HSBC The First Bank to Embrace Crowdsourcing?

One of the world's banking giants HSBC has entered the foray of crowdsourcing. On 1st August 2011, first direct, one of the divisions of HSBC launched its new online platform, the first direct Lab. The platform aims to garner customer views to foster product design and service development through various methods of online interaction.

Every month, first direct lab will be populated with fresh content such as website designs, ideas for new products and service improvements. The platform, designed and implemented by Leeds Digital Agency, allows users to view the content and post views through the site's comment box and forum. All feedback received is then collated and passed to the bank's developmental team. 

Such concepts being considered include a revised website design, consultation on the use of QR codes (two dimensional barcodes that can be scanned by smartphones) and a mobile phone app providing a mortgage comparison service. Users will also be able to participate in weekly polls, lending their views on the prospect of a first direct innovation.

We're constantly looking at new ways of communicating with customers and the public, and the first direct Lab is a natural progression for us. We want people to inform our offering and in doing so help us serve them better.This is about changing the way people interact with banks by giving them a stake in some of the products and services that allow them to manage their personal finances. -Paul Say, Head of Marketing, first direct.

first direct is the first bank using crowdsourcing to engage with its customers and the general public working to create new products and enhance existing services. The bank prides itself on using social media and digital platforms such as Live and Talking Point, to share up to date information with its customers and enabling them to provide feedback on their banking experiences.

Image Credit; HowardLake