Ravin Kalra’s Post

HSBC has paid A$33,000 in penalties in Australia for alleged breaches of the Consumer Data Right (CDR)... One of the alleged offences relates to credit card balances, which HSBC apparently displayed incorrectly when responding to requests made via CDR This is an early example of open banking sounding great in theory but not working out in practice... As the head of the ACCC said: "For the CDR to be effective, it is critical that CDR data is of high quality. "This means that product data and consumer data – which a consumer has consented to share - must be accurate, up-to-date, complete, and in the required format." Still, I don't understand how HSBC could have provided the wrong data for something as simple as a balance... Do you? https://lnkd.in/ehNrGTg2

Two weeks of stress and no solutions! 😤 Carlos shares his frustrating experience with HSBC delayed international transfer and poor customer service. Has anyone else faced the same issue? Share your banking experiences on BankQuality and help others make informed choices! #hsbcfail #bankquality #customerexperience #bankingproblems #poorcustomerservice #internationaltransfer #bankingissues #frustratedcustomer #badservice #customerfeedback #bankreviews #moneytransfer #financialservices #bankingfrustration #bankingcommunity

𝗛𝗼𝘄 𝗗𝗼𝗲𝘀 𝗛𝗦𝗕𝗖 𝗨𝗞 𝗦𝘁𝗮𝘆 𝗶𝗻 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀? 𝗦𝗲𝗿𝗶𝗼𝘂𝘀𝗹𝘆, 𝗜 𝗡𝗲𝗲𝗱 𝗔𝗻𝘀𝘄𝗲𝗿𝘀. 18 months ago, when we moved to the UK, I opened an HSBC UK account under my name. My wife was still in the US, so we figured we’d convert it to a joint account later. Fast forward to this week: it was finally time. Armed with documents, determination, and mild optimism, we headed to our local branch. The staff were friendly and offered us two options: 1️⃣ Schedule an in-branch appointment later this month. 2️⃣ Do it over the phone. We chose the phone (because who wouldn’t?). But first, we spent an hour with a branch employee while he scanned documents and took our details. The process wasn’t just slow; it was glacial. We couldn’t help but wonder: Why are we still here? Surely, once you have our details, you can let us go? But no, the HSBC experience was just getting started. When the scheduled phone call finally came, guess what? It can’t be done over the phone. Back to square one. Another call to the bank ensued, where a very apologetic and lovely representative broke the news: 1️⃣ We need to return to the branch and start everything from scratch. 2️⃣ We’ll need to spend two hours there. (Two hours? For what? Are they commissioning a joint account oil painting?) 3️⃣ Our local branch can’t handle it. We have to go to the next town. At this point, I couldn’t resist asking the kind representative, with genuine bewilderment: How does HSBC UK stay in business? The representative, bless her patience, opened a complaint on my behalf and offered compensation. A nice gesture, but it doesn’t explain why banking with HSBC feels like preparing for a marathon of inefficiency. I’m still stunned that a company can waste this much of its customers’ time and remain afloat in a competitive market. If anyone has answers—or similar tales of banking absurdity—please share. Misery loves company, and I clearly need a better understanding of how this business model works. #CustomerExperience #CustomerService #BankingProblems #Inefficiency #ServiceMatters

My latest piece for the FT's Banking Risk & Regulation publication, about what's going on at Citi, how reforms are going, etc. Candid honesty (and a portent of things to come?) from their latest SEC filing: “Citi’s transformation initiatives will take several years to complete, and, as previously disclosed, Citi may continue to experience significant challenges in satisfying the regulators’ expectations in both sufficiency and timing. The regulators may also identify additional risk and control issues that could result in further regulatory actions.” https://lnkd.in/diiWQteX

On Tuesday, HSBC announced a transformative shift: a simplified structure focused on four core businesses. My initial reaction was excitement — the prospect of a more agile and dynamic HSBC thrilled me. But as I reflected, a mix of nerves and questions surfaced too. How will this affect our roles? What new responsibilities will we face? Change can feel intimidating, and it’s okay to be uncertain. Personally, I’ve found myself moving through phases — from excitement to nervousness and back to optimism as I think about the possibilities. I may not have all the answers yet, but I’m committed to embracing a curious mindset to help support our team as we embark on this journey. Starting 1 January 2025, we’ll operate through these four key businesses: ➡ Hong Kong 🇭🇰 ➡ UK 🇬🇧 ➡ Corporate and Institutional Banking ➡ International Wealth and Premier Banking This new structure will reduce duplication and decision-making layers, allowing us to serve our customers with greater precision and focus. I’m enthusiastic about seeing how we can all thrive in this new era, working together to make HSBC a place where we support each other and our clients to succeed. Here’s to navigating change with courage and building a bright future together! 🌟 #HSBC #FutureOfBanking #Teamwork #Curiosity #Courage #CustomerSuccess https://lnkd.in/ghRuGhAM

British banking giant HSBC has introduced a new payments management platform aimed at companies planning international growth. https://lnkd.in/ewf_ZnJV #payments #hsbc #paymentstechnology #technologynews #techtrends

As a Financial Crime Operations Manager, I've witnessed first-hand the sophistication of scammers and the devastating impact on customers. The recent ASIC lawsuit against HSBC has brought to light several significant alleged failings: - 🚨 Lack of Effective Scam Prevention: HSBC allegedly failed to implement robust measures to prevent "spoofing" scams. - 💸 Substantial Customer Losses: Some customers were allegedly scammed out of $90,000 or more. - 🕐 Slow Response Times: The bank reportedly took an average of 145 days to investigate scam reports. - 🔒 Delayed Account Access: One customer allegedly waited 542 days to regain full access to their account. - 📊 Inadequate Internal Controls: HSBC's internal controls were reportedly insufficient to detect, prevent and quickly remediate fraudulent activities, leaving customers vulnerable to scams. This case underscores the critical need for stronger protections and faster responses to safeguard customers and maintain trust in the financial system to combat these sophisticated threats. #protectcustomers

This is a very interesting action for ASIC to bring, particularly as an alleged breach of the s 912A obligation to do all things necessary to ensure financial services are provided efficiently, honestly and fairly. That obligation is more often used for particularly egregious and clear-cut breaches, given the ambiguity of language. In any case, it's a firm reminder that as community expectations change, so too do regulatory and legal expectations about what's efficient, honest and fair. Banks should be considering their customer scam protections in light of the impending Scam Prevention Framework.

CCLS welcomes action by ASIC in the Federal Court alleging HSBC Bank Australia Limited failed to adequately protect customers from scams. 🔗 https://lnkd.in/ghBphKa7 The rise in sophisticated scams makes it unfair to place the entire burden of caution on consumers. No amount of warning or community education can fully address the current scam crisis. CCLS believes banks must play a crucial role in protecting account holders from scammers' predatory behaviour. As with Consumer Action Law Centre, we will push for stronger protections and hold financial institutions accountable. #scam #ConsumerProtection

Understanding consumer affordability is crucial for sustainable repayment. However, the true challenge lies in engaging individuals who have long harbored fears of interaction. The FCA has significantly impacted people in the UK, reshaping the culture of consumer-business interactions. It's inspiring to envision a similar transformation in Canada. HSBC's commitment is noteworthy, investing $94m to tackle this issue effectively. Their utilization of conversational AI since April 2019 reflects a forward-looking approach towards enhancing consumer engagement. This proactive stance not only benefits businesses but also empowers consumers to address concerns early, curbing the risk of arrears escalation. #ConsumerAffordability #FCA #HSBC #FinancialInclusion #ConsumerEmpowerment #FCAC