We’re committed to making banking faster, simpler and more transparent; to helping meet people’s financial needs in the markets where we operate; and to having a positive impact on the planet in general.
Our latest Environmental, Social and Governance (ESG) update outlines what we’re doing to achieve these goals (among others), how we’re doing it – and where we need to improve.
We provide examples of how we’re acting on customer feedback and how we’re supporting sustainable growth to ensure we’re meeting our obligations to the communities we operate in.
Customers: Acting on your feedback
Listening to customers and acting on their feedback is vital to making our services more accessible and transparent. It has also prompted us to streamline and improve our processes to provide a better customer experience.
Here are a few examples of what we’ve done so far:
1. Making banking more accessible
Customers said: Logging on to our online and mobile banking was too complex.
What we did: Made it easier for customers to access their accounts, while ensuring robust security.
For example: We’ve introduced biometric (Touch ID & Voice ID) verification, with 40% of logons not requiring passwords.
2. Making fees and charges transparent
Customers said: It was sometimes difficult to understand when and why they would be charged for our services.
What we did: Enhanced our direct communication with customers to help them understand their finances and avoid fees and charges.
For example: In the UK we have sent customers more than 600,000 overdraft alerts and 500,000 advance warnings of possible fees.
3. Tackling complexity
Customers said: HSBC’s processes and procedures were too complicated.
What we did: Changed the way we operate to make banking easier.
For example: In the UK, we’ve made it an easier process for people to get a mortgage – reducing the application period from 5 weeks to 2 weeks.
We have much further to go in improving customer satisfaction and making it easier for our customers to work with us. We’re now reporting on customer satisfaction in all of our global businesses, and are working hard to make our services faster, simpler and more transparent.
We recognise economic growth must be sustainable and we’ve taken genuine strides forward, setting out a series of commitments in 3 main areas: sustainable finance; sustainable networks and entrepreneurship; and future skills.
This includes a pledge to build financial capability for our customers, colleagues and communities, equipping them with the skills and tools they need to manage their money well. As part of this, we’ll donate USD35 million towards financial education charity programmes, aiming to support 1 million people by 2020.
Sustainable growth also means environmental commitments; we’ve reduced our CO2 emissions by 41% since 2011; other commitments include:
- Source 100% of our electricity from renewable sources by 2030, with an interim target of 90% by 2025
- Reduce waste by 75% by 2020 (set from 2011 baseline)
- Reduce paper by 66% by 2020 (set from 2011 baseline)
- Reduce our exposure to thermal coal and actively manage the transition path for other high carbon sectors
- Lead and shape the debate around sustainable finance and investment
You can read more about our progress on these and other commitments – from employee development to financial crime risk management and cybersecurity – in the full ESG update.
Why are we telling you this?
As well as being the right thing to do, we firmly believe that sharing this information will help us build stronger relationships with our customers, employees and the communities we serve.
Modern Slavery Act
The UK’s Modern Slavery Act (the “Act”) came into force in 2015 and is designed to combat modern slavery in organisations and their supply chains in the UK.
In accordance with guidance issued by the Home Office under section 54(9) of the Act, HSBC UK Bank plc is relying on the Modern Slavery and Human Trafficking Statement produced by HSBC Holdings plc, our ultimate parent company, to meet the requirement of the Act to produce a Statement. The Statement covers the policies and procedures that are applied across the Group under the provisions of the Act and reports on the steps HSBC takes to ensure that Modern Slavery does not take place in its own operations or supply chain, or through its lending or project financing.
The Statement is available on the Group website.