Report On Digital Leadership in the Finance Industry — HSBC Holdings.
By: Vidhi Sarvaiya
Tags: Finance, Digitalization, Digital Leadership, Report

Executive Summary

The bank structure has been effectively defining the quality improvement in the structure of working. The style of working of the employees has effectively determined the growth which has necessarily created a sustainable future for the company. The effective determination of the strategic growth can be felt through the driving position that has effectively determined the market share of the bank. The overall style of digital transformation and leadership has improved the work culture of the bank. However, the opportunities of digital transformation are 24*7 availability, facilitation of better customer services, decreased expenses, fast and quick banking services. Contrarily, the drawbacks are higher expenses, the greater requirement of personal hardware, and risks for impoverished implementation activities. Behavioral theory, trait-man leadership theory, situational theory, and transactional or management theory are the conventional leadership theories and action-centered leadership is a digital leadership apt for this purpose.

Table of Contents

1. Introduction.

2. Report objectives.

3. Critical discussion of the challenges and opportunities faced by the banking sector in digital transformation.

3.1 Opportunities faced by the banking sectors in digital transformations.

3.2 Challenges faced by the banking sectors in digital transformations.

4. Critical discussion of the conventional leadership theories and models and their differences from digital leadership theories and models.

5. Critical discussion of the current digital strategy and strategic leadership style along with their approaches.

6. Conclusion.

1. Introduction

Digital leadership is an important aspect for all types of business sectors. The development of leadership within the financial industry continues to be a noteworthy challenge for almost all organizations within the world. In the UK, the banking industries have already planned to exhaust a huge amount of pounds for increasing the banking capabilities digitally. The report will discuss the challenges and opportunities for digital transformation within the banking sectors and the differences between digital leadership theories and models, conventional leadership theories, and models. Additionally, the report will also focus on the strategic leadership approaches and styles, current digital strategy of HSBC Holdings.

2. Report objectives

The objectives of the report are -

To critically evaluate the opportunities and challenges faced within the banking sector during digital transformation

To critically discuss conventional leadership theories and models and their differences from digital leadership theories and models

To critically discuss the strategic leadership style, approaches, and current digital strategy of HSBC Holdings and their impact on the success and goals of the organization

3. Critical discussion of the challenges and opportunities faced by the banking sector in digital transformation

Digital transformation within the banking sector has always been an uneven path, mainly for retail banks. As per the analysis of Tekic and Koroteev (2019), as the retail sectors are fore-fronting constantly emerging requests of the modern customers and increasing disruptions from the constantly emerging financial technologies (fintech), and conventional banks under pressure, then to innovate and adapt. The digital switch over within the banking sectors has benefitted customers through providing better customer services, instant banking services, 24–7* 7 availability, low costs, and many others. Moreover, as per the opinion of Mehdiabadi et al. (2020), the technologies of industry 4.0, such as IoT (Internet of Things), embedded computing, cyber-physical systems, and many others are also throwing huge impacts on the organization. The framework provides decentralization, virtualization, interoperability, service orientation, real-time capability, and many others.

3.1 Opportunities faced by the banking sectors in digital transformations

The customers are considered to be the most beneficial person for the incorporation of digital transformation within the banking sectors. The presence of internet connectivity and a device facilitates a customer to retrieve the details of his corresponding bank account and perform transactions from anywhere, and at any time (Ustundag and Cevikcan, 2017). It not only saves the costs and times, but also does not require the persons to visit the bank branches, and wait in front of the queues to get their work done. As per the suggestion of Sajić et al. (2017), digital switch-over within the banking sector has assured that the banking facilities will be available to all the customers for 24*7 hours. The customer can also retrieve different types of information from his or her bank account, and check their records anytime. Another positive impact of instantaneous banking services is that they would not require waiting for a longer duration. As per the opinion of Roznovsky (2021), it also resulted in decreasing operating expenses for the banks, as lower costs indicated greater amounts of profits. Moreover, the market revenue for the incorporation of digital transformation within the banking sector is continuously increasing (Refer to appendix).

Figure 1: Opportunities of digital transformation within the banking sector (Source: Influenced by Sajić et al. 2017)

For example, the Royal Bank of Scotland (RBS) became proactive after investing in digital innovation strategies. It, not only, helped them to gain better customer behaviors, but also provide them with a platform that would gradually help in improving their services for future customers. The growth in payment volumes of the RBS systems increased by 14%, as around 5.5 million customers found it to be a secured and encouraging approach (Lauchlan, 2018).

