HSBC: Restructure Your Customer Experience

HSBC announced that it is cutting about 10% of it’s worldwide workforce and selling off half of its US bank branches as part of a global restructuring.

My take: HSBC’s need for restructuring in no surprise given the company’s terrible customer experience in the US (it might perform quite differently in other parts of the world). Look at how HSBC compares to other banks in the 2011 Temkin Experience Ratings — it’s the worst performing bank in all three elements of our ratings: Functional, Accessible, Emotional.

HSBC, not surprisingly, also has one of the lowest levels of loyalty when compared with 143 companies we examined. As our research has shown, good customer experience correlates to higher loyalty. HSBC’s US operations shows that the opposite is true as well.

The bottom line: HSBC needs to restructure its US customer experience

Written by 

I'm an experience (XM) management catalyst; helping organizations improve results by engaging the hearts and minds of their employees, customers, and partners. I enjoy researching and speaking about leading-edge XM topics. I lead the Qualtrics XM Institute, which is the world's best job. We're igniting a global community of XM Professionals who are inspired and empowered to radically improve the human experience. To achieve this goal, my team focuses on thought leadership, training, and community building. My work is driven by a set of fundamental beliefs: 1) Everything starts and ends with human beings, so you need to understand how people think, feel, and behave; 2) XM is a discipline that needs to be woven throughout an organization's entire operating fabric; and 3) Building the XM discipline requires a combination of culture, competency, and technology.

2 thoughts on “HSBC: Restructure Your Customer Experience”

  1. HSBC is a bank that we have covered at our blog (www.talent-technologies.com) as being the most ‘inside out’ in its approach to customer service.

    The same is true in Asia, for example the bank has a ‘rule’ that its Premier Banking clients must not stand for more than 2 minutes, so even if the customer wants to stand, they are badgered by staff to sit down. Then there’s the rule that, on telephone calls, staff must always be the last to say ‘thank you’. So if the customer says ‘no, thank you,’ the staff member then answers back ‘no, thank you.’

    It’s as though HSBC really don’t want human beings as part of their organisation, either as staff or customers.

    But if they treat their customers as robots, is it a surprise when they switch off?

  2. Home Depot , 2600 41st Avenue, Soquel, California 95073 On 8/21/2011 we went to the garden department to buy some plants for center pieces. Wendy was the employee that helped us and she was tremendous. She was very knowledgeable,pleasant,patient,helpful,etc. She is a real “gem” and should be a cherished employee.

    Allen and Janet Martin

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