Supporting entrepreneurs to succeed is at the heart of what banking is about. It’s about partnering with entrepreneurs, identifying their specific needs and developing the right financial products and credit facilities to help them grow their business.
In 2017, HSBC recognised there was the need to take concrete action and develop tailor-made products for entrepreneurs who dream big. HSBC Fusion was purposely designed to make those big dreams come true.
Meeting and exceeding client expectations is the foundation of any business that aspires to thrive in a competitive landscape. Customer experience is often the deciding factor when it comes to banking services.
In a globalised and fast-paced world, customers want, and expect, quality interactions, streamlined banking services and the facility to access their accounts through innovative, technological systems which are embedded with easy-to-use functionalities.
Traditionally, banks have focused on developing products and services for business customers that have estab-lished operations and have a sufficient track record to enable a sound business model that is sustainable and yields long-term profitability.
The risks associated with lending to these businesses is usually lower as management experience, collateral and know-how have been put in place to offset defaults. However, the same approach does not necessarily apply to SMEs and start-ups as the inherent risks are characteristically higher. In fact, repeated studies show access to finance is more challenging for these businesses. This is formally known as the SME Funding Gap.
99.8 per cent of the entire population of businesses are SMEs
Over the years, SMEs progressively experienced difficulty in accessing lending services with stricter controls and collateral requirements. In response, the EU and local schemes have been put in place to bridge the gap.
Banks across many countries have, over the years, mirrored that behaviour and distanced themselves from the communities they served, becoming less focused on integrating business and personal needs. Customers often felt a different experience when dealing with their personal or business needs. SMEs, however, are a critical component of our economy. They are, in fact, the backbone of the economy. According to the Malta Chamber of SMEs, 99.8 per cent of the entire population of businesses are SMEs. These businesses employ 34 per cent of the working population and generate 26 per cent of our GDP.
To address the existing gap in the provision of banking services to entrepreneurs while simultaneously providing for their personal banking needs, HSBC Malta launched HSBC Fusion in 2017 – a new service designed to combine business and personal needs in one seamless experience.
Fusion aims to assist SMEs in tackling and overcoming challenges in the pursuit of their business growth objectives. These typically revolve around digital tools to help business owners save time, personalised branch-based support to assist business owners implement their business plans and help provide clarity on next steps.
To that end, Fusion offers eligible Fusion customers bespoke lending products, dedicated Fusion specialists in each HSBC branch, a single contact number and a host of modern digital-banking tools. Fusion caters for lending needs of up to €100,000 with an annual turnover of up to €1 million and is available to customers who meet the required eligibility criteria.
More information about HSBC Fusion can be found by visiting any HSBC branch and by speaking to the bank’s trained specialists via the dedicated number 2380 2389 or by visiting https://www.hsbc.com.mt/fusion/.
Gregory Inglott is deputy head of retail banking and wealth management and head of customer value management, HSBC Bank Malta plc.