HSBC recruits for digital banking project
Written by Hannah McGrath
HSBC has reportedly hired one hundred new employees to work on a digital initiative to boost its small business banking operations and face down competition from FinTech challengers.
‘Project Iceberg’, based in the bank’s Aldwych offices, is a sign that the bank has opted to improve on its existing structures to build its digital bank, rather than follow rival incumbents in developing standalone digital operations, according to City AM, which spoke to sources close to the project.
Project Iceberg could enter its first beta-testing phases before the end of 2018, with a launch not anticipated until 2019.
It follows reports last week that RBS/Natwest has teamed up with Starling, a digital challenger bank, to help develop its own digital banking operation.
In June this year, HSBC’s group chief executive John Flint revealed plans to invest $15-17 billion worldwide in technology as part of the bank’s growth strategy.
A spokesman for HSBC said: "We are always exploring ways to make commercial banking quicker, easier and more convenient for our customers. Technology is radically changing the environment for business, so we’re looking to innovate where this enables us to deliver a better service for our customers."