Household HSBC Watch

While HSBC’s Michael Geoghegan talks about technology and streamlined operations, his own HSBC Finance Corporation still cannot credit payments in a timely manner. It also appears as though HSBC adds late payment fees after statements are printed but before payments are due. Doing so causes a cyclic problem for card holders. Geoghegan, however, said this: “This is a big organisation and many people say in this fashionable world of breaking up companies — would it be better to be broken out and delivered separately?” Michael Geoghegan, HSBC chief executive, said in a speech.

But he said the bank’s advantage was its global scale, network and distribution, and he aimed to “join up the bank, getting critical mass, and making sure the sum of the parts really reflect the value of this group.”

Technology should shake up operations across the financial services industry, Geoghegan added. “The financial services industry is changing, it’s becoming a much more focused brand experience, delivered 24 by 7,” he said.