Service characteristics of HSBC

HSBC Group is one of the largest banking financial services institutions in the world. Headquartered in London, it has 10000 offices in 76 countries and has 232000 employees. HSBC has more than 6,543.8 billion customers worldwide, and divides these customers into five categories: personal financial services, customer financing, commercial banks, investment banks and market personal banks.

The unique function of "meeting your banking needs from local to global" makes HSBC stand out from many competitors in the same industry.

improve

Most of HSBC's important customers are served by the special customer relationship management team set up by HSBC, because they can be said to be "the God of HSBC". Whenever they need any personalized service and help, their customer relationship manager will be on standby at the other end of the phone. If they seek more professional advice or solutions to specific problems, their relationship managers may seek better advice from others or introduce another more suitable professional team to customers. In either case, HSBC customers cannot enjoy one-stop service. Sometimes, for other reasons, such as funds, customers will get an answer in a few days. This will make them have a negative experience with HSBC's VIP service. Even if the customer needs some information, and the customer relationship manager can't get it from his own resources immediately, there may be a time difference of 1 to 2 days, which will make the customer think that the service system of the bank is not very fast and effective.

So how should HSBC improve these problems? When important customers seek special banking information or professional advice, how should banks satisfy them?

customer relationship management

In this paper, I want to apply customer relationship management to the case of HSBC to improve its customer relationship.

One of the concepts of CRM is to identify the best customers and design the best experience. In the first stage, in order to identify the best customers, we should first classify customers according to the customer pyramid. In the second stage, designing the best experience includes customer experience management, business process management and demand planning.

Customer pyramid

The customer pyramid has different models.

Standard customer pyramid

Total marginal revenue customer pyramid

Cross-selling customer pyramid

Capital goods customer pyramid

Customer Pyramid (Life Cycle Value LV Quadrant)

Which model should be applied in the case of HSBC?

For the traditional customer pyramid, it is based on revenue/product quantity demand per unit customer/various combinations of hardware and software services generated, and these divisions are also limited. Customer loyalty and customer value are not considered.

As the most customer-centric bank in the world, HSBC knows the importance of customers to them. Therefore, the traditional customer pyramid model is not suitable for the case of HSBC. Therefore, I want to choose the customer pyramid in the LV quadrant of HSBC.

I mentioned in the company background that HSBC divides customers into five categories. For convenience, I will simplify it into two categories here: individual customers and corporate customers.

Customer pyramid (LV quadrant)

The following is to divide individual customers and corporate business customers into six parts according to (LV quadrant). In view of the similar characteristics of the two groups, I show them in the same pyramid. At the same time, in the following content, the different characteristics of two groups and another group will be listed.