Our strategy supports our ambition of being the preferred international financial partner for our clients.
It includes targets for accelerating the shift of capital to areas, principally Asia and wealth, that have demonstrated the highest returns and where we have sustainable advantage through scale. Our international network remains a key competitive advantage and we will continue to support cross-border banking flows between major trade corridors. Supported by these shifts, we are aiming to reach mid single-digit revenue growth in the medium to long term, with a higher proportion of our revenue from fee and insurance income.
A set of fundamental shifts in 2020 profoundly impacted the financial services sector. The demand for sustainable solutions and green finance rose to new highs. Interest rates are expected to remain lower for longer. And the Covid-19 outbreak increased our customers’ propensity and preference to engage digitally.
The current stage of our strategic plan responds to those shifts and aligns to our new purpose, values and ambition. It has four key pillars.
Focus on our strengths
To achieve our ambition, we are focusing on the areas where we have distinctive capabilities. This pillar of our strategy outlines where we are prioritising our efforts and investing for the future. We aim to:
- Be the global leader in cross-border banking flows aligned to major trade and capital corridors
- Lead the world in serving mid market corporates globally
- Become a market leader in Wealth management, with a particular focus on Asia
- Invest at scale domestically where HSBC’s opportunity is greatest
Digitise at scale
As people lead increasingly digital lives, this pillar of our strategy outlines how we are delivering faster, easier and more secure digital banking. We will:
- Create and deliver fast, easy, digital customer experiences
- Partner with technology innovators to enable new customer benefits
- Ensure our bank is resilient and secure
- Execute with speed and automate at scale
Energise for growth
This pillar of our strategy outlines how we are energising around growth. We want to:
- Inspire a dynamic culture where the best want to work
- Encourage an inclusive culture fostering diversity
- Help colleagues develop future-ready skills
- Be a simpler, more agile and effective organisation
Transition to net zero
We want to do more than simply play our part in the transition to a more sustainable world. This pillar of our strategy outlines how we will help to lead it. We have committed to:
- Become a net-zero bank
- Support our customers to transition to a low carbon future, especially in carbon challenged industries
- Accelerate new climate solutions
- Inspire our customers to invest to support positive change
HSBC is investing in innovative technology to make banking for customers easier and more secure.
We value difference and were founded on the strength of different people, experiences and voices. They are integral to who we are and how we work.
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