3.2 Challenges faced by the banking sectors in digital transformations

The challenges faced by the banking sectors for digital transformation are high risks for poor implementation, greater requirements of personnel and hardware, and higher expenses for incorporating cutting-edge technologies. As the banking sector comprises risks in terms of reputations and finance, the initiatives for digital transformation need to be properly tested, planned, and modelled. As per the opinion of Aguayo and Ślusarczyk (2020), digital technologies require highly skilled professionals for integrating all the activities effectively. Otherwise, there might be susceptibilities, resulting in loss or leaks of essential information. As per the depiction of Niemand et al. (2017), highly skilled professionals working in the banking sectors are required to integrate them effectively. Additionally, the software and the hardware are also becoming outdated with time, and the businesses require restoring the inherited systems with contemporary alternatives. For banking, the requirements and the poles are considered to be much higher than before. Moreover, as per the suggestion of Swachh-Lech (2017), the installation of cutting-edge technologies within these sectors requires a huge amount of costs. However, greater expenses for enriched quality software lead to bigger safety and income. Additionally, as per the opinion of Limba et al. (2019), the banks might be more susceptible to various types of attacks, and there might also be a loss of privacy. Some bank branches might also stop existing due to the lofty usage of online banking facilities. For instance, the RBS group faced several issues in accessing software, as a result of which the customers failed to retrieve their accounts for several days. As a result of this situation, the organisation had to pay £175 million as a recompensation amount (GARP, 2021). The software that was to be updated got destroyed by the technical staff of RBS.

Figure 2: Challenges of digital transformations within the banking sectors. (Source: Influenced by Niemand et al. 2017)

4. Critical discussion of the conventional leadership theories and models and their differences from digital leadership theories and models

Leadership abilities are mainly required in the banking sectors to throw an impact over the business performance and implement the corporate strategy to develop themselves as core strategies, The conventional leadership theories are the trait man theory, behavioral theory, great man theory, the management or transactional theory and situational theory. As per the analysis of Ayman and Lauritsen (2018), the trait man theory of leadership asserts that the leadership qualities or traits can be gained easily, and do not always require to be inherited. The gap in the leadership approaches over the banking sector is increasing continuously. The capabilities of this particular organisational sector are decreasing by 2% (Deloitte Insights, 2021). 42% of the organisations quoted “leadership development” as an important activity. With the disruption of digital activities within the banking sector, the capabilities of the leaders are slowly decreasing. 67% of the individuals believe that technology will foster increased value in comparison to the human capital.

Digital disruption has the potential to reshape markets and overturn incumbents. As per the opinion of Cansoy (2019), the behavioral theory describes the behavior of human individuals through assessing the consequences within the learned associations and the individual’s environment. For instance, HSBC Holdings provides a huge range of systems and policies to assure that it controls, oversights, and manages the systems perfectly. (HSBC Group, 2021). However, as per the opinion of Khan (2017), the management or the transactional theory states that it is a part of the leadership pattern that comprises directing and motivating the followers chiefly through appealing their own interests. The transactional leadership’s capability mainly appears from the responsibility and the formal authority within the organizational domain. With the addition of more digital features within the banking branches, the professionals are expected to move one step ahead of evaluating the consumers in using the tablets or the digital screens for transferring money, paying bills, and registering for a debit card.

The situational leadership theory indicates those leaders acquiring different types of leadership abilities, as per the development and situational level of the team members. As per the opinion of Bosse et al. (2017), this pattern of leadership theory is considered to be an effective approach as it slowly needs to acquire the requirements of the team, and set a beneficial balance for the entire organization. This type of leader provides constant feedback and supervision for the gathering of information by the co-workers and improvements of new ideas, suggestions for making remarkable contributions to the project.

On the other hand, in this digital period, a leader must be confident and comfortable with the continuous evolution and change in the digital sphere. Traditional leadership is a digital leadership theory that can be integrated into this aspect. As per the opinion of Yeboah‐Assiamah et al. (2019), traditional leadership theory makes decisions without considering or utilising the superior knowledge of others for reporting them. There is a tendency that these leaders follow the outsource responsibilities and blames the model for their defective choices and decisions to others. For instance, Accenture revealed that the valuations of a bank are interrelated with digital maturity (High, 2021). The organisation also advocated that the sophisticatedly-encouraged reduction of expenses is the first step in the establishment of a bank. Contingency theory and style theories are other theories that make a digital leader successful in the upcoming trends. However, as per the opinion of Abba et al. (2018), in contingency theory, the leaders are expected to be recruited and promoted as per the organisational requirements at a specific point in time. The option remains unforeseeable and accidental over the strategic issues faced by the organisation. For example, the approach for the digital experience of RBS remains totally different. As per the opinion of Cameron (2016), it completely depends on a pyrotechnic process of learning for integrating impromptu experiences, depending on a gut feel. Additionally, unread and onerous text-based reports seemed to be quite strenuous and arduous for the staff for determining analytical patterns in evaluating clear insights of the customer’s wants and requirements.

