Shirley Yanez / 27 October 2024 / Categories: City, Product and Brands, Corporate Brands, Opinions

HSBC Business banking

UK high street bank

It's truly disheartening to face my negative experience with HSBC, especially considering my long-standing relationship with the bank. The banking landscape has indeed shifted dramatically over the past few years, with many institutions moving towards a more digital approach, which can sometimes come at the cost of personal service and local presence.

On the personal banking side, the closure of local branches is a trend that has affected many communities, as banks strive to streamline operations and reduce costs. This often results in customers feeling alienated or underserved, especially when they value face-to-face interactions. It's understandable that many would miss the convenience and comfort of having a nearby branch where you can speak to a bank representative in person.

Regarding the business banking aspect, it seems that HSBC may have evolved its focus towards catering to a more high-net-worth client base. This strategic shift can sometimes lead to smaller businesses feeling overlooked or receiving less tailored support. The perception of ruthlessness and a lack of interest unless your account holds millions can be quite disillusioning for loyal customers who are looking for a more personalized and empathetic approach.

In a world where customer satisfaction is paramount, it's unfortunate that my experience hasn't met my expectations. As a customer, it's essential to feel valued and supported by your bank, regardless of the size of your account. In the quest for growth and efficiency, it appears HSBC may have lost sight of the individual needs that I, and many others, seek from a banking partner.

Recently I had some funds sent from another bank in Abu Dhabi, an investor business transaction, which needed to be cleared through New York HSBC. It was a transaction I have done many times before in the past and it has always been quick and smooth but this time it all went horribly wrong. The money took almost one month to reach my account and for a small business, this was a huge problem for cash flow issues. When I called HSBC banking I was put through to someone in a far off land with a very poor understanding of the English language, so it was a problem to communicate properly my issue. The second person, not much better to be honest, even with evidence and all the documentation the money had been sent and received by HSBC could not help me. In the end I had to just give up. The money eventually arrived one month late, after being told it could take up to 7 days. It turned out that HSBC are entitled to hold on to your money as long as they like and nobody has come back to my complaint as of yet.

I am grateful to have a long standing relationship both personally and businesswise with HSBC for over 20 years but it is very sad that they have all the power now and the customer has little. As a society we must never allow businesses to become so complacent that they lose the human touch and distance themselves from problems like mine.

I hope that by sharing my concerns on here, it encourages not only HSBC but the entire banking industry to reassess their priorities and strive to provide a more balanced service that caters to the diverse financial requirements of all their customers. After all, it's the trust and loyalty of individuals and businesses that form the backbone of any financial institution.