Analyzing the Impact and Significance of Digital Technology on HSBC

This report provides a comprehensive analysis of the impact and significance of digital technology on the HSBC banking sector. It begins with an introduction to digital technology and its importance in business, highlighting examples such as online payments and the benefits of efficiency and customer attraction. The main body of the report explores the advantages of digital technology in banking, including faster money transfers, 24/7 service, paperless work, and improved customer service through mobile apps and credit cards. It also traces the history of digital technology in banking, from the first bank to the introduction of smartphone apps, and describes various digital technologies used in banks, such as ATMs and "one tap pay." The report further examines innovative ideas of using technology like augmented reality, robotics, and security cameras. It concludes with recommendations for HSBC to leverage digital technology to gain customer trust, such as promoting banking facilities on social media and teaching customers how to use online banking systems. The report emphasizes the importance of adapting to evolving trends and customer needs in the digital age.

Banking sector/ HSBC

Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Impact and significance of digital technology.............................................................................3
Challenges of digital technology.................................................................................................8
Recommendation.......................................................................................................................12
Conclusion.....................................................................................................................................14
References......................................................................................................................................16

Introduction
Digital technology are those technology which runs with electricity and which process and store
data. Example of digital technology is online games, social media, multimedia and many others.
In today’s world digital technology is much important in business. Using digital technology in
business provides two benefits, first is it saves time of employees while performing any task and
secondly it attracts customers (Spiteri and Rundgren, 2020). Customers are attracted with high
speed technology. A perfect example of digital technology is that when supermarkets are facing
with digital technology at their billing counters then customers has to wait a lot for their chance
because a long queue is paying cash with traditional method. On the other hand another
supermarket has digital payment structure then their customers do not have to wait a lot while
standing in the queue. They just pay their bill in few seconds with the help of digital technology.
Hence, this example shows that how digital technology reduces employees burden and attract
customers. Hongkong and Shanghai Banking Corporation (HSBC) is a bank which is
headquartered in London, England, UK. It is founded by Sir Tomas Sutherland in the year 1865.
It is British multinational investment bank and financial service holding company. Digital
technology plays an important role in banking sector. From entering the bank, opening an
account, sending money to other, receiving money, getting solutions from banker about any issue
and many things are done through digitally. All information of bank customers is filled by
digitally (Moşteanu and et. al., 2020). When a transaction takes place then customer whose
number is registered with bank get a text message about the transaction and money which is
transferred. This is the example of digital technology in banking sector. Hence, banks are almost
fully depends upon digital technology.
Main Body
Impact and significance of digital technology
Digital technology is the small sized devices which can store huge data and which can
be transported from one place to another easily. The laptop, mobiles, TVs, computers and etc are
digital technology. It has changed almost every aspect of human life. Today, all almost every
sector is depend upon digital technology. There are both some benefits as well as some

disadvantages of using digital technology. Advantages of using technology is that it save human
life and efforts which can be utilized some another productive activity and its drawback is that
humans are totally depends upon technology. They use it in excess. The things which can be
done manually easily for that also people uses technology. It makes humans lazy (Dimitrova and
Öhman, 2021). Digital technology is becoming habit of human life in day to day life. New
technology plays an important role in developing business world. In context of banking sector,
the famous banks like HSBC have developed their reputation by their effective working through
digital technology. Benefits of using digital technology in context if HSBC bank is explained
below-
 It makes it easy to transfer money from one account to another within few minutes
(Vaganova and et. al., 2019).
 With digital banking no one is required to wait for banking hours to get the payment
done. Digital banking allows the use of service 24*7. Customers can transfer their money
at any time.
 It enhances paperless work in quick way. In case customer have to visit bank for opening
account then it will take only few minutes for filling some formalities of personal detail
then account of client will be opened.
 It acts as a reminder for banks and clients. Digital technology reminds banks about their
working hours by alarming device. For customers, a reminder from bank is received by
them about their credit card bills, due payment and many others.
 In case of misplace of credit cards or stolen of any banking card, an individual is not
supposed to go to bank and report about the situation. Report can be done at any time
while sitting at any place with the help of digital technology (Sibanda and et. al., 2020).
 For rural people digital technology plays an important role. They are not supposed to
travel a long distance and reach at the branch of a bank. The mobile applications help
them to take facilities and services of banks while sitting at their homes. It also enhances
the involvement of rural people in having bank accounts.
 The biggest benefit of technology for people from banking sector is the use of plastic
money which is called credit cards. With the help of credit card facilities customers did
not supposed to carry cash with them. They use a single card for many bill payments.

