HSBC’s Ranojoy Dutta wants to give customers a ‘bank in their pockets’
Kelly Ng
RANOJOY Dutta has worked in four countries over the past 28 years. Now, he is devoting his time to other globetrotters like him.
Dutta was appointed HSBC’s head of retail products and journeys in April 2019. He joined the team from HSBC Hong Kong, where he was head of regional growth, global transaction banking products and services.
In his current role, Dutta’s job includes helping to smooth over the banking experience for customers who are relocating.
How did you end up here?
Born and raised in India, I joined a bank there after completing higher education and was involved in direct sales. This means I used to open accounts for customers at their homes or offices. I would go with a camera and forms to be filled up. So much has changed since.
Then I moved to Australia, where I did a master’s degree in marketing and then joined an Australian bank.
I came to HSBC in 2013. Before undertaking this role as head of retail products, I was in a global role and working with 40 different countries. What was interesting for me was the different needs of a diverse customer base; yet, they also shared similar basic banking needs. Working in so many countries and through different events – such as the Sars outbreak and now Covid – has given me very enriching experiences.
Can you elaborate on a key trend you see within your area?
In today’s world, customers are on the move. They are looking for opportunities beyond where they live. And while the banking industry in their home markets can be very sophisticated, the linkage of banks in different parts of the world is still an unmet pain point. Being a global bank, international connectivity is one of HSBC’s strengths. We have had customers contact us from their home countries, before moving to Singapore, asking how they can open an account here.
We recently partnered with a fintech called Nova Credit, which has links to credit bureaus in many countries. This partnership enables us to pull customers’ credit history, with their consent, from their home markets. Prior to this, we would typically give customers a reasonable limit based on their job and income profiles.
We are piloting with customers moving from India to Singapore. This gives us more visibility of who they are as consumers, so we can give them a better credit limit and faster approval process. We are close to launching the second phase of this, where we will be linking up with the United Kingdom, Australia and the Philippines.
How does this affect your role?
Earlier, I said that I started my career visiting homes and offices to help people open bank accounts. Fast forward to today – there is little human intervention, and you can set up accounts in a few steps using a mobile app. But digital transformation doesn’t stop here. Going forward, there are more opportunities to meet cross-border banking needs.
Customer needs are evolving, especially as more people now work, live, study and invest abroad. This has forced me to rethink how we develop banking products. When developing a new product, we no longer just look into product features that will resonate with our customers. It is equally important to design a well thought-out customer journey.
For instance, we may be able to link up family members living apart from each other and make transfers more seamless. And to let them do this through a mobile app. We are working towards providing “a bank in your pocket”.
