, lifestyle and financial, physical and mental wellness solutions to their employees, delivered via a single B2B2C platform. Thrive Benefits will launch to the open market imminently.
Breaking away from the traditional approach of launching products, the bank launched Flex Module, which shortens the timeline towards launching a new product and thus improving its product time-to- market and competitiveness. For this, it was highly acclaimed in the Best Use of Technology for Customer Experience – Overall category.
The bank was also highly acclaimed for its Outstanding Use of Digital Channels for Improved CX – where it enhanced the ability of its RMs to initiate an authenticated and verified session on SG Chat, which can be utilised by customers to give instructions to trade executions enabling ease of access while doing so.
The bank also rolled out straight-through processing for credit cards, bringing instant gratification to HSBC customers with instant decisioning, immediate access to the virtual card and mobile wallet provisioning, elevating the CX and reducing the process time. For this, it was highly acclaimed in the Outstanding Digital CX – Bank Cards (Retail Banking) category.
In the Best Customer Experience – Metaverse category, HSBC Singapore was highly acclaimed for its Golf Metaverse platform, which introduced the HSBC Women World Championship 2023 event and sport to audiences who may not have had the chance to visit physically or do not enjoy the physical format of the game.
And finally, for rolling out Investment Insights, which enables an augmented RM outreach to clients by automating a series of regulatory-compliant suitability check and client preference with market-timely product advice using extensive data in the bank, it was highly acclaimed in the Best Hybrid Customer Experience – Branch category.
