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Back to Basics: the Current Competitive Strategy of Hsbc Bank Canada

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Back to Basics: the Current Competitive Strategy of Hsbc Bank Canada BACK TO BASICS: THE CURRENT COMPETITIVE STRATEGY OF HSBC BANK CANADA by Christopher Patrick Sheppard B.Comm., University ofVictoria, 1999 PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION In the Faculty of Business Administration © Christopher Patrick Sheppard 2007 SIMON FRASER UNIVERSITY Summer 2007 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means, without permission ofthe author. APPROVAL Name: Christopher Patrick Sheppard Degree: Master ofBusiness Administration Title of Project: Back to Basics: the Current Competitive Strategy of HSBC Bank Canada Supervisory Committee: Dr. Aidan Vining Senior Supervisor Professor Faculty of Business Administration Dr. Neil Abramson Second Reader Associate Professor Faculty of Business Administration Date Approved: ii SIMON FRASER UNIVERSITY LIBRARY Declaration of Partial Copyright Licence The author, whose copyright is declared on the title page of this work, has granted to Simon Fraser University the right to lend this thesis, project or extended essay to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. The author has further granted permission to Simon Fraser University to keep or make a digital copy for use in its circulating collection (currently available to the public at the "Institutional Repository" link of the SFU Library website <www.lib.sfu.ca> at: <http://ir.lib.sfu.ca/handle/1892/112>) and, without changing the content, to translate the thesis/project or extended essays, if technically possible, to any medium or format for the purpose of preservation of the digital work. The author has further agreed that permission for multiple copying of this work for scholarly purposes may be granted by either the author or the Dean of Graduate Studies. It is understood that copying or publication of this work for financial gain shall not be allowed without the author's written permission. Permission for public performance, or limited permission for private scholarly use, of any multimedia materials forming part of this work, may have been granted by the author. This information may be found on the separately catalogued multimedia material and in the signed Partial Copyright Licence. While licensing SFU to permit the above uses, the author retains copyright in the thesis, project or extended essays, including the right to change the work for subsequent purposes, including editing and publishing the work in whole or in part, and licensing other parties, as the author may desire. The original Partial Copyright Licence attesting to these terms, and signed by this author, may be found in the original bound copy of this work, retained in the Simon Fraser University Archive. Simon Fraser University Library Burnaby, BC, Canada Revised: Summer 2007 SIJ\lON FRASEH UNIVERSITY TH1NK./NG OF THE WORLD STATEMENT OF ETHICS APPROVAL The author, whose name appears on the title page of this work, has obtained, for the research described in this work, either: (a) Human research ethics approval from the Simon Fraser University Office of Research Ethics, or (b) Advance approval of the animal care protocol from the University Animal Care Committee of Simon Fraser University; or has conducted the research (c) as a co-investigator, in a research project approved in advance, or (d) as a member of a course approved in advance for minimal risk human research, by the Office of Research Ethics. A copy of the approval letter has been filed at the Theses Office of the University Library at the time of submission of this thesis or project. The original application for approval and letter of approval are filed with the relevant offices. Inquiries may be directed to those authorities. Bennett Library Simon Fraser University Burnaby, BC, Canada L.,l r• ."ISlOn: SUlTImer 2007 ABSTRACT This paper analyzes HSBC Bank Canada's current strategy for competing within the Canadian banking industry. HSBC Bank Canada has enjoyed considerable financial success over the past couple of decades. However, the overall direction ofthe industry is towards lower, interest-rate spreads and intensified competition. Many ofthe bank's primary competitors are reducing costs through a variety of means, such as centralization and automation of processes. In order for HSBC Bank Canada to succeed in this increasingly challenging market, it must look at differentiating itself from the competition. It does not enjoy the same size-related advantages as the larger Canadian banks. Historically, HSBC Bank Canada used customer service as its primary differentiator. This advantage is slipping for a variety of reasons outlined in the paper. A refocus on the bank's principal resources is recommended to ensure HSBC Bank Canada's future remains as strong as its past. Keywords: Bank, Banking, Strategy, Competitive Subject Terms: Strategic Direction, Competitive Strategy, Competitive Analysis, Canadian