Himanish Goel
HSBC
Liberty
Money that speaks your Language
Role = UX Strategist and Product Designer
Tools = Figma and Photoshop
Project Type = Independent Study
OVERVIEW
HSBC (Hongkong and Shanghai Banking Corporation) is a leading financial institution with a global reach. It provides a broad range of banking and financial services to a diverse customer base and governments.
The main business areas of HSBC are retail banking, commercial banking, private banking, and wealth management.
BACKGROUND
Studying abroad is exciting, but paying for it can feel like a nightmare.
Studying abroad for students unlocks many opportunities, but can expose them to challenges like high tuition, fees, medical costs and other expenses.
Conversion fees, hidden charges, and unfamiliar banking systems make them feel that money is speaking a language they don’t understand.
Conversion fees, hidden charges, and unfamiliar banking systems make them feel that money is speaking a language they don’t understand.
INSIGHT
What makes studying abroad stressful isn’t just the big costs, it’s the small, hidden ones that stack up. And worse, students often don’t even know what they’re paying for. It’s not just expensive, it’s confusing.
STRATEGY
Position HSBC as the bank that makes spending abroad as simple as spending back home. Makes HSBC makes money feel local again.
STRAT LINE
Money that speaks your language
BUSINESS IMPACT
The HSBC brief wanted to focus on international students so that they can get a foothold in an expanding market. Setting up international students with HSBC Wallet is the first step for HSBC. As international students graduate and join the professional world, HSBC can market additional financial products to them and grow their business and revenue base.
- Instantly send and receive money—across banks, borders, and apps
- Cut out hidden fees and confusing conversions
- Connect their home bank accounts to their lives abroad
- Pay, split, and share money the same way they would back home
GLOBAL CHALLENGE
The Cost of Studying Abroad — A VCU Example:
Annual costs for an international student from India studying at VCU is ₹5.65 million, which equates to $66,242. 40% of the total cost is non-tuition related. And these costs keep going up annually!
Annual costs for an international student from India studying at VCU is ₹5.65 million, which equates to $66,242. 40% of the total cost is non-tuition related. And these costs keep going up annually!
Wherever they go, students face high costs and low clarity.
Spending distribution of an International Student at VCU
A Shared Struggle Around The World:
This isn’t just a VCU story. Across the world, international students face the same struggles:
This isn’t just a VCU story. Across the world, international students face the same struggles:
- 🇬🇧 UK = Tuition up to USD 47K + high London living costs
- 🇨🇦 Canada = Tuition up to USD 37K + living 30 to 50% more
- 🇭🇰 Hong Kong = Tuition USD 34K + costly accommodation
- 🇦🇺 Australia = Tuition up to USD 30K + USD 15K living
Tuition cost for international students in key locations
Product Outcome - HSBC Liberty
The New Money Transfer System
I am proposing the implementation of an international money transfer system, named HSBC Liberty. Liberty implies freedom from high transfer fees, bad exchange rates and delayed transfers.
Current money transfer systems available are plagued by high fees, delayed access to money, and bad exchange rates. The solution will be a UPI style ecosystem for transfer of money from India to USA and also across other global destinations. HSBC Liberty will be fast, fee free, and platform agnostic.
HSBC will leverage its global footprint to offer this money transfer service. This service will not be limited to HSBC account holders. HSBC Liberty will be marketed to banks in India.
I am proposing the implementation of an international money transfer system, named HSBC Liberty. Liberty implies freedom from high transfer fees, bad exchange rates and delayed transfers.
Current money transfer systems available are plagued by high fees, delayed access to money, and bad exchange rates. The solution will be a UPI style ecosystem for transfer of money from India to USA and also across other global destinations. HSBC Liberty will be fast, fee free, and platform agnostic.
HSBC will leverage its global footprint to offer this money transfer service. This service will not be limited to HSBC account holders. HSBC Liberty will be marketed to banks in India.
- Fast
- Fee-light
- App-agnostic
- Safe
- Trusted by millions
- 18–26-year-old international students
- Living abroad for the first time
- Tech-savvy, mobile-first
- Safe
- Want to live like locals, but their money keeps saying, “You’re not from here.”
- Fast
- Fee-light
- App-agnostic
- Safe
- Trusted by millions
Transfer from Parent Account to Student Wallet
There are multiple user journeys possible in our scenario. But our focus is on the user journey where a non-HSBC account holder in India will transfer money to an international student in USA. For this to happen, the student will create an International HSBC Wallet.
