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01/25/2008

HSBC makes a bundle?

HSBC has launched HSBC Premier, a new way of banking.

It's a bundle of financial services targeted, it appears, at those who may be in position to benefit from the bank's global presence.

But as I read the features and imagined myself being bundled off for a time to an expat assignment in Paris, London or Rio, I found myself thinking: "yeah, but as you are a global bank, shouldn't I be getting these things from my existing account anyway?" By which I mean: international recognition, worldwide assistance, investment options, privileges and rewards.

While I may benefit by avoiding lines at the branch or by talking to investment specialists in plush carpeted surroundings far from the bustling lobby, these features and the above seem table stakes for an offering the name implies is premium.

Innovation in financial services is a tough business to be sure. Tougher still if Marketing isn't aligned to make the most of combined capabilities and at least one somewhat unique strength: global ubiquity.

What HSBC has here is a missed opportunity to make a bundle.

January 25, 2008 in Financial services | Permalink

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