HSBC Advance: Focusing on trust, engagement, and expertise to serve the mass affluent

Catalyst

Summary

HSBC COMPETES FOR THE AFFLUENT IN A COMPETITIVE MARKET

Comparison tools and switching guarantees have led to more savvy and less sticky customers

HSBC Advance fits neatly between its mass market and HNW offerings

Attracting profitable customers is more critical than ever

Mass affluent consumers provide greater potential for revenue generation

HSBC IS WELL-POSITIONED TO CATER FOR MASS AFFLUENT NEEDS

Mass affluent do not tolerate poor service

HSBC Advance focuses on key elements to appeal to the affluent consumer

HSBC builds a relationship of trust with its customers

HSBC trusts in the ability of its customers

Engaging the customer based on their needs early on in the relationship is critical

HSBC’s competitors still take a mostly product-focused approach

HSBC gets to know the customer early on during their product search

Tiered offerings provide a sense of exclusivity while at the same time keeping transparency

HSBC provides information on its accounts in a familiar, transparent, and easily navigable way

A longstanding financial services brand can help to attract all levels of customer

A range of planning tools demonstrate the expert knowledge and guidance available

When the customer needs further advice, contact and support are clearly signposted

HSBC COULD ADD MORE FOR ENGAGEMENT AND PERSONALIZATION

Appropriate questions reveal personal information

Gamification would increase engagement

A robo-advisor service would work well to engage the affluent

CONCLUSIONS

Attraction is critical but retention is key

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