En Voyage - Issue #8

Business
DIGITAL INNOVATION
TO SUPPORT
BUSINESSES
BY SHARON TAYLOR, HEAD OF GLOBAL
LIQUIDITY AND CASH MANAGEMENT, HSBC
CHANNEL ISLANDS AND ISLE OF MAN
With the Channel Islands and
Isle of Man having positioned
themselves strongly as dynamic
business centres, local businesses
operating or transacting locally
or internationally inevitably find
that having a banking partner
with the capability and reach to
meet their current and future
challenges is critical in helping to
deliver their corporate strategy.
The outward-looking nature
of the islands as centres for
sophisticated commerce is
reflected in HSBC’s approach. As a
result, we are seeing rising demand
for specialist and high-level
expertise that can support both
local and international businesses.
Time and again, we see
corporates, trust companies,
service providers and other
fiduciaries benefitting considerably
from having the support of a bank
that is credible internationally
and that can provide them
with innovative digital tools.
INTERNATIONALLY DYNAMIC
Of course, being successful
requires careful planning,
comprehensive knowledge and
real focus, and a global banking
network like that of HSBC that can
support internationally dynamic
firms in these ways is invaluable.
Cash management is a particular
area of growth for businesses, and
HSBC’s cash management team
in the islands is growing too.
The introduction of SEPA (Single
Euro Payments Area) has made
liquidity easier in Europe than in
regions with diverse market and
regulatory conditions. Even so,
with very high levels of market
volatility, such as GBP and EUR,
many treasurers are now revisiting
and revising their account
structures and use of liquidity
cash management solutions.
Considered a core service
by a growing number of fastpaced
businesses trading from
the Channel Islands and Isle of
Man, cash management services
enable them to quickly and easily
manage their cash and balances,
see what’s going in and out of
their accounts, and review their
liquidity and borrowings, wherever
in the world they are doing
business. There are a number of
key benefits to the business of
such an approach, including:
simplification of bank accounts
and non-core banking
relationships
• greater efficiencies
• rationalised and reduced
transactional pricing
• tighter control and visibility of
cash flow
• specialist single points
of contact and quick
query resolution
• real time balance and
transaction reporting
We frequently see businesses
benefitting from a robust approach
to cash management, and this
can take a number of forms.
For instance, one large
international client has recently
implemented a card solution
using HSBC’s MI Vision tool.
It allows them to take an extract
and upload direct to their
Enterprise Resource Planning
(ERP) platform, helping them to
make administrative savings.
We also recently undertook a
cash management review for a
locally based corporate client
with a view to reviewing their
processes and identifying areas
to help them be more efficient
and reduce costs. Reducing
costs is a priority for many of our
business clients so this service
can add real value to our clients’
overall business performance.
In all cases, an innovative
approach to cash management is
really helping businesses to plan,
manage and monitor their liquid
assets and, in so doing, streamline
their processes, reduce manual
labour costs, and position them
strongly for future growth.
INNOVATION
HSBC is working on numerous
innovations that will enable clients
to take full advantage of the digital
economy, and ensure they are
able to transact efficiently, quickly,
conveniently and safely across
borders. Globally, for instance,
the Bank is investing US$2.1
billion in digital transformation
between 2015 and 2020, and we
are seeing this sort of innovation
directly benefit local businesses.
94 En Voyage | Aurigny’s Magazine