World’s Best Bank for Transaction Services 2020: HSBC
Covid-19 has not simply accelerated the push to digital but has also changed the nature of transaction banking itself.
HSBC’s focus on delivering innovative solutions drawn from breakthroughs in artificial intelligence, big data, distributed-ledger technology (DLT) and mobile solutions has been more important than ever to its transaction banking clients this year.
“The future is changing really rapidly and we can’t continue to think in the terms we used to,” says Diane Reyes, group general manager, global head of liquidity and cash management at HSBC.
In 2018, the bank outlined a three-year strategy for transaction banking and invested heavily in technology and cybersecurity. This left it well equipped to deal with the pandemic, not only in terms of being able to handle the acceleration in the shift to digital but also enabling it to use its technology to help clients who face a plethora of challenges.
“We haven’t seen any resilience challenges and our cybersecurity investments have really put us at the forefront,” says Reyes. “It helped us help clients that have been under attack during this period.”
HSBC processes roughly $455 trillion of wholesale payments for clients on an annual basis, but through the crisis it has seen a huge pickup in the adoption of its digital products.