NAM’s best cash management provider: HSBC

Results prove that HSBC’s success in North America is based on a client-first, simplified, data-driven, personalized and adaptive approach.

A Client-First Approach

Tom Halpin, North America Head of Global Payments Solutions at HSBC, attributes HSBC's success to an unwavering focus on understanding and addressing client needs. Instead of a traditional product-centric model, HSBC has adopted a client-first approach, starting conversations by understanding the clients’ challenges and needs, before presenting a product or solution.

This focus has enabled HSBC to develop solutions that are deeply integrated into clients' operational workflows, leading to better alignment with their business journeys. The end-to-end journey starts from the moment the client engages for the first time with the bank until the solution is delivered.

HSBC's commercial card offering saw an increase in the demand from clients because, the bank understands the growing need for working capital solutions. “We helped clients enhance their procure-to-pay process by collaborating with partners to develop our card proposition, while also providing valuable data insights for managing their budgets,” Halpin explained. For corporates operating in a hybrid environment, security and flexibility are essential. HSBC’s virtual card proposition not only meets these needs but also offers clients a fully digital journey, enabling them to leverage data for more informed decision-making. Beyond the solution, HSBC also managed to improve the onboarding aspect, which historically was a pain point raised by clients, by creating a straight-through process for customers with simpler requirements.

A Simplified Approach

HSBC’s extensive international capabilities was a crucial factor for many respondents to the survey. One corporate treasurer highlighted, “the reason why HSBC is our main provider is because the bank has an international network to provide services as needed.” Another added, “they also have a presence in France, where our parent company is, which makes moving funds back and forth convenient.”

Beyond cross-border capabilities, one of HSBC’s advantages is its global customer base. “If you are thinking about a supplier payment to Asia from the US, there is a high probability for HSBC to bank the supplier. Instead of using potentially a series of intermediary banks, HSBC is positioned to accelerate the payment delivery using its internal network,” Halpin added.

This focus on speed and efficiency has allowed HSBC to provide consistent global experiences, giving clients a level of predictability that is essential in a rapidly changing financial environment. Digital transformation is at the heart of HSBC's strategy, with initiatives focused on increasing transparency, reducing operational friction, and ensuring clients can navigate complex payment landscapes efficiently.

HSBC's Hybrid Checking Account, a solution launched in 2023, is a testament of HSBC’s commitment to simplify banking for their clients. Through this offering, clients managed to reduce number of accounts and align deposit compensation with their internal objectives.

A Data-Driven Approach

A major area of focus for HSBC over the next 12-24 months will be harnessing data to provide actionable insights for clients. With the global adoption of ISO standards, data in payment instructions is becoming more prevalent, which HSBC plans to leverage for various applications, including fraud detection and reconciliation.

“Payment velocity is important, but payment information velocity is equally critical,” Halpin emphasized, noting that the bank’s efforts are not just about faster payments but also delivering timely insights to support better decision-making.

HSBC is focusing on integrating back-office data with clients’ ERP systems via APIs, allowing them to use real-time information for reconciliation and strategic planning.

A Personalized Approach

In addition to its globality and set of products, HSBC’s dedication to superior client service has earned it high marks among respondents in the Euromoney Cash Management 2024 Survey. One treasurer commended the bank for its “outstanding customer service in terms of professionalism, proactiveness, and understanding of the customer's business as well as banking needs.” Another treasurer detailed HSBC’s personalized service approach: “They organize weekly meetings with us to ensure that all items are addressed in a swift manner. They are key components in getting us the support and issue resolution efficiently. They are always helpful in getting us to the right person to resolve any issue at hand. This is not easy because our client ID is located in Singapore, and our Treasury team is in the US with support needed for our bank accounts across the globe.”

By combining technology with a high-touch service model, HSBC has managed to deliver a unique value proposition. Halpin shared that while digital tools have enabled faster responses, HSBC has also increased human interaction to address specific needs and foster deeper client relationships. “While technology enabled faster responses to certain queries, we have also enhanced our focus to provide much more dedicated service, so that we could listen more and better understand our clients,” Halpin highlighted.

An Adaptive Approach

With the integration of data and technology in transaction banking, the role of HSBC’s client managers is evolving. The bank is now working closely with clients’ IT and infrastructure teams—such as CTOs and CIOs—alongside the traditional finance stakeholders. To meet these new demands, HSBC has made workforce development a priority.

“Maintaining our viability and value-add to clients means equipping our teams with skills that go beyond traditional banking,” Halpin shared, describing the bank’s agile, cross-functional training approach.

HSBC has implemented a range of training programs, from introductory courses on AI to in-depth sessions, ensuring that team members are equipped with the technical knowledge needed to add value in these complex conversations. This commitment to continuous learning also extends to hiring, where HSBC actively seeks candidates from diverse backgrounds to foster fresh perspectives. “When we bring in someone from a different walk of life, the team benefits from new learnings that we immediately infuse into our practice,” said Halpin, highlighting HSBC’s emphasis on diversity.

The Road Ahead

As HSBC continues to evolve, its focus on client-centricity, digital innovation, and workforce readiness, positions it well to navigate the complexities of the modern transaction banking landscape. The bank’s commitment to delivering tailored, holistic solutions that address clients’ unique challenges is resonating strongly, as evidenced by the positive feedback from survey respondents.

"It’s remarkable to see HSBC’s global strengths being applied to one of the most mature cash management markets in the world—North America. What truly sets HSBC apart, according to regional treasurers, is how the bank deploys its global footprint and innovative capabilities in a client-centric manner. HSBC’s exceptional service, bespoke solutions, and highly skilled client managers were particularly praised by treasurers in North America," Ana Voicila, head of transaction banking at Euromoney concludes.

This article originally appeared on euromoney.com.