HSBC Bank, USA NA, part of HSBC Group, and Samsung Electronics America Inc, revealed details of how HSBC is using Samsung wearable technology to enhance the customer and employee experiences at their flagship retail bank "branch of the future" at 452 Fifth Avenue in the heart of New York City. In a first-of-its-kind pilot, HSBC frontline staff are using customized Samsung Gear S3 smartwatches to enhance customer service by making in-branch communications more seamless and efficient between team members. For more information see the IDTechEx report on Wearable Technology 2018-2028.
"Everything we do is centered on the customer and making it as easy as possible to bank with HSBC when, where and how they choose," said Pablo Sanchez, Regional Head of Retail Banking and Wealth Management for HSBC in the U.S. and Canada.
The Gear S3 smartwatches create more efficient communication channels between HSBC team members by allowing them to easily engage throughout the three floors of its flagship branch. Now, rather than be tethered to fixed locations like desks and offices with traditional communication channels, employees have more freedom to communicate with each other anywhere, anytime, in order to better serve customers.
"Our biggest asset are our people, and we believe the most innovative technology can help them free up time and be more efficient in how they communicate, which is a big win for our customers," said Jeremy Balkin, Head of Innovation, Retail Banking and Wealth Management, HSBC US.
Highlights of the Samsung smart watch solution for HSBC include the following:
- The custom, cloud-based Gear S3 application includes several preset text messages that allow employees to discretely and quickly communicate about customer needs they frequently encounter, such as "Your 10am appointment is here." Through Samsung Knox Configure, IT can automatically enroll new devices and re-configure the user interface and messages based on workflow needs.
- The HSBC-branded watch face features a simplified interface that allows employees to quickly send requests or notify colleagues of immediate service needs. The device will also discretely notify the sender when the request is fulfilled, allowing employees to pay more attention to meeting customer needs.
- Gear S3 is 4G LTE-enabled, so employees can stay connected without needing their Galaxy smartphones nearby. The built-in speaker and microphone allow them to make and answer calls among team members hands-free as needed.
- Gear S3, like all Samsung mobile devices, is protected by Samsung Knox mobile security. The defense-grade security platform is made up of overlapping defense and security mechanisms that protect against intrusion, malware and other malicious threats.
Initial results from the wearable technology pilot show improved customer waiting times, as well as more efficient communication and responsiveness between team members. HSBC will also use the insights to better understand monitor peak times and identify better ways of working, so they can continue to make appropriate staffing decisions.
"Research published by Celent in May found that 77% of consumers prefer to speak face-to-face with banking associates, indicating how important branch service remains," said John Curtis, Vice President, Enterprise Sales, Samsung Electronics America. "Innovative banks like HSBC recognize the importance of catering to their branch customer needs, and know how data-driven insights can help them further enhance how they deliver to those needs."
HSBC has been a leader in bank branch innovation in the United States, with a commitment to delivering a connected retail banking experience with firms like Samsung.
"We're always exploring cutting-edge innovations to help serve our customers in a more experiential way and this trial is another important step on that journey," said Balkin.
Source and top image: Samsung
Learn more at the next leading event on the topic: Business and Technology Insight Forum. Boston, June 2019 on 4 - 6 Jun 2019 at Boston, USA hosted by IDTechEx.