Qorus Banking Innovation Awards 2023 - Winner

Insight-led Customer Selection Engine to Deploy Hyper-personalized communications, Personal Finance Management feature and upselling.

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04/09/2023 Banking Innovation

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Harnessing the power of AI, HSBC has revolutionised banking personalisation, with the Insight-led Customer Selection Engine and the Personal Finance Management (PFM) tool. We've created a sophisticated, smart analytics engine that adapts to customer behavior, marking a new era of hyper-personalised banking. The result: a unique, tailored banking experience for every customer.

Innovation presentation

In an age of data-driven decision making, HSBC has taken a step further, blending data analytics and machine learning to enhance financial wellbeing and wealth goals of our customers. By leveraging the Insight-led Customer Selection Engine, we have been able to track and examine the relationship of over 5.3 million retail banking customers, generating 1.3 million behavior signals daily across 18 industry categories.

We have spent over a year gathering data, which has been used to generate unique customer personas based on customer behaviors. By predicting customers’ potential opportunity and product take-up likelihood, each customer receives a truly personalised recommendation to discover offers that fulfil their banking needs. This allows us to deliver tailor-made product sequences based on customer needs and engage with them timely in their preferred channels.

Taking this innovation to the next level, we've added Contextual Hyper-Personalisation elements into the HSBC HK Mobile Banking App & planning to do the same for HSBC Reward+ app. Customers are timely reminded of their recent expenses and receive the most relevant offer recommendations.

Our ultimate upgrade has been the integration of our Personal Finance Management (PFM) tool, which helps customers to keep track of their monthly expenditure. With this tool, customers can access detailed transaction breakdowns to understand their spending pattern and where they spend the most with personalized insights. The tool enriches more than 800K transactions per day and triggers more than 4.7 million insights.

The PFM tool, which has over 1.8 million unique users, has drastically increased customer satisfaction and engagement, resulting in a higher product take up rate on the mobile app. For instance, in Q4 2022, the on-app loan application rate of users of this feature has gone up by 89%.

In conclusion, HSBC has truly harnessed the power of AI to provide customers with unprecedented control over their financial destiny, making banking a more personal, insightful, and rewarding experience. This innovation signifies a major breakthrough in predictive banking and sets a new standard for customer personalisation in the industry.

Uniqueness of the project

Our groundbreaking Budget feature, the first of its kind in a banking app in Hong Kong, leverages sophisticated machine learning and AI models to deliver hyper-personalized customer experiences. This cutting-edge functionality has rapidly propelled HSBC to a remarkable milestone of 2 million mobile active users. While competitors lag behind with basic banking features, our app represents the next generation of personalized banking, setting new standards and pushing boundaries in the industry.

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