HSBC reduces tariff for thousands of business customers
HSBC has pledged its support for Scotland’s small business community by extending a reduced tariff applied to customers using its digital banking services.
The bank’s Electronic Banking Tariff (EBT) is now available to customers with a turnover of up to £2 million. Previously, it was available only to businesses with a turnover of £500,000 or less.
The tariff is designed for customers who prefer to manage their banking via digital channels.
Qualifying businesses will automatically be moved to their best tariff on December 12.
An estimated 190,000 business customers in the UK are set to benefit from the changes, and HSBC will also review customer accounts every 12 months.
HSBC’s UK head of commercial banking, Ian Stuart said that as businesses develop, their owners may not have time to review banking arrangements, and what once was best for their business may no longer be.
“The driver was the customers’ needs, us deciding to play the long game, and making sure that we were set up in the long-term to look after them,” he said.
“We understand that business needs change over time, which is why we have proactively reviewed our business customers’ tariffs to better support their growth.”
Mr Stuart revealed the changes came as a result of surveying its customers.
“Two huge things came out of that, [customers said] ‘we do not have time when we’re running a small business to worry about our bank’ and ‘the way we deal with our banking is changing’.”
Mr Stuart, who started his banking career in a branch in Dunkeld, said: “people want to do their banking at 8-9pm and they want it to be easier.”
The tariff review is supported by online SME research findings from YouGov which reveal that thirty nine per cent of Scottish SMEs say that efficiencies created by digital technologies are an important part of their business’ future.
“When you look at the wider landscape…it’s clearly a challenging industry,” added Mr Stuart. “[HSBC is] blessed in many respects in that we do take the long-term view, and that makes planning a little bit easier and you can set out on a course that you can help your customers in the long-term.”
Source: Herald Scotland
