Introduction To Hsbc Bank

Published Date: 02 Nov 2017

Abstract:

The arrival of technology to the world changed the lives of people, In everywhere and everyplace technology became an important factor to be used in every business.

The businesses that do not use technology are most likely to fail and become bankrupt. This report states the importance of information technology and computers in HSBC’s workplace. HSBC operates almost all of its transactions, loans, with the help of computers and information technology systems which make the work not only more efficient but also more productive. It also talks about HSBC Internet web site and how clients’ life became easier with the help of this site. This report evaluates the scenario of the use of computers in the workplace under the headings of functionality, advantages and disadvantages, impact of technology in the working environment of HSBC bank.

Introduction to HSBC Bank:

The HSBC bank stands for the Hong Kong Shanghai Banking Corporation. HSBC is a huge union between the global bank in Europe, India and china. The first HSBC was open in Hong Kong in March 1865, a month later it also opened in Shanghai. In 1992 HSBC served the first headquartered in Hong Kong. Now days HSBC has spread all over the world with headquarter in London. The bank was born from a small idea by the Scotsman Sir Thomas Sutherland and in 1999 the bank established as an international brand name. HSBC became one of the largest banking groups in the world. HSBC group provides a whole range of financial services to personal, commercial, institutional and investment, corporate, and private banking clients. HSBC has a missive operational base in Asia. Also, HSBC has significant monitoring , investment , and insurance activities around the world .2002 HSBC became "the worlds local bank" ; it has more than ten thousand offices around the world operating in eighty two countries including the Middle East, Asia pacific region, Africa, Europe and The Americans. The bank has around thirty one thousand and two hundred employees and almost one hundred twenty five million customers around the world. HSBC has many areas such as: environment, community, education, and project to support volunteer programs and charities. HSBC has a wide-ranging international network through advanced technology, HSBC network includes a providing financial services, personal financial services, rapidly growing e-commerce capability, commercial banking, investment banking and markets, private banking, and other corporate services. It is a network of computers which has connected the distance of financial transactions and has limited the time of transfer into seconds rather than days, months or years.

HSBC Holdings PLC 2010, About US:

< http://www.hsbc.com/1/2/about>

HSBC Bank, Company History:

<http://www.hsbc.com/about-hsbc/history>

Current Scenario:

HSBC bank works with the help of Computing and IT in its workplace to provide a widespread range of economic services. One of the economic services provided to its customers around the world is the capability of e-banking which has become a growing trend with today’s Revolution world of internet "World Wide Web and Mobile Computing. Though, there are numerous issues concerned with the use of e-banking such as security, ethical and legal and you must give enough attention to them since it is your money that is at risk.

HSBC Holdings PLC 2010, HSBC Internet Banking :

<http://www.hsbc.co.uk/1/2/personal/current-accounts/about/benefits;jsessionid=0000LCcie0jdfpW8raIM6qKqcvv:12c58nvti>

Functionality of HSBC:

Staying in control of your finances at anytime is one of E-Banking Services that HSBC bank offers. The Personal Internet Banking of HSBC provides all the features you need to manage your money online from anywhere and anytime.

The answer to the function of e-banking is a complex one since the system of e-banking depends on a number of components and processes all connected to each other through a complex network spread in the whole world. Some of them are listed below:

Firewall configuration and management.

Network administration.

Website design and hosting.

Security management.

IDS (Intrusion Detection System). "Network and host based"

E-commerce applications. "E.g. Lending, bill payment, brokerage"

Core processing systems.

Internal network servers.

Programming support.

View your account transactions and balances.

Automated decision support systems.

Move money easily between your HSBC and non HSBC deposit accounts.

View checks and savings statements using statements.

Send money from your HSBC accounts to another person, finance or business.

Institution with funds transfers "wires".

Pay bills securely and for free, with an on-time guarantee1.

Internal network servers.

An online banking service of HSBC is like the other E-banking services which provided by other banks also functions through these 17 potential components.

HSBC Private Bank- Function Overview:

<http://www.hsbcprivatebank.com/uk-function-overview.html>

Function Overview HSBC Bank UK:

<http://www.business.hsbc.co.uk/1/2/help-centre/function-overview>

Advantages:

To HSBC Bank:

CIT in HSBC bank has advantages in order to provide E-banking services to its customers, these advantages are:

Reducing the costs of communication with clients around the world.

Speed up the marketing of products and also the services.

Reach widespread in the whole world.

Flexible collaboration between the accounts of the bank branches around the world.

Reduce working hours for HSBC employees.