Action-centered leadership is another digital leadership model for incorporating digital transformation by the business leaders of the financial sectors, as it renders a blueprint for managing the organization, team, or group. However, the three core responsibilities of this model are achieving a task, maintaining and building a team, and progressing and advancing the individual (Business Balls, 2021). Good leaders and managers will have good authority in the three areas of the model, and must also be able to develop productivity, team, improve quality, receive outcomes, and maintain the right balance within a team. The major functions of this type of leadership are evaluating, informing, supporting, controlling, initiating, and planning.

Figure 3: Three attributes of the action cantered leadership. (Source: Influenced by Business Balls, 2021)

However, the leadership abilities of the past required for a banking sector is not adequate for administering a financial business. When above 3,300 leaders were enquired by MIT SMR (Sloan Management Review), the most vital skill for succeeding over a digital workplace is the presence of a reframing vision, and a slightly higher rank, over a forward and distinct vision. However, as per the opinion of Hesse (2018), for increasing the digital maturity of the board of directors and the top management, it is necessary to recruit new leaders and possess numerous literacy towards self-directed learning. However, a huge number of new capabilities are also required by the banks for succeeding and pacing forward with this new digital era. As per the depiction of Manning-Ouellette and Black (2017), understanding the essentials and foundations of project management, investment, prioritization, and communication are more important for the banking leaders at the time of change, as these attributes are highly required for developing a culture among the leaders that would encapsulate digital transformation’s potential as opposed to simply providing the lip services. Incorporation of newer technologies within the financial sectors without any communication, empowerment, involvement and top-level ownership can lead to disastrous situations.

However, banking leaders possessing all the essential skills, enlightened from the incidents of the past, with a digital savviness attitude and an agile mindset would encourage to hinge and fulcrum, as and when necessary. Hence, as per the depiction of Sow and Aborbie (2018), the managers and the employees of all levels possess the necessary tools to succeed, including support and training for appropriately disrupting others. It might require the recruitment of new digital leaders within the financial sector. Hence, both digital and traditional leadership characteristics are required within a business leader for bringing high prospects within the business domain.

5. Critical discussion of the current digital strategy and strategic leadership style along with their approaches

Strategic digital leadership is the ability to structure the digital decisions of an organization, and provide high-value activities with time, not only personally, but also through managing and inspiring others within the organizational domain. As per the opinion of Sajdak (2018), the strategic leadership capabilities also indicate the potentialities of a manager for conveying and motivating others to receive a specific vision. Thus, strategic leadership capabilities are also used for applying a strategy for managing the employees.

However, HSBC is also known to beat several types of creative regional squints with digital banking prospects and the innovation scope for approaching a global scope and a mono technological platform. The organization follows a huge number of strategic and digital approaches. Through the application of common code within the networks of a bank, the organization surpassingly reduces the time required to update or initiate mobile and online applications (HSBC, 2020). Examination of features within the domestic markets also helps in generating valuable insights of the customers for improving technology, before its deployment over other markets.

Several customers all over the world have transformed the digital channels for performing banking activities. For instance, mobile payment’s value all over the world increased by 220% from April to June, in comparison to the same period of 2019 (HSBC, 2020). Additionally, the digital footings of the organization are prepared properly for assisting the customers in unparalleled pandemic challenges. Opening durations have been decreased in several markets from weeks or days to less than twenty-four hours, with the help of digital equipment, in replacing paper-based and manual processes. The in-built iCash equipment is utilizing AI (Artificial Intelligence) for assuring above 1200 ATMs (HSBC, 2020). The organization is also making it easier for several other businesses to provide different other methods of digital payment for the customers for maintaining a record of the receiving payments at one position with HSBC Omni-Collect that has further been further extended to other line markets (HSBC, 2020). Another digital platform, VisionGo has been developed for encouraging small businesses and entrepreneurs to share knowledge and drop networking activities.

The digital strategy that the bank has been following is mainly focused under certain banking channels of digital processing. The bank has recently increased its payment structure with the help of banking done through mobile in June 2020. The payment procedure has increased by almost 220% where the download of their app by corporate users increased to a rate of 155% in the beginning of 2019 (HSBC, 2021). The pandemic crisis has also digitally improved the performance of the bank. The up gradation has been done mainly in the platforms of digital banking for clients and use of “personal banking”. As argued by Ebert and Duarte (2018), the spending that the company did for the latest technology involved the spending of at least 5.8 billion US Dollars. The operations henceforth have been made more attractive for the related customers. The banking structure has been made simpler, personalized as well as safer to continue with its operations.

