Two years ago, Abigail Villanueva, a trader, was planning to enroll her daughter, Alaina Beyonce, at Deakin University, Australia’s top school. Dolly Andaya, a Relationship Manager of Hongkong Shanghai Banking Corp (HSBC) and a co-parent at Colegio de San Agustin, presented an option. (A Relationship Manager (RM) assists the client in bank transactions, banking, financial planning and investments.) Dolly suggested that Abigail open an account that offers international services such as money transfers with no fees.
Abigail chose the HSBC Premier account and has since been endorsing it to friends who plan to send their kids abroad. “It has saved me a lot of money from not having to pay transaction fees,” she said.
Alaina enjoys the same privileges of Abigail’s HSBC Premier account. “When we went to Melbourne, we opened an HSBC Premier. My daughter transfers our money to her local HSBC without any fee. That’s where she withdraws and transfers to her other banks there,” said Abigail.
(L-R) – Lesly Calimag, Anya Katigbak-Cajucom, HSBC Philippines Head of Marketing, and Peter Calimag.
For frequent travelers, a Premier client can use the local ATM in 29 markets where there is an HSBC Premier service. “Last August, my husband went to Sweden. He didn’t bring much cash. He used the ATM given by HSBC and withdrew without any fees. You can withdraw from your peso account and transfer to the foreign currency,” said Abigail.
Another feature is that the Premier account can fulfill the individual’s aspirations in other countries which are in HSBC’s network, such as housing and investments without having to leave home. “My RM asked if I was interested in opening an HSBC account in Singapore and invest there even if I live in the Philippines,” a client said. She can also get a loan in Australia since she is planning to get a house there.
Abigail Villanueva flanked by daughter Alaina and HSBC Wealth Relationship Manager, Dolly Andaya
‘We are extending the eligibility without raising the minimum requirement’
The international bank recently launched the expansion of its services to include the family members under one account called HSBC Premier Family.
“We are extending the eligibility without raising the minimum requirement. You can invite the spouse, partner, son, grandchildren, niece, nephew and parent into your HSBC Premier account. The total relationship balance is P3 million,” said Peter Faulhaber, Head of Wealth and Personal Banking, HSBC Philippines.
He cited a postpandemic research indicating that family was priority of the bank’s customers. “They were concerned about keeping the family close; keeping legacy planning in place and making sure you are looking after each other whether in health or investment. We thought: How to offer that in our products? The best was how to make it easy for the individual customer to have conversations with their family and to make them knowledgeable about finances in the family and in the generations. We expanded the criteria to get more members involved,” explained Faulhaber.
Guests were serenaded by the music of the Concert King himself, Martin Nievera, where he sang his classic hits and had the room enthralled with his energy and powerful voice.
“They have P3 million as a family which includes yourself, a spouse, a niece and a parent. That’s four people. It’s P3 million total instead of P12 million.”
Clients open this premium account to facilitate their overseas transactions and to seek more investment opportunities here and abroad. “Customers have an international need. They may have relatives in another country and need to send money back and forth. Customers may have children studying overseas and have to figure out how to have a bank account in another country so that the children could be provided for. A customer with investments in the Philippines may want to invest in other countries such as the US, Singapore and UK. Or, they travel a lot on international business. When they land in those countries, they want to have a local bank account. These customers have the touch points,” explained Faulhaber.
The bank customizes its products to suit the financial goals of the clients, whether it’s savings, loans or long-term security
Premier customers can also be eligible for the HSBC Wealth, a brokerage which addresses customers’ questions about their fortunes such as options for investments and insurance products, fixed income products and other means to increase their wealth through Philippine government bonds, Retail Treasury Bond issuances, local Philippine corporate bonds, Unit Investment Trust Funds and Mutual Funds.
As an elite customer of the bank, Abigail availed herself of HSBC Wealth products which can boost her resources. She earns from its interest rates and reinvests those savings.
Asked why customers put their money in an international bank such as HSBC, Faulhaber explained, “We are good at international connectivity, judging people’s money and financial planning.”
HSBC Philippines Marketing and Communications team (L-R): Jennifer Rodriguez, HSBC Philippines Head of Personal Banking; Anya Katigbak-Cajucom, HSBC Philippines Head of Marketing; Nini Icban, HSBC Philippines Head of Communications; Liv Flores, HSBC Philippines VP Communications).
The bank customizes its products to suit the financial goals of the clients, whether it’s savings, loans or long-term security.
(L-R): Gilen Kamila Arellano, HSBC Wealth Relationship Manager; Annabella Wisniewski, owner of Raintree Group of restaurants; and Crissy Asuncion, HSBC Wealth Sales Head.
“When I have a conversation with a customer, it’s understanding about them, their family set-up, goals, ambitions and figure out which product meets their need. A customer with a young family will need a different product from an older individual whose children have moved away and have their own families. A younger person is concerned about saving for the children’s education or a home to inherit down the road. They have to save for that. The need for someone, who has all those things, will be thinking about how to leave money to the children. We start with those details and make sure that the product meets those needs, ” said Faulhaber.
Pre- and post-pandemic customer researches cited that people perceived HSBC as a safe haven where they can put their money and feel secure; a bank which can increase their wealth and an international brand which connect them with other countries.
“We have been in the Philippines for 148 years. The longevity speaks for itself,” said Faulhaber.
(L-R) – Tess Syquia, Anya Katigbak-Cajucom, HSBC Philippines Head of Marketing, and Czarina Syquia.