As the time passes, trends, mindset of people, lifestyle and many other things changes. New
technology emerges according to change in environment like when mobile phones introduces
and different applications were made then businesses started selling their products and services
through online by making their own applications. There is much other use or digital technology
like camera’s in stores are used for security purpose which record video recording around its
range, Fire alarming gadget is used to alert surroundings in case of fire in offices by censoring a
little smoke of fire, learning digitally through smart classes where teachers and students interact
with each other through a screen (Jünger and Mietzner, 2020).
In context of HSBC bank, it was introduced in the year 1865, where there is no digital
technology. All work is done through manually and by hand written. After few years when
globalisation was becoming successful in all over world at that time they started using new
technologies. When they introduce their banking facilities through their banking app on online
mode, very few people engage them self in online banking. When the time passes, they introduce
new technologies which help customers to believe them. They fill the entries of customers
regarding their personal details through computers. They handle all transactions through online
and many others. Now recently, the bank is using technology in such a manner that entry and
exit of customers in banks is also recorded with the help of camera which is also considered as
usable digital technology for banks (Schmitt, 2019).
History of digital technology in banking sector-
1472- This is the year when world’s first bank was found whose name is Monte dei Paschi di
Seina, they worked as an normal bank. They started cheque, paper currency and branching
system which remain same for further 500 years.
1953- Here, the first bank was build to process cheque for customers of Bank of America.
1966- This is the year when first Debit Card was launched by Barclays in the UK.
1989- The year of direct bank of call centres. First Direct launched by Midland Bank
(Khanboubi, Boulmakoul and Tabaa, 2019).
1994- This is the year of starting internet banking with few facilities. Standard Federal Credit
Union was the first financial institute in US to offer internet banking to its customers. The
biggest problem is to influence customers to use internet facilities for banking work. Most of the
customers prefer to use traditional way for banking due to security issues.

2001- This is the year where customers started believing online banking and started involving
them self in learning how digitally they can transfer their money.
2005- Rabobank was introduced in this year. Rabobank is an online banking facility which helps
customers to know that on which activity they can invest their money to get higher interest which
is beneficial for customers (Riza and Hafizi, 2020). There is no physical presence of these
services, they operate through online mode. These banks also tell the benefit of savings. They
charge no fees on savings accounts of customers.
2008- This is the year where banks started joint venture with another banks to gain more profit
and to use each other’s technology.
2011- First Smartphone banking app was introduced by UK. After 2011 the banking sector
speeds up to develop their technology.
Various kind of digital technologies used in banks are explained below
 Automated Teller Machine (ATM) was commonly used technology for withdrawal of
cash in nearby areas (Kemal, 2019). This gadget makes life easy for customers of banks.
Before ATM machines they have to travel a long distance to reach at banks for
withdrawal of money but now ATM of specific banks were kept at many places with
security guards for its security. ATM can be used at any time by anyone. They provide
24*7 services. The only thing to use ATM is to have a account in particular bank and
having Debit card for that bank.
 “One tap pay” is becoming famous now a day’s which works as when a customer’s
purchases anything then they are not supposed to enter their pin code or password for
credit card pay (Son and et. al., 2020). They are only supposed to scan their cards on the
available machines and the amount will automatically deducted by the account. This is
how one tap pay works.
 Banking mobile apps are used for almost each and every thing. They work same as
commercial banks. Mobile banking apps can lend money, record transactions; maintain
passbooks and many other things. These mobile apps save customer time and money.
Innovative ideas of use of technology in banking sector- Augmented Reality- It is an enhance vision of physical things which is seen like in real
world. With the use of this technology virtual things seems like they are happening in real
life and this can be achieved through digital visual elements, sounds and many other

