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 am an experience management transformist, helping organizations improve business results by engaging the hearts and minds of their customers, employees, and partners. My "job" is Head of the Qualtrics XM Institute. The Institute is still being established, but our goal is to help organizations around the world thrive by mastering Experience Management (XM). As part of this focus, I examine strategy, culture, interaction design, customer service, branding and leadership practices. And, as many people know, I love to speak about these topics in almost any forum. Prior to joining Qualtrics, I was managing partner of Temkin Group (leading CX research, advisory, and training firm), co-founder and chair of the Customer Experience Professionals Association (CXPA.org), and a VP at Forrester Research. I'm a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Check out my LinkedIn profile: www.linkedin.com/in/brucetemkin

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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