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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings    HSBA   GB0005405286

HSBC HOLDINGS (HSBA)
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HSBC : The CEO of Pilatus Bank believes that it is time for HSBC and other retail banks to recognize fintech and challenger banks as serious contenders

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09/26/2017 | 09:53am CET

(PRWEB UK) 26 September 2017

Pilatus Bank, like other challenger banks, is attempting to disrupt the banking industry where the traditional high street banks, such as Barclays and HSBC, are failing to meet customer demands. The CEO of Pilatus Bank believes that innovation, agility, and digital disruption are key ingredients for becoming a strong contender. In addition, they have to be synchronized for the benefit of customers and their banking experience.

One thing traditional banks still hold to their advantage is the personal relationship infrastructure they have developed through their branch networks and their substantial human capital. However, with the trend of branch closures amplifying, the focus has been shifted to online and mobile banking. This is where challenger banks and fintech companies are making a dent. They don't have the legacy issues of the past; thus, their product cycle is much shorter and more integrated. This leads to a superior experience for the customers as far as the digital banking experience is concerned. Retail giants like HSBC have taken their customers' loyalty for granted for too long, and are now finding themselves at a cross road whereby they don't have the brand nor the product to market themselves successfully. Customers are smart and their dissatisfaction is real.

The CEO of Pilatus Bank added: "There's absolutely no hope for large banks such as HSBC to have any relevance in the everyday banking scene in the near future." Ghanbari continues, "If you were to set up a bank today using HSBC's current business model with their current quality of service; that bank would not be able to attract and retain a single customer. It's only a matter of time before customers will jump ship to a challenger bank. Once customers gain comfort around the conducts and propositions of a challenger bank, the ripple effect that's already appearing will expand even further."

On the other hand, we should be cognizant of the fact that some challenger banks focus solely on building a bank for the smartphone, completely ignoring the importance of the customer-banker relationship.
The CEO states, "At Pilatus Bank we understand that private banking has to evolve with the fintech space. Our ambition has been to create a technology platform which combines convenience and ease in delivering a personalised service. Effectively, it's a branch in your pocket." Ghanbari believes that this attribute sets them apart from other challenger banks. He expands, "Contrary to what some people might think; private banking is not on the decline. More than ever customers demand high quality service, but they are not getting what they need from online banking and robo-advisory. At Pilatus Bank, we allow clients to have a direct interaction with their banker without ever having to set foot in a branch."

Pilatus Bank has previously announced that it plans to offer its unique digital product to the mass-affluent; the tech-savvy yet underserved segment of the market who are currently pushed to bank with traditional incumbent institutions. Ghanbari believes that striking the right balance between customer centricity and scalability has made it possible for them to invest their resources effectively, hence allowing them to reduce fees and minimum account thresholds for their clients. Hamidreza Ghanbari predicts that the bank's strategy of combining customer excellence with a revolutionary fintech product carries the attributes necessary to make them the most significant challenger bank to date. Furthermore, he argues that their unique value proposition sets them apart from other challenger banks, ensuring they will play a permanent and significant role in shaping the next generation of banking.

Ghanbari talking at Pilatus Bank concludes, "Exclusivity and excellent customer service is something that everyone, not just the high net worth, deserves. Our target right now is to successfully serve the mass-affluent. If successful, Pilatus Bank is going to be at the forefront in the next generation of banking."

About Pilatus Bank

Pilatus Bank is a leading European bank that specialises in providing private and commercial banking services to high net-worth and affluent individuals. Pilatus Bank, located on 4 Old Park Lane, W1K 1QW in London, is mainly focused on offering its private banking services through its proprietary technology platform in order to make private banking more accessible and scalable. The Bank's simple and convenient solution has been a hallmark of transformation and quality of service. You can learn more by visiting the Pilatus Bank website.

Read the full story at http://www.prweb.com/releases/2017/09/prweb14731582.htm

(c) 2017 PRWEB.COM Newswire, source Press Releases

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Financials ($)
Sales 2017 51 564 M
EBIT 2017 18 233 M
Net income 2017 12 109 M
Debt 2017 -
Yield 2017 5,05%
P/E ratio 2017 16,78
P/E ratio 2018 14,54
Capi. / Sales 2017 3,92x
Capi. / Sales 2018 3,73x
Capitalization 202 B
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Technical analysis trends HSBC HOLDINGS
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 23
Average target price 9,77 $
Spread / Average Target -3,1%
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Managers
NameTitle
Stuart Thomson Gulliver Group Chief Executive Officer & Executive Director
Mark Edward Tucker Group Chairman
Andrew Maguire Group Chief Operating Officer
Iain James Mackay Group Finance Director & Executive Director
Darryl West Chief Information Officer
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