New application allows both new-to-bank and existing international clients the ability to open U.S. based accounts from the safety of their home through a seamless, digital journey
HSBC Bank USA, N.A. , part of HSBC Group, one of the world’s largest banking and financial services companies, today launched its latest International Client Onboarding (ICO) digital application, which allows qualified international clients to open a U.S. Premier checking account in the comfort and safety of their homes, anywhere in the world. This digital experience starts on the web and is completed with a virtual ID Verification, which enables real-time account opening and setup while significantly reducing the application turnaround time from two weeks to a few days.
“This new program is the first in-country digital application journey that allows new-to-bank or existing international clients the ability to open U.S.-based accounts from home, a need that is heightened by the current pandemic,” said Paul Mullins, Regional Head of International for HSBC’s Wealth and Personal Banking Business. “Our desire is to transform the world’s banking experience: to make it simpler, better and faster; to make it safe and secure; to make it easier for individuals to manage their money and for companies to do business. This level of customer service is important as we reinforce and simplify the process of doing business with us for all customers, allowing them to bank with us where, when and how they want.”
Previously, opening an account in the U.S. was exclusively paper-based, and in 90 percent of the cases, required a visit to a branch either in the home market or at destination in the U.S., which customers identified as a major pain point.
This new digital experience removes the needed branch visit and provides real-time ID verification while the client is on the video call, effectively opening the account and setting them up with their online banking credentials before they hang up.
ICO Journey at a Glance:
The client navigates to the HSBC USA Public Website and, if eligible for the journey, can start and submit their digital application.
Upon submission, HSBC’s International Banking Centre (IBC) team contacts the client to schedule the final step – a video call.
During the video call, the IBC finalises any account opening requirements, verifies the client’s ID by asking them to take a photo of their passport and a selfie, and finishes the account opening process. While on the video call, the customer is enrolled in online banking tools or signed up for additional products based on their needs.
Marcos Meneguzzi, Head of Digital and Unsecured Lending for HSBC’s Wealth and Personal Banking Business, added, “This new journey provides a ‘wow factor’ for our international clients, enabling them to start their relationship in the U.S. without delay and allowing HSBC USA to grow safely beyond our branch footprint.”
