New application allows both new-to-bank and existing international clients the ability to open U.S.-based accounts from the safety of their home through a seamless, digital journey
NEW YORK--(BUSINESS WIRE)--HSBC Bank USA, N.A. (“HSBC USA”), part of HSBC Group, one of the world’s largest banking and financial services companies, today launched its latest International Client Onboarding (ICO) digital application, which allows qualified international clients to open a U.S. Premier checking account in the comfort and safety of their homes, anywhere in the world. This digital experience starts on the web and is completed with a virtual ID Verification, which enables real-time account opening and setup while significantly reducing the application turnaround time from two weeks to a few days.
“This new program is the first in-country digital application journey that allows new-to-bank or existing international clients the ability to open U.S.-based accounts from home, a need that is heightened by the current pandemic,” said Paul Mullins, Regional Head of International for HSBC’s Wealth and Personal Banking Business. “Our desire is to transform the world’s banking experience: to make it simpler, better and faster; to make it safe and secure; to make it easier for individuals to manage their money and for companies to do business. This level of customer service is important as we reinforce and simplify the process of doing business with us for all customers, allowing them to bank with us where, when and how they want.”
Previously, opening an account in the U.S. was exclusively paper-based, and in 90 percent of the cases, required a visit to a branch either in the home market or at destination in the U.S., which customers identified as a major pain point.
This new digital experience removes the needed branch visit and provides real-time ID verification while the client is on the video call, effectively opening the account and setting them up with their online banking credentials before they hang up.
ICO Journey at a Glance:
The client navigates to the HSBC USA Public Website and, if eligible for the journey, can start and submit their digital application.
Upon submission, HSBC’s International Banking Center (IBC) team contacts the client to schedule the final step – a video call.
- During the video call, the IBC finalizes any account opening requirements, verifies the client’s ID by asking them to take a photo of their passport and a selfie, and finishes the account opening process. While on the video call, the customer is enrolled in online banking tools or signed up for additional products based on their needs.
Marcos Meneguzzi, Head of Digital and Unsecured Lending for HSBC’s Wealth and Personal Banking Business, added, “This new journey provides a ‘wow factor’ for our international clients, enabling them to start their relationship in the U.S. without delay and allowing HSBC USA to grow safely beyond our branch footprint.”
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of FDIC. Investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organizations.