things. In context of banking sector including HSBC bank, it is planning that a virtual
bank should also evolve for customers so that they can see how banks works and how
they can ask help by banks. There is great scope in this idea for banks to get more
reputation in customers minds by let them believe that their money are safe (NGUYEN,
2020) .
 Robotics process automation- Here, this technology says that there must be use of robots
in whole banks for smooth and fast functioning. It is believed that robots work fast
without any mistakes which are commonly done by human staff. This idea is effective as
well as flop too because in case of robbery or any unlawful activity, robots will not act as
humans in such critical situations (Malar, Arvidsson and Holmstrom, 2019). Therefore,
use robotic staff is good but at limited extend.
 Camera caught things- This is imaginary idea of new technology which must be used in
banks. It includes to use those cameras in banks which sensor the behaviours and
expression of customers and find out the motive that whether that customer is entering
the bank for using banking facilities or they enter for robbery motive. After identifying
any unlawful activity motive by camera then alarm should be rang. This technology helps
the bank to alert before any misbehave by anyone.
Customers are king of any business whether it is retailing sector, banking sector or any others
sector (Saji, 2019). Without customer no business can survive. Hence, fulfilling customer’s
demands is most important to become successful. There are some ways by which HSBC bank
can gain the trust of customers by using digital technology and these ways are explained below-
 Introducing any new banking facility on social media is a good idea for HSBC to grow.
Today, most of the customers are active on social media specially youngsters. Hence, it is
good to aware a lot of customers together by promoting banking facilities on social
banks.
 Teaching how to use online banking is another good idea for HSBC to grow faster. There
should be a robotic team which help customers to learn how they can use online banking
system. This will help customers to learn new technology and engage them self in online
banking facilities and it also help bank to attract new customers as everyone wants to
interact with robotic staff.

 Making changes according to customer’s complaint is another way of gaining customer
loyalty through digital source (Alkhowaiter, 2020). In case customers are facing problem
of using online banking app then it is compulsory for banks to change the functioning of
their app or they might also change whole app to make it flexible for the use of their
customers because when customers find any difficulty in using banking apps then they
refuses to use it again and they opt for traditional banking method. Hence, it is
compulsory for every bank to make easy app functions which customers can learn to use
easily within few days.
 HBSC has an IT team who help them to solve any issue of office related to electric
devices or software. They are also responsible to suggest some good ideas for the
development of bank in IT field. This team is supposed to analyse the market and tell
how they can use new technology which will further provide benefit to bank.
 Keeping the data of customers safe and secure is another way to gain customer trust. In
context of HBSC, they use advanced technology to secure their clients personal
information. This information can be shared only by bank and the actual customer and
there is no other third party is involved.
Challenges of digital technology
Technology allows advanced product creation, improved retail networks, stable risk
management strategies and merchant banks to enter remote and varied customers globally. The
Network has affected the banks' supply chains greatly. In addition, Informant Intelligence
estimated that 48 per cent of bank leaders think the major effect on banking by 2020 would be on
emerging technology such as the block chain and artificial intelligence (AI).However, there are
many challenges which are faced by HSBC in their business which are mentioned below:
 Information security: In the coming year, data protection issues posed by technological
advancements and how customers, companies, and other organisations use the technology
will be a major concern (Heavin and Power, 2018). Data-related problems pervade almost
all new technologies. With massive quantities of company and personal data being
exchanged and processed electronically, the risk of data breaches has skyrocketed, and
companies must be prepared to respond quickly in order to comply with a patchwork of
provincial and national data breach laws. While these laws continue to lift the bar for data
protection, parties involved still expect more responsibility. In context to HSBC, they

