Wed. Aug 4th, 2021

CFO explains why moving to the cloud changed HSBC for the better

HSBC is starting to reap the benefits of its first foray into the cloud, after deciding to revamp its back office finance systems without doing it “the HSBC way”.

Joanna Fielding, CFO of HSBC Global Services, triggered the technology refresh after joining the bank two years ago, to gradually transform back office technology for its corporate investment and retail banking arms.

The Banking Act 2009 meant HSBC had had to ringfence the two divisions, and Fielding wanted to introduce one uniform back office for the two that would be delivered through the Global Services body, rather than the divisions running duplicated on-premise systems and paper-based processes.

“We didn’t want to take a technology and change it to the way HSBC had always done things, we wanted to take a technology and change HSBC to do things differently,” she explained on stage at Oracle’s Modern Business Experience conference in London today.

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