Household HSBC Watch

The Manchester Evening News (see) reported something we already knew. BARCLAYS, HSBC, Lloyds TSB and NatWest all offer below average customer service, according to the latest Which? Money current account survey. They also continue to offer paltry amounts of interest on credit balances. Just look at our own survey, located to the right of this article, to see customer service ratings.

One fact become obvious. HSBC does better in developing countries where more publicity (and less bad publicity) is better received. In other words perhaps expectations are lower, thus HSBC meets those expectations. For example it was reported that “HSBC swept the boards at the latest Asian Banker magazine Retail Financial services awards, being named the winner in four categories, including the most prestigious award for ‘Best Retail Bank in Asia Pacific’. The other three awards were for Best Retail Bank in Hong Kong, ‘Excellence in Distribution Network Integration’ and ‘Excellence in Internet Banking’.”

How can HSBC do that with poor customer service? It implies that the U.S., U.K., and related countries expect more, or people are quick to recognize poorer customer service.

Certainly matters became worse when HSBC’s image was tarnished by subprime, foreclosures, non-working computers, missing deposits, and below average customer service at HSBC Finance. A bank, no matter how large, cannot survive in such an environment. When it comes to personal finance people will hold a grudge forever. Just look at this website as an example. Have a nice day, William F. Aldinger, wherever you may be today.