HSBC chases mass-affluent growth with a digital upgrade amid plans to layoff 15% of its global workforce

With a digital account opening upgrade, HSBC keeps domestic growth hitched to its mass-affluent target market.And HSBC needs a more robust US digital strategy to attract those customers and support flailing international units.Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry with the Banking Briefing. You can learn more about…

HSBC chases mass-affluent growth with a digital upgrade amid plans to layoff 15% of its global workforce

With a digital account opening upgrade, HSBC keeps domestic growth hitched to its mass-affluent target market.And HSBC needs a more robust US digital strategy to attract those customers and support flailing international units.Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry with the Banking Briefing. You can learn more about subscribing here.HSBC US wants to leverage upgraded identity verification and onboarding technology — central to its new digital account opening functionality — to grow its mass-affluent consumer checking account product, reports Bank Innovation. The UK-based bank has struggled globally: It has plans to offload business units, cut $4.5 billion in costs, and lay off 15% of its global workforce.

HSBC US wants to leverage upgraded identity verification and onboarding technology.

Business Insider Intelligence

For the US to prove a bright spot, first the bank must successfully refocus its inconsistent retail strategy there. HSBC said it will turn toward a prosperous, internationally inclined target customer base. A critical part of that strategy is to attract millennials within that segment by building up its digital services. New digital account opening plays into HSBC’s plan to find a profitable niche within the US market. HSBC’s reputation has been
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