US Business Leaders Look to Invest in Customer Experience to Propel Future Growth, Says HSBC Survey
June 26 2019 - 1:00PM
Business Wire
US businesses believe prioritizing investment in the customer
experience is the number one requirement for future success,
according to new findings from HSBC’s ‘Navigator: Made for the
Future,’ a survey of over 2,500 companies in 14 countries and
territories. In fact, 57% of US businesses plan to increase
investment in customer experience in the next 1-2 years compared to
52% of firms outside the US. Of those businesses, 78% said they
will increase investment in customer experience by more than
5%.
“Customers’ expectations are evolving and the urgency to meet
and exceed those expectations is rising,” said EJ Achtner, US Head
of Digital Banking and Strategic Change at HSBC Commercial Banking.
“US businesses are more focused than ever on delivering a better
customer experience and plan to leverage innovative technologies
and digital platforms to improve ease of doing business and open
the door to new opportunities.”
Survey data also show that sentiment from US businesses is still
positive. More than three quarters (77%) of US businesses expect to
grow in the next two years and two-thirds (65%) are more optimistic
about their growth prospects than they were a year ago.
Other findings:
- More than ten times (63% vs 6%) the number of US firms feel
that opportunities like adopting new technologies and entering new
markets outweigh any potential threats
- US businesses identify industry regulations (22%), cyber
security (20%), and competition (20%) including from disruptors, as
the main threats. Interestingly, protectionism and potential for
higher tariffs was cited as the fourth at 18%
- More than half of US businesses (59%) regard innovation as a
growth engine compared to over a quarter (28%) seeing it as key to
their survival
- The ‘Internet of Things’ (73%), 5G technology (67%), and
artificial intelligence (59%) are seen as the biggest near-term
opportunities in the US, as they are expected to improve customer
experience, productivity and product/service delivery
- US businesses are increasing expenditure on research &
development (70%), automation (69%) and sustainability improvements
(65%)
Additionally, four out of five businesses feel that innovation
will lead to upskilling their workforce, improved productivity, and
the need to hire different skills in the workforce. Those who feel
that innovation will require new and different skills in their
workforce claim to be looking for people skilled in innovation
(33%), customer experience (30%) and cybersecurity (22%), with all
three levels slightly ahead of the global average.
Interviews for the ‘ Navigator: Made for the Future ’ survey
were conducted in Australia, Canada, mainland China, France,
Germany, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore,
the UAE, the UK, and the USA in May 2019.
About Navigator: Made for the future HSBC’s ‘Navigator:
Made for the future‘ report is based on research commissioned by
HSBC and conducted by Kantar. It surveyed over 2,500 businesses in
May 2019 with turnover of USD5m or above from 14 key markets
globally, including: Australia, Canada, mainland China, France,
Germany, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore,
UAE, UK, USA.
Survey respondents were key decision makers and those having
significant input into the decision making of their company’s
strategic direction. The survey gauges sentiment and expectations
of the businesses in the near to midterm future, and covers
business outlook, future of business in terms of opportunities
& threats, investment priorities and changes foreseen in the
future; as well as business innovation and workforce,
sustainability and success factor for the future.
HSBC Commercial Banking For over 150 years we have been
where the growth is, connecting customers to opportunities. Today,
HSBC Commercial Banking serves around 1.5 million customers across
53 markets, ranging from small enterprises focused primarily on
their home markets through to corporates operating across borders.
Whether it is working capital, term loans, trade finance or
payments and cash management solutions, we provide the tools and
expertise that businesses need to thrive. As the cornerstone of the
HSBC Group, we give businesses access to a geographic network
covering more than 90% of global trade and capital flows. For more
information visit:
http://www.hsbc.com/about-hsbc/structure-and-network/commercial-banking
HSBC Holdings plc HSBC Holdings plc, the parent company
of HSBC, is headquartered in London. HSBC serves customers
worldwide from offices in 66 countries and territories in our
geographical regions: Europe, Asia, North America, Latin America,
and Middle East and North Africa. With assets of USD2,659bn at 31
March 2019, HSBC is one of the world’s largest banking and
financial services organisations.
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version on businesswire.com: https://www.businesswire.com/news/home/20190626005633/en/
Media enquiries to: Matt
Ward + 908 642 3443 matthew.m.ward@us.hsbc.com Carolyn Hamm + 203
644 5967 carolyn.hamm@us.hsbc.com
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