face challenges of data security when they have to secure the data of their customer as
when they have adopted the new technology. This becomes the serious concern which is
to be overcome by them. In this way the selected organisation faces this problem of as
this leak the information of customer when they are using the bank software.
 Cloud computing: Cloud computing continues to hold a huge amount of potential for
companies and customers alike in terms of cost savings and convenience. Data privacy
and security threats are rising, and contracting and licensing norms are changing and has
become tougher to control as more operating systems and other computing tools are
accessed and made available in the "cloud." In context to the selected bank which is
HSBC, as they face various difficulties in cloud computing when they are using the
digital technologies. The first challenge faced by them is security issue as this decrease
the reputation of bank if there is information is being steal and the personal information
of client. In other words, the other challenge in cloud computing is lack of resource
which means that they have to while cloud technology continue to evolve, more large
projects are being moved to the cloud. Organizations are unable to stay current with the
tools as a result of these factors.
 Validating technology use cases: Technology is changing rapidly so banking industry
has to change their software according to the changes (Lisenkova, 2018). As this become
major issue as this involved huge investments as they have to invest in digital technology.
So, this becomes the major issue for HSBC as they have to use new technology which
involves features and many others. So, that they have to develop a management team who
analyse that which software fit for banking sector. In this way they have to analyse and
then implement the software. As the main challenge arise when they have to tell their
customers about their software which is been accepted by them in accordance to the
maintain their reputation in market. In this way, the selected bank which is HSBC as they
face challenge as there are various technology that come which hider the performance
and activities of organisation. So, that they have to invest lot of money on technology so
that they can upgrade themselves.
 Risk of Mobile payments: According to many customer studies, we keep better track of
our phones than we do of our wallets, so the rapid adoption of mobile payments is
unsurprising. However, liability problems for certain transactions that do not go as

planned, such as misdirected payments, unauthorised access, and account balance errors,
must also be resolved. With the reference to HSBC, as they also have their own
application for their banks which means that customers can transfer their money to
another accounts. As in many cases while customer doing the mobile banking payment
they do not get OTP and their money steal by the fraudulent which lose the reputation of
bank. This means that customers of HSBC do not have faith bank. As this also reduce the
reputation of bank in industry which leads to decrease the sales and profit of the selected
organisation or bank.
 Remote automation and control: The “smart office” and “smart home,” as well as smart
cities, can now be centrally controlled, managed, and tracked. However, a careful
examination of the terms and conditions about liability for mistakes and errors shows a
plethora of disclaimers. The final extent of accountability between suppliers and
customers of these monitoring and surveillance systems has yet to be determined. In
relation to HSBC, banks who had already invested in RPA, BPM, and other automation
methods were ideally positioned to meet the emerging market demands as a result of the
sudden urgency to go digital. Companies that were already dependent on legacy
processes were forced to their limits, exposing their inefficiencies and manual processing
dependency. In times of crisis, when businesses must cut costs, automation may not be
the best option.
 Internet of things: Electronic marking, monitoring and sharing details about places,
travel and the status “internet of things" of items and individuals with bar codes, RFID
sensors and other technology is increasingly a fact (Mendhurwar and Mishra, 2021).
While this innovation can provide a number of advantages for the companies and
customers. Internet of Things’ security problems is close to those of "big data." In context
to HSBC, the management has face challenges in their banking sector is that there is a
high chance of consumer protection and surveillance data and confidential records being
breached by 'hacking.' The IoT hardware is of various kinds as it is constructed by
various manufactures and calls for a particular method to repair. The absence of a
standardized specification will contribute to usability failures of IoT devices; particularly
though all vendors of hardware adhere to one particular standard, technological problem
will have to be dealt with.

