B2B Payments

HSBC Integrates SMB, Personal Banking Services

HSBC is streamlining its banking services for clients with both a small business and personal account.

In a press release on Tuesday (Oct. 2), HSBC announced the launch of HSBC Fusion, a service to facilitate management of finances for individuals and entrepreneurs toggling between personal and small business accounts. The tool aims to provide these professionals with a single point to manage both sides of their financial lives, and supports access via online, at a physical branch or over the phone.

In a statement, HSBC North America Head of Retail Banking and Wealth Management Pablo Sanchez said the bank understands “what it’s like to run your own company and your household at the same time.

“By integrating business banking and personal banking on a single digital platform, HSBC Fusion is our way of giving business banking customers more clarity into their finances, helping them save time and get ahead with easy access to funding, advice and opportunities,” added Sanchez.

Research released earlier this year from Fundera suggests entrepreneurs are struggling to separate their personal and professional finances. Nearly one-quarter of small business owners surveyed by the firm said they mix personal and business expenses on their commercial cards, for example.

While the solution supports separation of business and personal finances, the tool can also provide visibility into total balances. Clients will also gain access to international debit cards and commercial card products, secure messaging and advisory services from HSBC Commercial Banking.

“The small business segment is large and well-positioned for future growth; however, customer behaviors and competitive dynamics are changing and require a differentiated and digital approach,” added HSBC Head of Retail Business Banking Michael MacIntyre in another statement. “Research suggests SMBs put great value into the convenience of keeping personal and business banking relationships within the same bank. Through our launch of HSBC Fusion, we look forward to the opportunity to support some extraordinary business owners through this service.”

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