About
Banking sales has traditionally relied on Relationship Managers whose job it is to understand customers’ needs and offer solutions for delivery through well-defined channels. This has its limitations when relying purely on physical staff; humans have only so much bandwidth when fielding or responding to enquiries from large numbers of customers. HSBC in Hong Kong has therefore been leading the way in streamlining the sales approach through digital technology to provide a better customer experience - known as the “omni-channel experience”.
Innovation presentation
By examining the behaviour of customers making day-to-day transactional decisions via internet and mobile banking, the team has been able to tailor insights and products that can be pushed to them and build a more personalised experience.
Previously, a customer's movements online triggered an approach by the sales team as much as a month afterwards – and often at an inappropriate time for that customer. Now, using algorithms on a “real-time” basis and increased channel capability though AI and machine learning, means the bank can make faster sales and marketing decisions - within hours or days of a customer showing their interest in something.
Where some products or services can’t be completely fulfilled digitally, a sales representative can step in with a phone call - with the advantage that the customer is already much warmer to the idea, increasing the chance of a sale. Even after a deal is struck, the system now allows for customers to digitally sign their approval to proceed, removing the previous legal need for paper forms.
It’s a great example of how existing digital technology is being leveraged to radically improve both the sales funnel and the customer experience. But uniquely, it connects the customer journey though digital channels end-to-end, while acting on real-time behavioural responses to help the sales effort.
Uniqueness of the project
Prior to this, HSBC had noted a big change in the customer experience brought about by the coronavirus pandemic, especially their expectations from banks once there was a need to minimise physical contact. While this accelerated HSBC’s drive towards digital, the target was to try and build up the most personalised possible digital experience. It made sense to avoid the sales follow-up call that could be perceived as inconvenient ‘cold-calling’, and in-stead push appropriate sales messages towards customers as they made certain transactional decisions online.
This way, cross-selling has become more customer appropriate and less intrusive.
