HSBC 2003 Annual Report Download - page 18

HSBC HOLDINGS PLC
Description of Business (continued)
16
• In July, HSBC launched HSBC InvestDirect, a
new online and telephone investment service in
the UK. This provides internet and telephone
share-dealing and price information across a
broad range of UK equities and gilts.
• HSBC in the UK was awarded the coveted ‘Five
Star Award’ from Money Management magazine
for its regular premium stakeholder pensions.
• HSBC’s Private Clients service was ranked the
number one UK Independent Financial Adviser
(‘IFA’ ) in a survey of the top 50 IFAs by
Professional Advisor Magazine again in 2003.
• In the UK, individual service reviews (a review
of a customer’s financial service needs) were
completed for more than 800,000 customers
during the year, an increase of 67 per cent on
2002.
• By the end of 2003, over 2 million customers in
the UK were registered for personal internet
banking and over 4.7 million customers are now
registered for telephone banking.
• Significant progress was made in migrating the
UK card issuing business onto Household’s
credit card system, improving both operational
and cost efficiency. HSBC Card Services issued
its highest ever number of new credit cards and
gained a record number of competitor balance
transfers in the UK, boosted by the introduction
of a ‘0%’ balance transfer offer in July.
• Following successful participation in the UK
‘chip and pin’ trials earlier in the year, HSBC
will begin issuing chip and pin enabled credit
and debit cards in 2004, delivering greater
security for card users and reducing exposure to
fraud costs.
• HSBC expanded its UK debt counselling service
for customers with potential repayment
difficulties. The service works with customers to
construct plans to manage debt more effectively
ahead of possible problems.
Consumer Finance
• In June, HFC Bank announced a long-term
agreement with the John Lewis Partnership, the
employee-owned UK department store and
supermarket group, for the joint management
and operation of the John Lewis, Peter Jones and
Waitrose store card business. The agreement
involves the transfer of US$400 million of loans
and 1.8 million cardholders to HFC Bank on a
revenue-sharing basis. The bank will work with
the John Lewis Partnership to enhance its credit
card offering to existing and potential customers.
Commercial Banking
• HSBC’s commitment to supporting new
businesses in the UK helped in the formation of
over 102,000 start-ups during the year through
its ‘Start-up Stars’ programme. Additionally, the
bank attracted more than 23,000 new competitor
balance transfers in 2003.
• The Chartered Institute of Management
Accountants (‘CIMA’ ) voted HSBC ‘Best Small
Business Bank’ following feedback from its
Members in Practice Group. The CIMA
recognition follows the Forum of Private
Business’s announcement of HSBC as the ‘Best
High Street Clearing Bank for Small
Businesses’ , while the UK 200 Group, a
consortium of leading accountants, also named
HSBC the best bank for business.
• A new Business Money Manager deposit
product was launched in January, attracting an
average of 1,700 new accounts per week.
• During 2003, in response to depolarisation in the
UK investments market, the bank introduced a
number of Commercial Independent Financial
Advisors to provide quality independent
financial advice to business customers. Based on
the success of the initial pilot, the initiative is
being expanded across the network. HSBC is
now the number one provider of income
protection products in the UK.
• HSBC DriverQuote won the award for the ‘most
innovative e-delivery channel’ at the Institute of
Financial Services’ Financial Innovation Awards
2003. HSBC DriverQuote is the UK bank’s
online quotation and ordering system and allows
businesses to manage their company car policy
over the internet.
• HSBC Invoice Finance (UK) Limited was
awarded the Best Factoring Award by Trade
Finance Magazine in 2003.
• Business Moneyfacts, a leading independent
finance guide, named HSBC the UK’s ‘Best
Computer Banking Provider’ . Over 130,000
customers in the UK registered for business