If we had to choose just one thing Xero and HSBC have in common, it would be our shared love of UK small businesses (SMBs). As one of the world’s largest banks, HSBC recognises the importance of accountants and bookkeeping in supporting the small business economy. Because of this, we’re delighted to have HSBC joining us at this year’s Xerocon London as our platinum sponsor.
HSBC is committed to working with UK SMBs to help them realise their ambitions. Over the past three years, they’ve committed £24bn in lending to small businesses. In fact, out of their 37 million customers worldwide, more than 1 million of these are based in the UK.
HSBC aims to partner with businesses, rather than just provide products. They offer guidance through a range of channels, including regional Strategies for Growth events, the Knowledge Centre and Financial Wellbeing programme. In supporting Xerocon, HSBC is reaffirming its commitment to SMBs.
Working together to improve accounting and financial services for small businesses across the UK
Through our ongoing relationship, we’re giving small businesses more control over their financial data in a secure environment. This helps them better manage their daily bank reconciliation activities and understand cash flow in real-time.
We’re both global by nature. HSBC’s international network gives them access to around 90% of world trade flows, making them uniquely positioned to support the ambitions of internationally-minded businesses.
Xero’s unique global business platform enables small businesses and their advisors to use global networks, connect to banks like HSBC and do business across multiple countries and regions. It is feeding a global ecosystem made up of app partners and accountants.
Financial services and the small business market
While massive in aggregate, the small business market is highly fragmented. As a result, servicing it is both costly and high risk for financial institutions. However, big business and technology companies are increasingly realising it’s a market brimming with opportunity.
Right now, the global small business economy is being digitally rewired to accommodate for shifts in technology, consumer expectations, and labour pools. The agile nature of technology companies is bringing about change in the traditional banking sector. More than ever, small business customers have a choice of which financial services institutions they have a banking relationship with.
The relationship between Xero and HSBC demonstrates how technology companies and banks can collaborate so the customer wins. And when small businesses win, the global economy wins.