Finance III DEDICATION To my family members, who are always there when I need them and who continue to support me in each new endeavour. To my friends and co-workers at HSBC Bank Canada who have also helped me achieve this goal. IV ACKNOWLEDGEMENTS I would like to thank HSBC Bank Canada which provided the assistance to make this analysis possible. I am grateful to Dr. Aiden R. Vining for his guidance throughout the analytical process. I am grateful to Catherine Waite whose valuable insight and assistance has been most helpful. I would also like to express my gratitude to the supervisory committee and all ofthe EMBA program members for their teaching and assistance throughout this learning process. v TABLE OF CONTENTS Approval ii Abstract iii Dedication iv Acknowledgements v Table of Contents vi List ofFigures viii List ofTables ix List ofAbbreviations and Acronyms x 1 Introduction to Commercial Banking at HSBC Bank Canada 1 1.1 HSBC Bank Canada: Ownership and Influence 2 1.2 Overview of HSBC Bank Canada's Business 3 1.3 Commercial Credit Financial Services at HSBC Bank Canada .4 1.3.1 Terms and Operating Credits 7 1.3.2 Trade Finance 8 1.3.3 Equipment Leasing 8 1.3.4 Payments and Cash Management... 9 1.4 HSBC's Customer Segments 10 2 The Canadian Banking Industry 15 2.1 Scope ofthe Canadian Financial Services Industry 15 2.2 Competitive Analysis 18 2.2.1 Intensity of Competition 19 2.2.2 The Impact ofTechnology on the Intensity of Competition 23 2.2.3 New Competitors to the Industry 27 2.2.4 Strong Bargaining Power of Buyers 31 2.2.5 The Strength ofthe Industry's Suppliers 34 2.2.6 Availability of Substitute Services 38 2.2.7 Likelihood ofAlliance and/or Partnership Formations .42 2.2.8 Government Regulation -A Strong Potential Threat to the Status Quo 43 2.3 Key Success Factors 45 2.4 Summary of Industry Attractiveness 51 3 A Look Inside HSBC 53 3.1 HSBC's Strategic Tools 53 3.1.1 Financial Resources 53 3.1.2 Fixed Assets 54 3.1.3 Human Resources 54 3.1.4 Technological Resources 55 3.1.5 Reputation 56 3.1.6 Culture 57 vi 3.2 How HSBC Adds Value 57 3.3 HSBC's Current Direction 61 3.4 Financial Performance 63 3.4.1 Market Position 63 3.4.2 Analysis of Asset Growth 64 3.4.3 Analysis of Profitability 67 3.4.4 Analysis ofOperating Efficiency 70 4 HSBC: Assessment ofThe Present Situation 72 5 Strategic Opportunities In Commercial Banking 76 5.1 Strategic Alternatives 76 5.1.1 Strategy Number One: Maintain Status Quo 76 5.1.2 Strategy Number Two: Expand & Develop Niche Markets 77 5.1.3 Strategy Number Three: Expansion by way ofAcquisition and / or Merger. 78 5.1.4 Strategy Number Four: Refocus on Resources 79 5.2 Possible Future Scenarios 80 5.2.1 Best-Case Scenario 80 5.2.2 Worst-Case Scenario 80 5.2.3 Most-Likely Case Scenario 81 5.3 Evaluation Criteria Based on HSBC's Goals 82 5.4 Analysis of HSBC's Strategic Alternatives 84 5.4.1 Analysis of Strategy # I - Maintain Status Quo 84 5.4.2 Analysis of Strategy #2 - Expand and Develop Niche Markets 85 5.4.3 Analysis of Strategy #3 - Expansion by way ofAcquisition and / or Merger 86 5.4.4 Analysis of Strategy #4 - Refocus on Resources 88 5.5 HSBC's Goals and Valuation 90 5.6 Scenario Analysis for HSBC's Strategy Selection 93 5.6.1 Best-Case Scenario Analysis 93 5.6.2 Worst-Case Scenario Analysis 93 6 Conclusions And Recommendations: Refocus on Resources 95 6.1 Conclusion 95 6.2 Suggested Implementation Plan 96 6.3 Recommendations 98 6.3.1 Improvements to Customer Service 98 6.3.2 Leveraging the HSBC Brand 98 6.4 Caveats 99 Reference List 101 vii LIST OF FIGURES Figure 1 Percentage Share; the Industry is Moving Away from In-Person Banking 16 Figure 2 Non-Banks Continue to Grow Their Market Share 17 Figure 3 Six Forces that Influence the Intensity ofCompetition, 2007 19 Figure 4 HSBC's Value Chain: Differentiation Service 58 Figure 5 Present and Future Direction for HSBC 74 viii LIST OF TABLES Table I Summary ofHSBC's Commercial Financial Services and Customer Segments 6 Table 2 Breakdown ofthe Financial Services Sector; Banks Remain a Key Contributor of Employment 17 Table 3 Employee Growth 37 Table 4 Commercial Banking: Key Success Factors and Competitive Comparison .46 Table 5 Final Assessment ofIndustry Attractiveness 52 Table 6 HSBC's Current Strategy 62 Table 7 HSBC: Market Share by Region 64 Table 8 Total Asset Growth 65 Table 9 Growth of Business and Government Loans 66 Table 10 Assets Managed Per Commercial Employee at HSBC 67 Table II Profitability 67 Table 12 Return on Equity 68 Table 13 Return on Assets 69 Table 14 Operating Efficiency 70 Table 15 Salaries to Net Interest Income 71 Table 16 HSBC's Weighted Goals 83 Table 17 Weighted-Goal Forecast for HSBC 91 Table 18 Valuation Prediction for HSBC's Goals 92 IX LIST OF ABBREVIATIONS AND ACRONYMS ABM Automatic Banking Machine BMO The Bank of Montreal BNS The Bank of Nova Scotia $CDN Canadian Dollars CEO Chief Executive Officer CIBC The Canadian Imperial Bank of Commerce GIC Guaranteed Investment Certificate Holdings HSBC Holdings pic HSBC HSBC Bank Canada ING ING Canada Inc.
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