To HSBC Customers and Clients:

HSBC Bank provides several services to its customers through the Internet, where they save time for the customer and the list below are the advantages of these services:

Access to personal accounts and trade from anywhere and anytime around the world, (subject to planned maintenance stages).

View transactions balances credit card accounts at any time you need.

Transferring money between qualified accounts.

Transfer money to any person and pay bills to any organizations around the world.

Accessing statements online to switch off paper statements and choose to Go Green.

Create, modify, cancel and display Direct Debits and standing orders.

Use the Internet to take advantage of discounts on some products.

Apply online for credit cards, saving accounts, current accounts, personal or business loans and more products.

Free download for some protection software on the net such as McAfee security software.

Request a modification to the limits of the transfer money between HSBC credit cards.

Update the personal information such as address, email, matrimonial status and number of children.

HSBC Online Fraud Guarantee always protected you.

Disadvantages:

To HSBC Bank:

The disadvantages of CIT to HSBC Bank are:

With the progression of technology every day, the software need regular updates, and also need training for HSBC employees as well as its customers in order to access the service.

Repeatedly ensure the availability of security proficiency for its online services, which cost a lot of money.

Technical support for the system by particular companies, which necessitate a lot of money.

The Security risks that the business is facing, such as viruses, hackers and fraud.

Security breaches to the customers personal information, which can make HSBC customers and clients does not trust the organization.

Physical security of all computer hardware and media.

Update the equipment inventories and intrusion detection tools.

Commitment with laws and regulations in each country which this service provides.

To HSBC Customers:

The disadvantages of CIT to HSBC Customers are:

Access by unauthorized users and illegal activities in case of system breakdown.

Less meeting with the customers which can reduce the confidence of some customer in this financial organization.

Dependence on third parties to obtain the necessary expertise.

Recurrent threats by the hackers and the use of networks available to the public.

Deception, fraud and fraud over the internet such as "419"fraud, lottery and virus hoax e-mail and more.

Small Business Bible 2008, Advantages and Disadvantages of Information Technology :

<http://www.smallbusinessbible.org/advan_disadvan_informationtechnology.html>

Impact of the technology in HSBC’s workplace:

The technology in the working place is far reaching ramifications, Employee relationship with the co-workers is getting worse day by day. Customer contact can be frequently handled over the phone or by other electronic means, and although this usually proves more efficient and productivity than the traditional person to person service, it also resulted in disorder of this relationship.

While the clients of the past have chosen their partners based on their evaluation of one’s reliability, personal and communication skills, today the look and feel of a web site and several phone calls and emails take over the place to search for professional compatibility. Technological developments also sometimes lead to isolation within an organization between management and its employees.

Management must decide to give workers the power and freedom associated with many of the technologies and establishes a secure plan for controlling employees, while keeping in mind that discount of supervision leads to worker disappointment and distrust of managers. In general, the relationships between individuals of any level of a company tend to disrupt with the introduction of new technologies. The presence of technologies in any company is necessary since most of the world today is connected through the components and services of computers and information technology. It is extremely difficult to picture the present world without the use of technology because without it the world would look barren just like life without purpose.

The technology has many impacts in our daily lives wherever or whatever we do technology must be involved, schools, workplaces, home, etc. The implementation of technology in some organizational work places ensures:

1. Globalization: Technology in its whole form, did not come into the world closer together, by bringing the distance and connecting people from all around the world together through a complex network of computers ; the Internet and its applications. The benefit that it made the world unified and raised the economy's production. It also opened new ways for sales, purchase transactions and other business transfers. The world has been developed into a global village by means of information technology allowing countries like Chile and Japan which have different languages to share ideas, information and skills. Information technology allowed them to carry out financial transactions with customers all over the world through the World Wide Web and online banking services of HSBC.

2. Reduces costs: Information technology has helped to computerize the business processes and reform businesses to make them extremely cost effective money making machines. HSBC online banking services save the cost of international transactions that are carried out through phones, faxes or any other online service. This helps in saving the costs; paper and personnel and leads to increase in the efficiency and productiveness which in return leads to increase of profits and creates a better wage rate allowance for the workers.

3. Linking cultural distance: Information Technology helped in the combining of different cultures by helping people from different countries to connect with each other and allowing them to exchange their views and traditions and thus leads to increase in understanding. Also, HSBC operates in almost every region of the world.

4. Time effective: Information technology made it possible for organizations to operate 24 hours daily all over the universe. This means that HSBC is operating anytime and anywhere, thus making buying, withdrawals, transfer of funds from ATMs easier and more convenient for the clients, which made it safer to transfer money from one bank account to another without having to the bank itself.

