Below is a summary of my tutorial presentation which was presented to the group on 09/08/2011:
HSBC marketing services in China and Response to McKinsey Study
Survey Results:
- Increase in local bank preferences has risen by at least 13% which could indicate that clients prefer the security and comfort that they receive when at a local bank branch.
- Internet banking has increased dramatically. Obviously due to the sharp/recent spike in technology adoption from banks. The jump also indicates that there is a preference towards convenience and those transactions and transfers are no longer important enough to require a trip to the bank. Probably just easier too and smart-phones are very popular.
- Consumer loyalty has changed too. Clients try to spread funds through a variety of different banks. Perhaps shows that they would rather diversify to reduce risk if another CFC was likely to occur. Rich especially
Possible HSBC Reactions to Results:
- In 1865 opened in Shanghai and Hong Kong and then in 1980 opens branch in Beijing. Big Gap.
- HSBC is named 'Best Foreign Commercial Bank in China' by Finance Asia for the fifth consecutive year (2001-2005).
- In response to the results it would be wise to develop a strategy that focuses on the individual and how each individual customer is important and will receive all necessary attention and time. Perhaps similar to the ANZ campaign that ran on TV here.
- Ensure to keep customers loyal by catering to the online banking trend and ensure their current net bank application is efficient, easy to use and widely available across several platforms.
