BUSINESS STRATEGY DEVELOPMENT FOR HSBC UK BANK PLC IN THE INTERNATIONAL STUDENT MARKET

• Main Author: Dewangga S, Samba
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/65065
• Institution: Institut Teknologi Bandung

The banking industry has begun to become more competitive due to massive technological advancements. Many digital banks and other fintech companies have emerged to make public services more accessible, faster, more effective, and efficient through technology. Traditional incumbent banks, such as HSBC UK, are undoubtedly affected by the emergence of these new entrants. Compared to other banks, HSBC UK is considered to have problems, making it less competitive. While other incumbent banks offer more competitive features, HSBC does not provide personalised student benefits. Opening an account with HSBC UK takes time and is a complicated procedure for international students because the account cannot be opened online and must be done in-branch. HSBC UK is even ranked below the top ten in several customer satisfaction surveys. To deal with these issues, several analysis tools are used to understand the internal and external environment, such as VRIO, PESTEL, competitor analysis, and current Business Model Canvas. A survey was also conducted to understand the experiences and desires of international students for banking services. The results of these analyses and surveys are summarized using SWOT analysis which is then translated into strategies using Blue Ocean Strategy and Proposed Business Model Canvas. According to the research, technological advancements will allow HSBC UK to become the first incumbent bank to provide international students with an enhanced banking experience that gives them access to a wider range of financial products and helps them avoid financial hardship. HSBC UK might offer a banking solution in the form of a mobile application ("app") that simplifies the sign-up and onboarding process for students and offers various range of international student products. One of them is credit facilities for international students, which is a blue ocean strategy for HSBC UK.