5. Access the use of technology: In a business such as HSBC the access of technology became easier to information and data from anywhere around the world through the Internet. So we can say that technology has created easier and more efficient ways for the clients. It can be for the customers to access data which is stored on a huge technological devices and equipment in the form of numbers, 0’s and 1’s.

6. Employment: One of the most important aspects of information technology is that it created new jobs and opportunities for people. New jobs like Computer programmers, system analyses, hardware and software developers and web designers. That is why, HSBC provides several of employment opportunities.

7. Accuracy: The beauty of technologies is that it made less prone to mistakes if compared with humans. The advantage of technology is that it can complete massive calculations in just few seconds. Some calculations might take long time for the result to appear but, the results of the calculations are accurate. Less or rare errors happen with the use of technology.

To sum it all up, HSBC became a globally recognized bank that has bridged cultures and countries together. It also made communication easier providing all time accessibility and accuracy in their transactions. HSBC opened new opportunities for employment due to their continuous advancement in technology. The use of technology in the workplace of any HSBC bank has made the bank and its services time efficient and cost effective.

Security at HSBC:

The internet provides many services and advantages for Banks, but it also provides hackers and viruses. HSBC bank always tries to find solutions to protect the privacy of the information they store from unauthorized users and viruses. "HSBC is one of the most famous banks around the world" that is why it always tries to provide good services to get customer satisfaction, the services can be online or offline services. Online banking is one of the most important services in HSBC bank. This service allows the customers and clients to access their accounts from anywhere and at any time, but this service can be dangerous sometimes because it includes some issue like hackers and viruses which can affect the security for customers and clients' accounts and their information. HSBC provides security system to protect the site, the information relating to the bank and the customers and clients information. HSBC also gives its customers and client's instructions to protect their bank accounts and their information.

HSBC is working hard to get the highest standards of confidentiality:

HSBC relies heavily on the confidentiality of information, for that this according to the "HSBC online" for secure transferring information between two computers on the internet using encryption HSBC use SSL (i.e. When you use online banking or when you apply for a credit card or a loan at HSBC) it converts the information into an encoded form before it's sent over the internet. The encryption helps to keep your information private between your internet browser and bank’s computer system.

Using 128-bit Secure Socket Layer (SSL) protocol of certified and VeriSign, this system works to encrypt all information and data sent over the Internet. SSL is one of the most secure ways to transfer information and data between two computers on the internet using encryption.

HSBC security systems and monitoring:

HSBC bank has one of the most powerful protection systems which is working accurately to detect any form of unauthorized access and illegal activity on the network systems for HSBC several systems. The system includes firewall systems, anti-virus protection, round-the-clock security surveillance systems and strong data encryption. This system has been designed to protect information systems from intrusion and to protect the network from illegal activity and unauthorized access. Also HSBC bank has auditor to review the internal security systems.

Additionally, with the promotion of e-banking come the security issues that need to be overcome at each step of the process to make sure the safety of customers’ and clients' transactions, money, details and financial statements from falling into the wrong hands. An HSBC security management process built around internal and external firewalls and IDS that ensures the protection of servers of the banks, where all the information and data of millions of global customers and clients are stored and protected from internal and external frauds and intrusions that can harm the client, customer and also the bank, as well it is the bank’s responsibility to protect customer’s information, their money and their data. After all this the question is why people keep their money in the bank?!

E-banking introduces information security challenges. Senior Management and Financial Institution Directors must make sure that the information security program of the institution addresses these challenges and takes appropriate action to minimize and eliminate these risks.

As a famous bank, HSBC always keeps thinking about the security of its customers’ and corporate clients’ at all times around the world. Nowadays the growth of the internet has provided greater flexibility to all, as well for the banks and the customers, but it also brought some new risks that we must guard against them. They use industry standard security technology and practices at HSBC, also they focus on three key areas – technology, identification and privacy to keep customers’ accounts’ safe from any illegal activity and unauthorized access by third parties.

HSBC ensures the safety and protection of its customers and clients by compelling its clients to follow "The Five Golden Rules of Security":

Install antivirus software and update it.

Use Anti-Spyware software to help prevent information about the online activities being collected by third parties.

Make sure to have the latest security software and patches which provide helpful information about vulnerabilities in programs and how to find the fixes.

Read the HSBC password advice since they are the key to the online account information so it’s important to keep them safe.

Use personal firewalls that help protect the computer from internet-borne threats, such as potential hackers and offensive websites.

