Post 7: Utilising Technology to add value
Ian Robinson
International Strategy and Proposition Lead | Wealth and Personal Banking | HSBC UK Bank plc
HR and global mobility teams increasingly leverage and even rely on technology to simplify the relocation process for their globally mobile employees, be it in house or outsourced solutions.
From pre-move planning to settling in a new country, digital tools now address many of the challenges historically associated with global mobility.
They cover compliance, tax, documentation, costs, DSPs and many other vital aspects right through to analysis and reporting. ?
One notable change is how banking services have evolved with technology. I could talk at length about blockchain, AI, and digital/app based banking and associated features but for now I’ll stick to the ability to open accounts in destination countries digitally, prior to setting off.
The burden this tech has taken off Global Mobility teams, HR, Payroll, the employee and their family is huge.
Traditionally, opening a bank account was a time-consuming task requiring in-person visits, extensive documentation, and language barriers, often causing significant stress for relocating employees.
Now, fintech solutions and HSBCs improved international proposition helps those relocating open their accounts in advance, view all global HSBC accounts in one place and make transfers without HSBC fees. It means payroll can be set up in advance, salary, accommodation and living expenses can all be made in the local currency without the risk of carrying cash or paying fees.
Tech innovation reduces administrative burdens for both employees and HR teams. Employees arrive in their destination market with immediate access to funds, simplifying their transition and avoiding delays in accessing essentials such as housing or travel.
For HR teams, it means fewer time-intensive processes and greater employee satisfaction. As global mobility continues to grow, technology's role in easing the process will only become more essential.
These advancements not only save time but also significantly improve the overall relocation experience.
Should you need to have a chat about how our team can support globally mobile employees and their banking needs, please do get in touch.
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