HSBC has launched the "HSBC Premier", what the bank calls a truly global
personal banking service, targeted at the world''s 200 million affluent and internationally
mobile customers, which includes around 1.4 million mass affluent customers in
India, and 200 million non-resident Indians (NRIs).
defines "mass affluent" as those customers who have liquid assets of
between $100,000 and $2 million.
latest "local" account has been rolled out across 35 countries simultaneously,
as one of the most comprehensive global banking and wealth management services.
The bank says that HSBC Premier breaks down international barriers, offering seamless
cross-border banking along with the promise that customers can, for the first
time, take their accounts, credit history, and banking relationships with them,
wherever they choose to live and work in the world.
Bahl, head of personal financial services for HSBC India, however clarified that
these were subject to local regulations, citing the example that US laws do not
permit sharing of information across the country''s borders, so though the HSBC
Premier services would be available to customers, they would be within the ambit
of local laws of the land.
customers will have access to 250 international Premier centres across major cities
in the world, along with HSBC''s 6000 plus strong global branch network with the
Premier service points. Each individual location will have access to all the information
needed to service customer requirements, and provide local advisory services.
at the launch, Naina Lal Kidwai, group general manager and country head for HSBC
India said, "There are around 200 million mass affluent consumers in the
world today, and the number is growing rapidly, by almost 20 per cent a year.
These customers are highly mobile, sophisticated, and knowledgeable. HDBC, with
operations in 83 markets, could provide them with the seamless international service
ensure world-class support to its customers, HSBC has embarked on what could possibly
be the largest retraining exercises, which will provide over 4,000 HSBC Premier
Relationship Managers globally, along with an additional 2,500 support staff with
the training and accreditation needed to provide the services from day one.
HSBC has a 2-million strong customer base for its previous, nation-specific Premier
services programme. It is now seeking to tap into the 200 million mass affluent
consumer base to take its market share to the next level.
Premier, in its new, global avatar, brings with it a host of enhance services
and facilities including global recognition and support services, international
services, wealth management services, and an exclusive HSBC Premier MasterCard.
The bank now offers unique benefits across each of these four pillars:
Recognition and Support:
in one, premier in all - extending the Premier status to all 35 countries, as
opposed to the erstwhile country-specific Premier Status. An HSBC Premier customer
would now be Premier across the globe, and not just in the home country.
Emergency encashment facilities across any Premier branch or centre.
single, global emergency number, accessible from anywhere across the world, 24/7,
IP phones in Premier Branches and centres to automatically connect a customer
to the call centre in his home country.
in opening accounts with HSBC across countries, which will allow customers to
have their account number even before the customer lands up in the new country
of credit history information to HSBC across countries, to assist in availing
credit facilities in the customer''s new country of residence.
View of accounts - the customer can get a unified view of his accounts with HSBC,
of charge fund transfers between self-named accounts with HSBC.
Card and Loyalty Programmes:
Exclusive offers and benefits across 9,000 merchant establishments in 40 countries.
tier upgrades with Jet Airways.
reward points on credit card spend.
investment perspective that leverages HSBC''s global wealth management expertise.
asked about the average net worth of an individual qualifying for the HSBC Premier,
Rajesh Iyer, senior vice president and head marketing of HSBC''s wealth management
and liabilities business in India, said that the qualifying amount for the programme
is INR 2.5 million.
he added, that as opposed to foreign markets, where individuals have independent
financial and credit histories and commitments, in India, HSBC evaluates the cumulative
worth of a family, which means that a husband-wife unit together could qualify
for the programme in India, where as in Hong Kong for example, each of them would
need to qualify individually.
about the suitability of this programme for professionals from India''s booming
software industry, Iyer said that HSBC has leveraged relationships with a number
of corporates, which have proved beneficial for the company, and their employees.
software giants with teams of 30 - 50 people travelling to foreign destinations
for extended periods of time can now open accounts there without any hassle at
all, and even before the team lands on-shore, which relieves some of the relocation
related pressures on their employees.