HSBC Holdings PLC 2010, Online Security "Five Golden Rules":

< http://www.hsbc.com/1/2/online-security>

Therefore even in its security systems, in HSBC they employ the services of computer and information technology in the form virtual identification key and images, anti-virus software, anti-spyware software and firewalls to make sure their customers are protected from external third fraudulent parties that can harm the interests of their customers’ and clients’ by attacking their monetary savings and personal information stored on the HSBC server.

The Security Tips That HSBC bank provided to its customers’ and clients’:

The user who uses the Online Banking must to be careful because there are many sites created by an unknown person, and some of these sites ask the users to enter their name and password or any personal information to steal it.

HSBC has provided information in order for users from the security of the site and protect the privacy of their accounts:

Do not use the "remember password" function because this information can be easily accessed by anyone especially the hackers.

Do not open suspicious e-mail attachments.

Do not send any information about your details and account via e-mail.

Do not share your password with friends, relatives or anyone. Your password and PIN are designed to protect the privacy of your banking information. They will only work if you keep them private.

When you are using the Internet Banking Kiosk, log out and return to the Home page before you leaving the kiosk.

Always log out from HSBC.com immediately after completing transactions and before visiting other web sites.

Avoid downloading free programs. These may incorporate hacker-friendly software.

HSBC Holdings PLC 2010, Online Security:

< http://www.hsbc.com/1/2/online-security>

HSBC Holdings PLC 2010, Secure Personal Banking:

http://www.hsbc.com/1/2/online-security/secure-personal-banking

HSBC’s and the Internet and the World Wide Web:

The use of information technology and the internet has become an important aspect in our daily businesses today. With the internet and the World Wide Web, communication becomes easier, more efficient and effective. Most of the international businesses today are using these technologies to create a competitive advantage over their opponents in the markets. In our days, if a business wants to stay on top, they should be updated with latest kinds of technology and equipment. HSBC uses the internet and the World Wide Web and covers a wide area in the financial organizations.

The Banks these days have a lot of the site offers to the individuals about online banking services on their website. In order for the banks to provide these services for the clients, they need a private internet domain on the World Wide Web on which the customers can access at any time for their daily transactions. With the help of this domain, they can easily stay in touch with their employees and at any time through an internal network integrated by HSBC intranet. It consists of parts such as emails, newsletters and the message boards. In order for HSBC to stay connected with their customers, they designed an intranet and a website, to provide the online banking services to their customers from all around the world.

The HSBC bank website provides all information needed for both, international and local individuals. The information system such as the transaction processing system contains all the information about the everyday activities of the HSBC bank. Customers can access their information and keep track of their accounts from anywhere in the world by simply logging in with their accounts to the website.

The customers and the clients can access the HSBC website, which is (www.hsbc.com), and select their country/region to use HSBC local services. Each country has a different and separate domain for security and safety purposes. The customers are transferred to the local website which is controlled by local web hosting service providers, whom are in partnership with the headquarters of HSBC bank which is mainly located in London.

In case the customers do not have an online bank account at HSBC Bank, they can follow the steps listed below to sign up for an online account.

First step: Tell your personal account information and date of birth

Second step: Enter your security number

Third step: Make a note of their IB number (Internet Banking number)

After these steps individuals can use the HSBC intranet and access their accounts, manage bills, transfer funds, make a credit card, ask for loans, etc. In this way, the world of financial banking becomes in the customers' hands with the HSBC online banking services. The internet and the World Wide Web are very helpful for banking services and everything becomes efficient and easy for the customers to use.

Once the customers are logged in on the website they can check the e-commerce, B2C, C2C, B2B and other service provided on the HSBC webpage. They can also check their emails on the HSBC bank account by simply clicking on the hyperlinks that are on the web page. The HSBC uses some banking software which allows all computers to stay connected together to the same server at the same time. This software is used for transactions such as partnerships accounts, balance sheets, generate journals, credit and debit notes and all kinds of transactions.

The software also checks the errors, records them, makes calculations and it also produces a weekly/monthly reports in a statement form or any form that is requested by the user of the software. In addition, the software creates financial statements for the clients to use and allows the transfer of money from one account to another.

In every step of the process in which the client/customer stays connected to HSBC bank servers where their personal information and Transaction data, are stored on HSBC systems. These servers are complex combinations of computer software’s that provide database or web services to other computers or computers related to them. These software’s are stored on the computer hardware and are developed using many of Virus protection programs, depending on the type of programs needed, so this is making use of Computer and Information Technology in the workplace once again.

