How HSBC’s Beyond Banking initiative is enabling entrepreneurs to scale with convenience

With digital taking over our lives, it is critical for businesses to adapt to the new normal for their continued survival. While digitisation has led to the simplification of processes for businesses, the implementation comes with its fair share of complications that have left many traditional companies struggling.

It becomes even more challenging for startups and SMEs, where business owners have to juggle various functions. For a company to scale, there are tons of little details to be managed, such as book-keeping, compliance, GST filing, HR, marketing, among others. Managing all this simultaneously, especially when dealing with multiple systems and platforms, often consumes too much of the founders’ bandwidth, distracting them from the core deliverables of their business.

At HSBC  India, the team is working towards these challenges. Through their initiative ‘Beyond Banking’, they are providing companies with an ecosystem of solutions to help them scale sustainably and efficiently.

What is Beyond Banking?

The ‘Beyond Banking’ initiative facilitates HSBC India customers with the best solutions to streamline various work processes of their businesses, right from the get-go.

This includes functionalities founders struggle with, such as Enterprise Resource Planning (ERP), e-Human Resource Management System (e-HRMS), logistics management, and more.

To begin with, HSBC India collaborated with Google Workspace and Amazon Web Services (AWS) to equip clients with world-class tools and secure services. While businesses can sign up to these platforms and services independently as well, the collaboration brings them cost-effective solutions, discounts, and credits. HSBC’s partnership with the two platforms also ensures seamless onboarding and convenient continuation of services for its customers.

• Manage work from one place with Google Workspace - The various tools in Google Workspace make remote working simpler and easier. Through a single platform, business owners can effectively mobilise their workforce, streamline operations, coordinate with team members, and collaborate with clients. Their productivity is not hindered by the location of the team members, vendors, or even clients. With this alliance, HSBC India is making working in a virtual setup much more affordable so that founders can direct those resources to other essential areas.
• Cloud computing capabilities with Amazon Web Services (AWS) - AWS performs multiple important roles in HSBC India customers’ businesses – from hosting websites and designing operating models to hosting, analysing, and managing data. Through the collaboration with AWS, the bank’s startup customers avail free credits that help them optimise one of the largest spends incurred in running a business. The easy approval process, special Beyond Banking offers, and a team of experts are always on standby for assistance, making the customer journey even more pleasant.

HSBC has now integrated with Zoho Books to enable its customers to efficiently manage two critical elements of running a business - accounting and finance.

Making banking and accounting a cakewalk with HSBC India -Zoho Books

Small businesses and startups particularly struggle with finding finance advisors who are affordable and aligned with their business vision. Navigating these tasks by themselves can be challenging, not just in terms of time consumption but also the real risk of errors.

With a simple plug-and-play solution, HSBC India customers don’t have to frequently switch between platforms for accounting functions like payment reconciliations, vendor and GST payments, bookkeeping, payroll management, or any of the unending banking tasks. The simple yet powerful cloud-based accounting software helps manage business operations, cash flows, payments, and receivables - all through a single integrated platform.

Here are a few unique benefits from the integration:

1. Multiple payment options - Make regular payments to one invoice or one vendor or save time by making bulk payments to multiple invoices or vendors.
2. Generate automatic records after payment - Zoho automatically records the paid bills, so you can view them any time, anywhere.
3. Effortless GST compliances - Pay GST or file returns directly from Zoho Books. The software auto-updates on payment completion and adds automatic journal entries.
4. Sync bank feeds - Zoho offers easy configuration with the HSBC India integration. Customers can track cash flow directly from Zoho Books, and the transaction status automatically syncs every 24 hours.
5. Error-free reconciliations - Just choose the reconciliation period, Zoho Books automatically fetches and matches transactions smartly.

The road ahead

Beyond Banking with HSBC India is a forward-looking initiative that supports ventures in keeping up with the ever-evolving business landscape.

According to Prakash Jaiswal, Country Head, Business Banking (MSME, Startups), HSBC India, “At HSBC India, we understand the finer nuances of the problems faced by businesses and intend to provide a one-stop solution for them. We help them overcome all barriers that hinder their growth, one integration at a time,” he says.

By establishing a robust network of alliances and well-functioning integrations, HSBC India is developing an ecosystem that offers all the solutions that businesses need – and this is just the beginning.

The bank plans to build multiple other collaborations and integrations, based on both what they observe and hear from our customers, to help Indian businesses effectively manage operations and establish sustainable processes.