The non-HSBC account holder in India will transfer rupees using the HSBC Liberty system. HSBC will use its HSBC Liberty product to convert the currency into dollars and deposit the dollars in students' International HSBC Wallet. The money conversion and transfer happen seamlessly in the background with no user interaction required. The student will receive a notification about money transfer, on their phone.
There are multiple user journeys possible in our scenario. But our focus is on the user journey where a non-HSBC account holder in India will transfer money to an international student in USA. For this to happen, the student will create an International HSBC Wallet.
The non-HSBC account holder in India will transfer rupees using the HSBC Liberty system. HSBC will use its HSBC Liberty product to convert the currency into dollars and deposit the dollars in students' International HSBC Wallet. The money conversion and transfer happen seamlessly in the background with no user interaction required. The student will receive a notification about money transfer, on their phone.
- 18–26-year-old international students
- Living abroad for the first time
- Tech-savvy, mobile-first
- Safe
- Want to live like locals, but their money keeps saying, “You’re not from here.”
Big Idea- UPI Style Ecosystem
Introduction To HSBC Wallet
HSBC Wallet will allow the international student to do all the things that students are used to back home. The Wallet removes a friction point for students and parents alike. The parents get access to locked exchange rates, low fees, and quick money transfers as needed. Students are able to open international wallet before leaving India and have one less thing to worry about when they land in the US.
- Fast
- Fee-light
- App-agnostic
- Safe
- Trusted by millions
- 18–26-year-old international students
- Living abroad for the first time
- Tech-savvy, mobile-first
- Safe
- Want to live like locals, but their money keeps saying, “You’re not from here.”
Send Money to a Contact
Using HSBC Wallet, the student can send money to anyone using their phone number or QR code. The screens show actual money transfer to a contact and the final notification on the student screen that the money has been transferred.
- Fast
- Fee-light
- App-agnostic
- Safe
- Trusted by millions
- 18–26-year-old international students
- Living abroad for the first time
- Tech-savvy, mobile-first
- Safe
- Want to live like locals, but their money keeps saying, “You’re not from here.”
My HSBC Deals & Profile
HSBC Wallet offers HSBC Deals, student discounts to Wallet users based on commonly used categories. In addition, students can update their profile information like address, phone number and notification preferences.
- Fast
- Fee-light
- App-agnostic
- Safe
- Trusted by millions
- 18–26-year-old international students
- Living abroad for the first time
- Tech-savvy, mobile-first
- Safe
- Want to live like locals, but their money keeps saying, “You’re not from here.”
- Fast
- Fee-light
- App-agnostic
- Safe
- Trusted by millions
Student Resources
Besides helping international students settle in the US, there is also a “Resources” link in the navigation bar. The Resources link gives students information about getting a Social Security Number (SSN) or Tax ID Number (ITIN) depending on their student status. This will alleviate the need for students to navigate the cumbersome government websites for getting those important documents.
- 18–26-year-old international students
- Living abroad for the first time
- Tech-savvy, mobile-first
- Safe
- Want to live like locals, but their money keeps saying, “You’re not from here.”
Process & Reflection
PROCESS
The project brief from the D&AD program was used as a basis for this case study. D&AD brief for HSBC focused on providing banking services to international students or new graduates. International students are an expanding market with average spend of $250,000 for undergraduate study in the US. Given the big spending by this student cohort, HSBC wants to be a major player in the market.
My strategy focused on creating two different user surveys for parents and students. This allowed me to gain insight into the financial priorities of parents and students alike. In India, parents typically fund the education of their children given the extreme focus on education and the emotional connection between families.
The project brief from the D&AD program was used as a basis for this case study. D&AD brief for HSBC focused on providing banking services to international students or new graduates. International students are an expanding market with average spend of $250,000 for undergraduate study in the US. Given the big spending by this student cohort, HSBC wants to be a major player in the market.
My strategy focused on creating two different user surveys for parents and students. This allowed me to gain insight into the financial priorities of parents and students alike. In India, parents typically fund the education of their children given the extreme focus on education and the emotional connection between families.
REFLECTION
This was a learning experience in understanding the challenges faced by international students in studying abroad and the high financial burden associated with international studies. I learnt about international finance, the money transfer mechanism and challenges and insecurities faced by international students.
It was a learning experience to design a product that will address pain points of students and parents. Learning about international banking was insightful and gave me a new perspective on banking and its linkages with the technology world.
This was a learning experience in understanding the challenges faced by international students in studying abroad and the high financial burden associated with international studies. I learnt about international finance, the money transfer mechanism and challenges and insecurities faced by international students.
It was a learning experience to design a product that will address pain points of students and parents. Learning about international banking was insightful and gave me a new perspective on banking and its linkages with the technology world.