HSBC has issued an update regarding its banking rules after customer complaints. Taking to X, formerly Twitter, one customer claimed they were denied a service despite already being an account holder.
The social media user expressed frustration: "I want to apply for a bank account but you're making it very difficult as I already have a product so can't do it online???"
In response, HSBC, which has Birmingham branches, explained: "To open a secondary account, we would need to complete some additional checks." The customer countered: "I get the extra checks but why call? Can't it all be done online like all other banks?"
HSBC replied: "I am sorry about this, but this would need to be completed with an agent."
Global Economic Volatility
This comes as an overwhelming majority of UK senior leaders and investors (95%) believe volatility is no longer a temporary disruption but a permanent feature of the global economy.
Ahead of HSBC's annual Global Investment Summit, the bank surveyed 3,000 international businesses and institutional investors in 10 markets, including the UK. The survey was conducted in mid-March against the backdrop of recent world events.
Over one third (38%) of all respondents think that the UK, alongside continental Europe, will become the most important market for future economic relationships over the next five years, after mainland China. Meanwhile, more than half (52%) of UK businesses and investors held this belief towards continental Europe.
AI and Productivity
According to the survey, 66% of UK business leaders and investors cited improved productivity and workforce efficiency as the most significant potential benefits of AI over the next three years. Additionally, over a third of UK businesses (39%) believe AI, alongside data-related infrastructure, will significantly transform their core business model over the same period.
Stuart Tait, Head of Commercial Banking at HSBC UK, commented: "These findings show the transformation that has occurred in the global economy. UK businesses have been stress-tested repeatedly and are adept to change. Despite the volatility they see significant opportunities, with AI adoption a key driver of growth.
"The UK is a key market for future economic relationships and it's important we continue to focus on supporting UK businesses as they invest in technology, skills and innovation."