Figure 4: Digitally Driven Strategy of HSBC. (Source: HSBC, 2021)

The above figure shows the initiatives that the bank took amidst pandemic times to improve the condition of the digital experience of the customers. As stated by Matt et al. (2015), the improvements were done digitally through a launch that can sign in almost 50 customers digitally at a time to give documents without being present at respective branches. The technology development in the field of biometrics allowed safety as well as quick verification of identity. The service that is being provided through Voice IDs almost prevented at least fraudulent attempts of 200 billion GBP. Schuchmann and Seufert (2015) had opined that these arenas particularly proved the efficiency that the bank significantly developed. The effective procedures digitally have allowed almost 220,000 colleagues to continue with their work effectively from home.

There are many other strategies that the bank significantly developed in recent months that have improved the revenue structure. As demonstrated by Ebert and Duarte (2018), the manual as well as certain documents which are paper-based were effectively cut down to a processing method of 24 hours that was delayed by weeks. The use of artificial intelligence in “ICash Tool ‘’ has been ensuring 1200 or more ATM’s so that it does not run out of money in Hong Kong. The corporate clients who contribute at least lots of business activities involve acceptance of payments digitally. As per the views of Matt et al. (2015), this has been done through offerings of methods of “digital payments” that help in keeping a record of “incoming payments” through “HSBC Omni Collect”. The platform has expanded to almost nine markets throughout the region of “Asia-Pacific”.

Figure 5: Digital strategies/methods. (Source: Matt et al. 2015)

The bank has also developed a new procedure called “VisionGo” where the platform has been created through the development of business by entrepreneurs. The networks in the business can effectively share knowledge and innovative ideas through this particular platform. According to Schuchmann and Seufert (2015), the usage of technology that mostly involves analytics and insights using data will help in the screening of at least transactions that are worth 689 million. The screening particularly crossed accounts of 236 million where laundering of money, as well as crime, was involved.

The leadership approach of the bank includes a perfect treatment for the shareholders, customers as well as owners. The strategy of “transformational theory” that the bank has been following is providing a healthy environment for both the employees as well as communities. The main principle that it has been following is the “key business value” which has effectively determined the perfect result from the employees. The pillars which are essential to determine the approaching style of the bank include loyalty, commitments, integrity, and hard work. The style of leadership is mostly based on the outcome from the performance of the employees. Warner and Wäger (2019) had opined that the commitment that has been achieved from the members of the particular team signifies the nature of productivity. The style has been rewarding due to the achievement and support from all the respective members.

Figure 6: Style of the leadership of HSBC. (Source: Turnnidge and Côté, 2018)

The above figure shows how the company has been succeeding effectively through this style. According to Çekmecelioğlu and Özbağ (2016), the process that has been effectively applied is significantly transparent in helping the company effectively perform through proper listening as well as effective receive of feedback from the employees. The procedure has significantly increased the performance as well as day-to-day improvement of the employees.

The critical challenge that the bank has been facing due to this style of leadership has been the volatility effect that it has been facing. As argued by Warner and Wäger (2019), the resolving that is mostly done include problems of idealization as well as motivation where the market position is getting hampered along with stockholders. The leadership style that the bank is following is mostly based on the survey that it is conducting to determine the course of its action. The consideration of understanding the effective mood of the public is significantly ignored where some particular influencing methods are included. The problem of brainstorming that the style follows in order to achieve results mostly ends with the use of personality.

The work culture has been affected mostly by some of the factors internally which have determined the office issues as well as the related teamwork. Chatterjee and Kulakli (2015) had opined that the proper understanding that has been provided by the bank involves a rate of modality where the effective rate of treatments involves the bank employees as a family. The support that the employee gets through effective leadership handlings helps in providing an opportunity that grows the career structure. The style also determines the hierarchical position of the leader where the best fit of the employees is effectively determined. The leadership style has effectively determined the nature of the organizational structure that has been effectively determining the growth in the business of the bank.

6. Conclusion

The incorporation of digital transformation within the banking sector not only elevates expectations and transforms customer behavior, but also digitalizes society and the businesses within the banking sector. The opportunities of digital transformation within the banking sectors are 24*7 availability, provision for enhanced customer services, lower costs, fast and rapid banking services. Contrarily, the drawbacks of digital transformations are higher costs, high requirements for technical aspects, and greater risks for poorer implementations. However, possession of both traditional and digital leadership abilities within a leader will help in bringing success to the organization. HSBC Holdings also follows strategic leadership styles in maintaining innovative regional squints with a creative scope and higher prospects for digital banking.

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Appendix: Increasing market revenue for digital transformation