The financial services sector has experienced many crises over the past few decades - such as digital disruptors and market crashes - forcing institutions to reinvent to attract and retain customers. In addition, technological developments and the explosion of digital is changing the financial industry’s processes, products, and marketing strategies.
As one of the world’s largest banks, the UK-based HSBC has not been immune to challenges; some of which could decimate other brands. One such crisis was its inclusion as one of the many financial institutions under scrutiny during the FinCEN investigations. The institution also hit a major roadblock in 2012 after branch closures and competition from disruptors led to an identity crisis and a decline in brand value.
But, you don’t get to stay in business for 150 years without the ability to pivot and evolve. How did HSBC overcome these challenges to emerge as a cohesive and strong brand? And, what can we learn from their focus on data-driven marketing and customer experience?
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