HSBC spending up to $17B globally in three years on digital expansion

The Philippine unit of the Hongkong and Shanghai Banking Corporation Limited (HSBC) said on Tuesday the global banking giant plans to spend as much as $17 billion in the next three years, in line with efforts to digitalize a third of its banking services.

“We’re spending 15 to 17 billion dollars in the next three years just to have the best talents, have the best platform work with fintech,” HSBC Philippines president and CEO Wick Veloso said in a press briefing in Taguig City.

The priority of the bank is “to increase competitiveness by making banking experience simpler, faster, better, and more prioritized.”

The group has migrated several services online, to be able to cater to clients without having the need for them to physically go to brick-and-mortar branches.

“In this dynamic digital age, customers whether retail or corporate, increasingly want to use digital products ... innovative digital products and services that provide a simpler, faster, and more convenient banking experience with us,” Veloso said.

The bank is eyeing to have at least a third of its services exclusively online.

“Much of the work that we will be doing will very soon be digital ... We’re already seeing local companies developing this,” HSBC head of Wholesale Banking Michael Brennan said.

HSBC is in the business of commercial banking, global banking, private banking, and retail banking and wealth management.

“Digitization is reducing costs and improving access to information, making trade more inclusive and accessible to corporates and consumers,” said Brennan.

“We continue to develop innovative products and services that are simple, convenient, and useful for our corporate customers,” he said. —VDS, GMA News