 Inadequate staff training: The expertise and ability gaps that impede the rapid
implementation of the new IT architectures required for flexibility have affected business
executives and big institutions. Device inconsistency; difficulty; language obstacles; a
shortage of power, software, web and apprentice connectivity and the failure to grasp the
benefits of such technology were the main hurdles to implement the new technology.
Examples are computer language skills design applications, mechanical machinery or
instruments. Although technological qualifications are particularly essential for IT and
certain areas of science careers, many others want workers with at minimum certain
technological expertise. In relation to HSBC, as they have to work fully on the system
such as online payments, any information which customer want. Banks and other
financial institutions are strong database users in the management of client balances,
ledgering, reviewing, and transfers of electronic funds and handling of enormous
amounts of checks, bank cards and major day-to-day transactions.
 Integration and upgrades: The "intelligent workplace" and "smart house," also smart
cities, are now a possibility with a remote automation, supervision, and monitoring
(Madon and Krishna, 2018). A careful examination of the product description on
incidents and errors shows, though, that there are abundant disclaimers. The balance of
responsibility between suppliers and consumers of these automation and tracking systems
remains to be resolved. This is the challenge which is faced by HSBC in their sector as
when they do not update the new digital and new technologies then it affect the overall
business performance in the banking sector. In order to use its maximum capacity new
technology should be used in existing enterprise operations. It’s never sufficient to buy
the latest technologies. Following the acquisition, the current processes and practices
must be adapted such that the latest technology is incorporated so that confusion and
further preparation are restricted as the modern technologies are already available.
 Outdated mobile experience: Nowadays in HSBC, every institution or financial
association has its specific personalized Smartphone app but which does not imply that
it's utilized as easily as possible unless a company has a mobile banking plan. The mobile
experience of a bank must be short, easy to use, safe and frequently updated to satisfy its
customers. Some banks have also begun reimagining what the banking app should be by
adding mobile paid functionalities that allow consumers to deal with their smart phones,

like stable digital wallets (Tekic and Koroteev, 2019). The big challenges face by the
HSBC and their customer as they have many problems such as their sites are mostly on
under maintenance as it indicate that there is no proper management to handle the
circumstances.
From the above analysis, it is concluded that the banks at all levels and in any branch,
machine learning and automation play a significant role. In this way, technology unifies all of the
different banking divisions so that the bank can provide each customer with a stronger, safer and
more private experience.
Recommendation
HSBC is performing its business operation as a British multinational financial service and
investment bank. This company is one of the largest banking firms in Europe, which is
conducting its business activities in financial services industrial sector. HSBC offers its services
worldwide in which they provide consumers with the services related to wealth management,
investment banking, private banking, financial insurance, credit cards, retail banking and other
form of financial services. It has been identified that banking industrial sector is facing it facing
aggressive competition. Innovation has consistently assumed on significant part in the working
of banking foundations and the administrations given by them (Singh, Sunkara and Yencken,
2021). Data Technology empowers modern item improvement, better market framework,
execution of solid strategies for control of dangers and assists the monetary mediators with
arriving at topographically removed and differentiated business sectors. It has been determined
that internet has fundamentally impacted conveyance channels of the banks. Along with this,
there are some sort and digital technologies transformations being undertaken place in banking
sector, due to machine learning and AI which is significantly in enhancing user experience and
offering more satisfaction and convenience to consumers. Thus in order to overcome the
challenges prevailing in global business banking environment it is essential for managers of this
organisation to emphasize upon certain recommendation in order to assure more
competitiveness.
Using Data and AI for Personalization at Scale:
It is one of the most important digital technologies that can transform organisational
services in this ever changing global business environment. With the help of taking use of data
and artificial intelligence to provide personalization services to customer’s organisation in

