LONDON — The financial services sector has been a hotbed of competition in recent years, with the likes of Barclays and JPMorgan Chase battling for customers with a growing appetite for technology and data analytics.
And with so much innovation on the horizon, it has made a point of keeping a close eye on what the sector has to offer.
“It’s not about getting a quick fix and making a quick buck,” said John Smith, senior vice president of global consumer and corporate banking at HSBC.
“That’s what we want to be doing, so we can take a longer-term view of our business and what it means for us and the people we serve.”
With this in mind, HSBC has been spending heavily on new products and technology.
This year, the bank announced a partnership with Microsoft, which will create a new financial analytics platform.
HSBC will also offer a new line of cloud-based services, including one that will provide a comprehensive view of every transaction, allowing clients to monitor their account balances and manage transactions across multiple banks.
The new platform will also make it easier for customers to manage the data they collect and use, Smith said.
“We’re building a new platform that is the backbone of all our financial services and that is what will ultimately help us drive better performance and more profitable growth,” he said.
HSBC also announced a series of investments that include a new global investment arm that will focus on improving its digital services, and a new cloud-hosting business.
“This is about investing in our digital assets, which are the most important to us,” Smith said, adding that the bank will be focused on building a stronger digital ecosystem.
“When we talk about the digital transformation, digital transformation is not just about the next big thing.
It’s about the ability to make sure that what we do is the best, safest, most secure and fastest way for our customers.”
HSBC’s investments have already seen it become one of the most well-known financial services companies in the world.
The bank now has more than 30 million customers across 70 countries, with about $3.5 trillion in assets under management.
The firm has more on its roster of deals: