Interview: How HSBC stays close to consumers' hearts by leveraging the AI trend

HSBC’s recent AI-powered campaign “Wealth Decoded” featuring Hong Kong comedian and actor Dayo Wong and "AI Dayo", has created buzz on social media as the bank looks to engage with a wider audience by delivering out-of-the-box ideas that leverages the latest AI trend.

In an interview with MARKETING-INTERACTIVE, Cheuk Shum (pictured), head of marketing, wealth and personal banking of HSBC, said with the aid of a team of AI experts from HSBC, #WealthDecoded helps to break down trends in financial markets into easy-to-grasp financial insights and actionable investment strategies for the public.

Available until this August, the three-month long campaign focused on wealth insights, it also saw the bank taking a first-in-market approach to marketing, Shum said. “While we adopted traditional shooting methods with our spokespersons in our past campaigns, this AI-powered campaign doesn’t require Wong to act. Instead, all campaign materials, including key visuals and voices are generated by AI tools such as Midjourney,” Shum said.

As artificial intelligence (AI) is making waves across the globe, marketers and businesses are jumping on the bandwagon. However, Shum claimed the bank to be one of the pioneers in the field of AI. “It is not necessary to always follow the tech trends, but we will look at whether the service or campaign will benefit consumers or enhance customer experience. Some may think that HSBC used to be a traditional and old-fashioned bank, by delivering this AI-inspired campaign, we hope to reposition ourselves as a brand which stays on top of the trends and puts the customer front and centre.”

Another example to demonstrate HSBC’s confidence and capability to deliver an AI-generated campaign was the launch of a music show that combined the real world and the metaverse, “DuoVerse” back in February. Through innovation and technology, audiences could immerse themselves in the live performance in both universes simultaneously.

Staying closer to consumers’ hearts 

Apart from leveraging the latest trends, putting the consumer front and centre is also one of the important KPIs for HSBC. In order to stay closer to consumers’ hearts, Shum believed having a sense of corporate social responsibility is crucial. 

As such, the bank has introduced a slew of initiatives to raise awareness of the brand and promote Hong Kong as an international hub, including #OpenToArt, an ongoing brand platform that aims to develop key partnerships with the city’s cultural groups and non-government organisations to promote contemporary visual art culture in the city.

As part of the initiative, HSBC has sponsored M+ museum and mega events such as Hong Kong Sevens.

“Marketing might be seen as something monotonous in the old days such as video ads and newspaper ads, we hope to focus more on customer experience nowadays. For example, venues and events such as M+, ‘DuoVerse’ music show and Hong Kong Sevens allowed customers to experience in person with their families and friends, so as to create a long-lasting memory for consumers.” Shum said.

How can it stand out from competitors? 

Established in 1865, HSBC has definitely earned its reputation by delivering quality banking and financial services to consumers. More importantly, positioning itself as a bank that connects Hong Kong to the world and the world with Hong Kong is also an important element to stand out from the crowd, Shum said.

“While many HongKongers love traveling abroad and some have their own businesses in different countries, HSBC has the international mindset to provide services for HongKongers in different countries. We strive to continue to open up a world of opportunity to strengthen these connections,” Shum added. 

Speaking of HSBC's upcoming plans, Shum said that rather than seeking brand exposure, the bank looks to drive more perception and consideration towards the brand. "In order to lure more customers to use HSBC's banking services more in different aspects, we have to make them feel that HSBC understands them well […] We will launch more activities to strengthen people's love for HSBC's brand," Shum said.

Related articles:

HSBC rebrands SVB UK acquisition as HSBC Innovation Banking
HSBC names new head of PayMe as Dharini Kennan Hemant transitions on
HSBC names cricketer Virat Kohli as brand ambassador
Rice and banks: Why HSBC's rice giveaway event might have surprised HK citizens