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Finance and Management

Answer :

1. Introduction

Overview

The topic which is selected for this report is decreasing customer's engagement in banking sector. It is resulting in decreased profits of the industry because clients are getting attracted towards other financial instruments such as shares, debentures, mutual funds, bonds etc. As all of these securities provide better interest rate so the buyers choose them because they want to earn higher returns on their investments. Another reason for selecting these options is taxation because banks charge high TDS on interest if it crosses the limit of 10000 pound. If a customer is not having a Pan id then the rate of TDS will be doubled by the bank. In case of other financial assets if these are kept by the holders for at least three years then the generated return will be considered as long term gain. This will be indexed and then taxable amount is calculated on the same. Nowadays banks are trying to make banking easy for the clients so that their engagement can be enhanced and the issues that are taking place due to this problem. The consequences are reduction in profitability, revenues, number of customers etc. The major thing that they want to acquire is great value from their financial products and services. If their bank is able to fulfil all their requirements then their engagement can be increased. Currently in banking sector all the organisations are facing this problem and for all of them it is very important to find best ways to overcome them. These enterprises are now modifying their customer services in order to make them highly responsive and supportive so that the problems of decreasing engagement can be dealt effectively.

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Background

Hong Kong and Shanghai Banking Corporation (HSBC) Plc is one of the largest banking sector organisations that are operating their business all around the world. There are more then 85000 employees are working in HSBC including its subsidiaries. Thomas Sutherland had founded it in year 1865 in Hong Kong. It has been ranked as the 7thbiggest bank in the world. In year 2017 total revenues of this organisation were 3984.39 Pound Crores. It headquarters are in London and Birmingham, UK. The business is executed in more then 80 countries by HSBC. Customer's engagement is continuously decreasing in this bank because there are various other options available in the market where clients may get good returns on their investments. Now the bank is trying enhance their engagement so that its profitability and number of petronage can be raised. The ways that are adopted by HSBC are communicating with the individuals and assess their problems, providing them good schemes that may increase their interest in banking, increasing visibility for the clients and becoming pragmatic.

Statement of the problem

Currently the main issue which is affecting the banking sector is related to decreasing customer's engagement. It is resulting in reduced revenues and profitability of banks such as HSBC. For all the organisations that are operating business under banking industry it is essential to find the best ways such as enhancing launching attractive schemes that may deal with this issue in appropriate manner. Statement for this problem is “Negative impacts of continuous reduction in clientele's engagement on banking sector.”

Conceptual framework

In current era banking industry is facing various issues such as decreased profitability, reduction in revenues etc. When banks tried to figure out the cause of these problems then they find that customer's engagement in this industry is declining because clients are getting attracted towards other options such as mutual funds, shares, bonds, debentures etc. For banks like HSBC it is very important to implement effective solutions so that such type of consequences can be resolved.

Purpose of the study

Main purpose of this research is to enhance knowledge regarding the issues that are taking place in banking sector and figure out the ways that can be adopted by the organisations in order to respond the problems appropriately. Another purpose is to find the impacts of declining engagement of clients in banking sector so that appropriate solutions for such type of consequences can be provided to HSBC. It may help the organisations to deal with all the problematic situations ef

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