An important part of catering to the end-customer with new solutions is taking a more collaborative approach, partnering with fintechs and other technology providers, for example.
“When we approach digital transformation, we have to see it through the lens of a client,” said Yiu. For instance, this means understanding the pain points they are trying to resolve and the value they are seeking.
Among the various solutions HSBC has created in this way is an automated offering for a multinational online food-delivery service company that is a pioneer of quick commerce.
The client’s goal, said Dugar, was to increase satisfaction among its riders, leveraging instant and smarter payments. “We provided a fully automated solution which calculates, reconciles and pays riders’ commission with real-time connectivity and instant payment, saving close to 30 hours a month in manual processing. Riders are also in control of their income, leading to a loyal delivery fleet. Based on this success, we are launching in other markets, especially across Asia.”
This type of co-creation involves HSBC engaging customers at an early stage, to brainstorm on innovative yet practical solutions that help address pain points to get them ready for the future. “Collaboration is now at a new level because of the more agile ways of working, improved technologies and a broader shift in mindset,” added Yiu.
Harnessing data to help businesses grow
Utilising data more effectively is another way that payments and infrastructure providers such as banks are creating new opportunities for clients going forward.
This involves harnessing the flow of data. “It’s not only about helping clients protect and optimise the data but, more importantly, helping them on their growth journey,” explained Dugar.
A case in point is HSBC’s automated process for Unilever, providing the international consumer brands company with greater future and intra-day cash-balance visibility.
“We are exploring options to use these datasets to create more value-added solutions as well as to help our clients with the payments and business needs, and more importantly, to help them grow,” added Dugar.
More broadly, this approach also highlights the new-found importance of digital payments to Asia’s financial services ecosystem. “All of us should keep an open mind… and find a partner with a long-term vision and solid foundations to co-create solutions to optimise value,” said Yiu.
As a result, she added, HSBC is pursuing a vision of what it believes it needs to be over the next five years: a technology-enabled globally connected payment franchise.