Our latest Environmental, Social and Governance (ESG) update outlines what we’re doing to achieve these goals (among others), how we’re doing it – and where we need to improve.
We provide examples of how we’re acting on customer feedback and supporting sustainable growth to ensure we’re meeting our obligations to the communities where we operate.
Listening to customers and acting on their feedback is vital to making our services more accessible and transparent. It has also prompted us to streamline and improve our processes to provide a better customer experience.
Here are a few examples of what we’ve done so far:
Customers said: Logging on to our online and mobile banking was too complex.
What we did: Made it easier for customers to access their accounts, while ensuring robust security.
For example: We’ve introduced biometric (Touch ID and Voice ID) verification, with 40 per cent of logons not requiring passwords. As a result, mobile users have increased nearly 200 per cent year-on-year, with more logons now occurring via the mobile app than browser.
Customers said: It was sometimes difficult to understand when and why they would be charged for our services.
What we did: Enhanced our direct communication with customers to help them understand their finances and avoid fees and charges.
For example: We now send notifications to customers giving them advance warnings of possible fees. Hong Kong Retail Banking and Wealth Management complaints related to fees and charges have fallen by 25 per cent in 2018.
Customers said: HSBC’s processes and procedures were too complicated.
What we did: Changed the way we operate to make banking easier.
For example: In Hong Kong, 99 per cent of accounts are now opened via an employee tablet in branch. We also reduced the credit card approval lead time from 6 days to under 10 seconds for existing HSBC customers.
We have much further to go in improving customer satisfaction and making it easier for our customers to work with us. We’re now reporting on customer satisfaction in all of our global businesses, and are working hard to make our services faster, simpler and more transparent.
We recognise economic growth must be sustainable and we’ve begun to take genuine strides forward, setting out a series of commitments in three main areas: sustainable finance; sustainable supply chains; and employability and financial capability.
This includes a pledge to build financial capability for our customers, colleagues and communities, equipping them with the skills and tools they need to manage their money well. As part of this, we’ll donate USD35 million towards charity programmes that increase financial capability, aiming to support 1 million people by 2020.
You can read more about our progress on these and other commitments – from reducing our impact on the environment and employee development to financial crime risk management and cybersecurity – in the full ESG update (42-page PDF 1.37MB).
You can also find out more about our approach to sustainability on our Sustainability page.
The information set out in this article aims to provide you with certain key ESG information and data relevant to our operations for the year ended 31 December 2017.