HSBC Holdings PLC 2010, HSBC Internet Banking:

<http://www.hsbc.co.uk/1/2/personal/current-accounts/about/benefits;jsessionid=0000LCcie0jdfpW8raIM6qKqcvv:12c58nvti>

Rainer A. Rappel 20 July 1997, Secure Banking over Internet:

<http://www.ercim.eu/publication/Ercim_News/enw30/rueppel.html>

Legal Compliance of HSBC’s Online Banking Service:

Compliance with the legal and regulatory framework in which an organization operates is a vital part of doing business. This is a not a new concept. What is new, the present level of non-compliance, often inadvertent, due to the current lack of control in the digital environment where most business documentation is being generated. There are numerous examples of mismanaged information in today's business world and it is not difficult for organizations to fall foul of the law which can result in heavy fines.

There are many ways of transactions, trade, Oagayat between the bank and the customer can fall foul of the law or financial regulations. Small print that governs the financial industry is necessarily complex. It needs to calculate financial transactions very large and complex between large companies across a wide range of industries in different countries and markets.

The laws and regulations that govern banking differ from country to country. The work that banks undertake is often complex, involving regulations set down by multiple governments and agencies. The rules are not just complicated, but are also constantly changing. It’s vital that banks monitor their own activities, stay on top of changes in regulations, and avoid any infringements of the law. So for all these reasons the collective area known as Legal and Compliance is very important to the successful running, and to the reputation of Because e-banking limits face-to-face interaction and the paper based exchange of information with customers, e-banking And compliance with the legal framework must be by both parties must be on the client:

The Customer acknowledges that all transactions made ​​through the induction Code and PIN has been for him personally.

This Agreement is subject to the laws and regulations applied within the State.

Legal compliance HSBC, introduces a new compliance or legal risks. Thus HSBC:

Identify your legal obligations

Develop a register of these obligations

Develop and implement control measures to deliver or improve compliance

Provide training on specific legal issues and a holistic approach to managing all obligations

Tracking impacts of changes and proposed future legislation

Auditing an organization’s adherence to regulations on a periodic basis

Clearly identifies the official name of the financial institution providing the e-banking services.

Clearly and properly discloses their customer privacy and security policies on their website

Ensures that advertisement, notices, and disclosures are in compliance with applicable statutes and regulations, including the E-Sign Act.

The protection of deposits and gains customer.

Training and development of labor banking

Provide a wide range of services and products to meet the banking needs

Thus, the online banking service offered by HSBC to its wide spread global customers cannot be achieved without the employment of computers, software and other forms of information technology equipment’s, hence making the use of CIT in the workplace a crucial aspect of successful operation and functioning.

Recommendation/Proposals:

The Internet subsidizes to increased rates of marketing around the world, which make it attractive to service providers especially for banks. With the use of the internet banks can reach their customers and clients around the world. The customers can sign up, order, transfer money electronically from any place in the world. There are too many uses of computer and information technology that can be put into use in banks or any organization in particular. The internet is open for the public and extensively distributed without specific monitoring and regulations, that is why banks should protect themselves from threats over the internet such as hackers, breaches and viruses.

HSBC can enhancement and development the security of the Online Banking Services. HSBC can offer to its customer’s fingerprint sensitive devices "because people don’t have the same fingerprint, fingerprint differs from person to person" or security Keygen to access their accounts. This can be an expensive investment, but it will save the bank from many problems that might happen with its customer’s. This strategy also will reduce the illegal activities and unauthorized access to any customer’s account. Last but not least, every organization has the ability to improve all departments, especially Information Technology "IT" department because it is always under constant attack by viruses or hackers, due to the improvement of the devices and equipment.

Therefore, HSBC must make sure that the online banking services work regularly all over the world without any problems, and must make sure that the all employees in all HSBC branches around the world have been trained in the management, the use of computers, and the using of its programs. Also, HSBC must ensure that all of its programs are commensurate with all the requirements of the work based on the basis of Computing and Information Technology "CIT" in the workplace.

Conclusion:

The contextual dynamics introduced in the above analysis constitute a consequence that computers and technology became part of any big organization, especially in a global organization like HSBC. HSBC bank classified as one of the largest banking group and financial services origination which provides a variable service for its customers’ such as: personal loans, saving account, current account, monthly profit account, investing banking, local and worldwide money transfer, ATM cards, SME banking, mobile banking, e-banking and online utility bill collection. Also HSBC ensures the safety and protection of its customers by compelling its customers’ to implement the five golden rules.

Therefore, the conclusion is that the use of computers and technology is necessary for the smooth running of operations in any organization and especially one that is globally widespread and operated and accessed by employees and customers/clients. HSBC must make sure that the organization is aware of the functionality, advantages, disadvantages and the impact of computers and technology in the workplace. This will help to manage the work without any delay or difficulty and also help to solve the problem .