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HSBC Advance Case Study

HSBC Advance Case Study

Summary

Banks need to stand out and persuade customers that they have made the right choice in trusting them with their finances. This is key among the mass affluent. With the widespread recognition that the mass affluent are an attractive target segment, HSBC stands to benefit from its well-defined proposition.

Synopsis

  • Understand the HSBC Advance proposition and what it offers to customers.
  • Find out which features of the HSBC Advance offering make it attractive to the mass affluent.
  • Discover what banks can do to meet the needs of and attract the mass affluent.
Reasons To Buy
  • How can you position a bank account to make it attractive to affluent consumers?
  • How has HSBC been successful in attracting affluent consumers?
  • How could banks go further and be innovative to better serve this segment?
Key Highlights

Mass affluent consumers provide greater potential for revenue generation.

HSBC Advance fits neatly between the bank's mass market and HNW offerings.

HSBC builds trust with its customers. Engaging the customer based on their needs early on in the relationship is critical. HSBC provides expert and specialist knowledge, backed by a longstanding brand.


  • Executive Summary
    • HSBC's customer propositions work well to attract the affluent customer
    • Key findings
    • Critical success factors
  • HSBC Competes for the Affluent in a Competitive Market
    • Comparison tools and switching guarantees have led to more savvy and less sticky customers
      • 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
      • HSBC Advance fits neatly between its mass market and HNW offerings
    • HSBC Advance focuses on key elements to appeal to the affluent consumer
      • HSBC builds a relationship of trust with its customers
      • The language used to describe its service suggests customers can rely on HSBC
      • 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
    • HSBC could go further by adding more opportunity for engagement and personalization
      • Gamification would increase engagement
      • A robo-advisor service would work well to engage the affluent
    • HSBC provides expert and specialist knowledge, backed by a longstanding brand
      • A longstanding financial services brand can help to attract all levels of customer
      • HSBC presents a complex range of products and services via jargon-free, easily identifiable scenarios
      • A range of planning tools demonstrate the expert knowledge and guidance available
      • When the customer needs further advice, contact and support are clearly signposted
    • Attraction is critical but retention is key
  • Appendix
    • Abbreviations and acronyms
    • Definitions
      • Mass affluent
      • Mass market/retail
      • Robo-advisor
    • Methodology
    • Bibliography
    • Further reading

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