HSBC spends US$2.3b on digital platforms, AI and new technology to reach tech savvy customers
Bank has also teamed up with WeChat to communicate with clients on messaging app
HSBC has spent US$2.3 billion on enhancing its digital capabilities globally. Between 2015 and 2017, the bank created new platforms and partnered with technology companies such as Tencent’s popular messaging application WeChat to serve its clients, Vivek Ramachandran, head of growth and innovation for HSBC global commercial banking, said in an interview with the South China Morning Post.
“We have found that an increasing number of clients like to use new technology to conduct bank transactions in a secure and transparent way,” said Ramachandran.
The bank has invested in various digital platforms, artificial intelligence as well as other technologies to better serve its retail and commercial customers.
Besides its own innovation, Ramachandran said, the bank had also formed partnerships with other companies to provide banking services.
HSBC has allocated US$200 million globally for investment in fintech and enterprise start-ups, and have a number of successful partnerships such as that with WeChat.
“Customers want to communicate with the bank in a more convenient way. Enabling them to access more banking services via WeChat is an important part of our digital strategy,” said Ramachandran. WeChat hit 1 billion users last month.