banking industry can significantly enhance their satisfaction level (Joneidy and Ayadurai, 2021).
By taking advantage of Artificial Intelligence and data, HSBC can have clear direction of buying
behaviour of customers. With the help of this technology HSBC can also tell their customers that
they are effectively listening to them. AI driven monetary models have demonstrated their value
somewhat recently or something like that. Yet, they are not liberated from debates. A large
portion of them are prodded on by the way that AI-empowered models are basically secret
elements that rule out straightforwardness. With the development of criticism empowered AI, we
will see this worldview change. Dependable and reliable AI will permit banks to maintain morals
and administration and limit model dangers, while driving nonstop efficiencies.
Customers nowadays want that their banking providers know them in effective manner
and provide them overall financial status on demand. Artificial intelligence provide a significant
measure through which company can transform consumer experience and can further built
entirely new business model in banking industry. With the help of taking use of data and
artificial intelligence, HSBC can assure highest level of result with the help of collaboration
between machine and human through which company can provide humanized experience to
customers in effective manner.
Cyber security:
It has been identified that with the increase in the use of digital channel and technology
banking industries are more prone to cyber attacks. In addition to this it has been identified that
customers nowadays are also more focused towards taking use of those services which is
protected in effective manner (Payne, Dahl and Peltier, 2021). Furthermore it has been underline
that new banking regulations in which banks are required to share information of customers with
third-party provider make this industry more wonderful. In this situation it is essential for
organisations operating their services in banking industry to effectively handle data protection
and assure management of cyber security risk in effective manner. It offers ease of use and
highest protection of identity and data. HSBC is recommended to implement secure application
multi factor authentication digital signatures and other form of security for example biometrics.
With the help of this cyber security measures HSBC can provide tractor services to customers
comparatively to other rivals in industry. It has been underlined that this strategy will also at
HSBC to enhance overall level of consumer satisfaction.
Cloud-based solutions:

It is also one of the most effective forms of transformation in banking industry. With the
help of cloud computing organisation in banking industry can offer high level of backup and
redundancy at lower price. It also enhances business flexibility as well as a reality. It has been
underlined that cloud based offer companies within banking industrial sector to experience
shorter development cycle for new products (Yu and Song, 2021). Furthermore it has been
underlined that cloud banking infrastructure will facilitate HSBC to rapidly response to the
potential risk and safeguard data of consumers. With the help of this company can accomplish
their business activities while sharing data security and compliance. With the help of this HSBC
can also deliver Omni channel consumer experience. According to the above analysis it has been
identified that cloud based solution is playing important role in banking industry and it is one of
the significant digital and new technologies through which leading banks such as HSBC can
enhanced business agility while accelerating innovation with reduced cost.
Thus, according to the above analysis it has been determined that by emphasising upon
certain recommendations managers for the in HSBC can effectively transform their business
operations and can further maximize their growth and profitability. It has been identified that,
banking climate has become exceptionally cutthroat today. To have the option to endure and fill
in the changing business sector climate banks are going for the most recent advancements, which
is being seen as an 'empowering asset' that can help in creating student and more adaptable
design that can react rapidly to the elements of a quick changing business sector situation. It is
likewise seen as an instrument of cost decrease and successful correspondence with individuals
and foundations related with the financial business. Thus, with the help of recommended
measures there are some strategies that will also allow this organisation to enhance satisfaction
level of customers. Furthermore it has been underlined that these recommended measures will
also aid company to provide efficient and effective services to consumer and handling of
information in effective manner that further strengthen their internal control system.
Conclusion
From the above information it is clearly concluded that digital technology plays an
important role banking sector. From entering of customers to exit point every aspect or work of
bank is done through digitally. Recording transactions, filling personal information of customers
and many other things are done through computer and laptops. Digital technology and new
technology plays an very important role maintain stability of business in case of change in

environment. Banking sector is the one who take full advantage of development of technology
over period of time. Whenever new technology is introduced, banking sector find the ways to use
it for their benefits for example when mobile and applications in mobile is introduced then
banking sector evolve their own app of performing banking activities through internet which
makes their work done in quicker time and with less efforts of their employees. Digital
technology acts as time and money saver for banks. They also help the bank to gain customers. It
is also concluded from the above information that while working through digitally, a bank has to
face many problems and challenges like the first and the biggest challenge is influencing
customers that online banking is safe and they can believe ne technology. Mind set of people are
not allowing them to engage them self in using online banking facilities. Another challenge is
increase in cyber crimes. Today cyber crimes are increasing day by day and due to use of digital
technology every transaction records and personal details of customers are recorded in computers
and laptops which might be stolen through hacking or any other unlawful activity. In the end it is
concluded that digital technology plays both positive as well as negative role upon business. It’s
upon business that how much and in what ways they want to depend upon technology because
digital technology is made to save human time and money and not to make them lazy or totally
dependent on technology. Hence, technology should be used under limits by any business.

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