After a leak earlier this year, HSBC has given the first public hearing surrounding its digital-only banking initiative known as Project Icebergs. A leak late last year revealed that the bank was reportedly building a stand-alone digital bank, similar to NAB’s UBank, specifically for business customers in order to fend off competition from challenger banks. The group managing director and group chief operating officer for HSBC, Andy Maguire, told delegates at the Money 20/20 conference that HSBC wanted to offer innovation for its customers.
“HSBC is a commercial bank, that’s what we started as. We really wanted to re-imagine how we work but not in a way that was unrecognisable,” he said. Mr Maguire said that commercial banking was complicated and the bank did not want to just offer a simplified digital bank solution. “Commercial banking is complicated and you can’t just make everything the way you like. We wish you could but we have to work within the rules,” he said.
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