HSBC Singapore - HSBC -Newgen-Innovative Use of Technology in Customer Service

Name of Organization / Company: HSBC Singapore
Category: J01 - J02 Award for Innovation in Customer Service > J01. Award for the Innovative Use of Technology in Customer Service > Financial Services Industries

Entry Title: HSBC -Newgen-Innovative Use of Technology in Customer Service

Essay:

ABOUT HSBC SINGAPORE

Organization Information
• Formally incorporated in 1866, the client is a Fortune 500 company with an eminent global presence
• The bank provides services through four global businesses- Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking

Project Objective
• To offer premium customer experience with digitization of credit card on-boarding process
• Reduce process turn around time and hence improve performance management

PRE - TRANSFORMATION PROCESS

STEP 1
Application Initiation
• Agents filled enrolment details on paper based application forms
• Unfriendly online channel which required separate sessions for form filling and document submission
• Disconnected enrolment channels led to application duplication

STEP 2
Document Collection
• Agent based enrolments required courier services for sending supporting documents
• No facility for staff to track application status
• Archival of paper documents at office premises

STEP 3
Document
Collection
• Agent based enrolments required courier services for sending supporting documents
• No facility for staff to track application status
• Archival of paper documents at office premises

STEP 4
Provisioning
• Credit score calculation
• Credit limit determination
• Scheme bundling

STEP 5
Release
• Credit card issuance

CHALLENGES FACED

• Lack of consistent experience across channels
• Manual, error-prone management of credit card issuance process
• Low accuracy and security in application processing
• Poor performance management due to disconnected systems
• Lengthy credit-card on-boarding
• Lack of checks leading to duplicate / incomplete applications
• Unavailability of real time data for effective decision making
• High latency of inter/intra-departmental information flow
• Poor performance management due to disconnected systems

ROAD TO TRANSFORMATION

HSBC Singapore wanted to bridge digital divide with its customers via premium digital services and a refined customer experience. It wanted to introduce agility and efficiency into its operations by replacing its manual and document intensive workflow with a digital one.

To this end, the Bank selected Newgen’s Enterprise Mobility Framework, which digitized HSBC's paper-based credit card on-boarding process.

SOLUTION HIGHLIGHTS

Anytime, Anywhere Application

- Omni-Channel facility for initiating applications via online channel, allowing customers to utilise any type of device
- Agent based enrolments also lead to online submission with help of email link
- Paperless application process
- Accurate and secure processing of applications
- Limited data entry with OCR assisted data extraction facilities from NRIC, EP and CPF documents

Better Visibility and Control

- Better tracking of submitted applications through personalised and real-time dashboards
- User level permission configurations and routing for accurately mapping accountability
- Administering of process through graphical reports which can be drilled down
- End to End Digitalization with Robotic Process Automation

Before implementation, the customer was dependent on Mainframe and hardcoded web applications which did not offer services based integration facility. Newgen thus utilized RPA’s scripting based approach so as to provide faster and flexible solution

IMPACT – RENDERING CUSTOMER DELIGHT

Post Implementation, HSBC successfully transformed its credit card on-boarding process. With faster time to market and omni-channel initiation, it could serve customers faster and offer a premium digital customer experience.

Relationship Managers could successfully administer complex customer demands and services with extensive customer reports and insights; thereby rendering customer delight. Further, with Newgen’s solution, HSBC could standardize the process and make customer experience consistent across all channels.

Some of the major outcomes were-
• Superior customer experience through omni-channel initiation and faster on-boarding
• Faster processing with end-to-end automation across all stages of the credit card origination process
• Reduced operational costs, especially in customer acquisition, document movement and communication expenses
• Increased profitability with sophisticated cross sell capabilities and ability to pitch sticky products
• Pro-active decision making with real-time availability of data