HSBC has recently begun shifting its commercial focus back to the customer, returning to its original 150 year old purpose.
As HSBC’s Global Head of Marketing Amanda Rendle explained in a recent Marketing Magazine article:
I think from the banking crisis a lot of banking brands have had to go back and look at their purpose and look at what they are there for. They have to go back to customers and say this is what we are here for and we’re going to reorchestrate the business to be for the customer.
This is reflected in its recent ad campaign…
If HSBC is to successfully return to its roots, and place the customer at the heart of its business structure, it can only do so by breaking down departmental barriers and turning its insight into something truly meaningful.
I had a brief chat with Amanda Rendle on HSBC’s future plans for its insight. To hear more on the subject, Amanda will be speaking at the Festival of Marketing in November on the Insight stage.
What led to HSBC developing a more data-driven approach to its customer experience?
It’s a natural evolution. Data is a gift to support improvements in what you to for customers.
Who owns the insight on your customers? Is there a dedicated customer insight team?
Yes we have a dedicated Research & Insight team Globally and also departments in country.
What are the main challenges HSBC has experienced in trying to achieve the best possible insight?
Nailing the true insight, but I think all organisations face this. We have plenty of research but really understanding how it can drive improvement for customers is key.
How do you track the success of social activity? Is this used towards building customer profiles?
We work closely with Radion 6 on social to ensure we not only watch but also respond. We are also using social to help improve our customer experience with us. We learn quickly what matters. It has been really effective to help us identify real pain points for customers.
Are there plans to develop the customer experience in terms of building a seamless transition between the offline and online customer journey?
If you put the customers in the centre of all you do, looking at the customer journey is what you do rather than thinking about the channel. People don’t think in an online/offline way, so why would we.
How do you track/measure how the work you’re doing is impacting the customer experience?
We run a programme called Insight for Growth which operates Globally. It is running in over 12 markets and looks at four dimension, service, brand product and relationship.
Are there any areas you feel that HSBC can still improve its insight?
Always I am really keen to explore new methods, to improve the way we truly capture & use Insight. Having an always on approach is vital. The pace of change is rapid.
Do you run into any problems when developing and improving CX in terms of adhering to banking regulations?
We work in a regulated industry so we must always be mindful. Our aim is to support and improve our customer experience especially when dealing with regulation. We try to mitigate the impacts on customers as much as we can. Good communication is key.
You can learn even more about customer insight trends at the two day Festival of Marketing event in November.