HSBC survey finds positives in CI markets

Tuesday 30 July 2019

HSBC has surveyed customers with the results suggesting Guernsey and Jersey are "well placed to support internationally-dynamic businesses as they adapt for the future."

The ‘Navigator: Made for the Future’ survey asked more than 2,500 companies in 14 countries and territories, about their future plans, and the results showed that, whilst technology tops firms’ spending plans, firms are also now prioritising investment in the well-being and future skills of their people.

The survey shows that 34% of decision-makers think their technological focus will ‘totally’ change over the coming 24 months, with a further 45% expecting ‘slight’ change. Over half (55%) plan to invest more in research and development.

Nearly as many though (52%) will boost spending on skills training and 43% on employee well-being; ahead of logistics (42%), plants or equipment (34%) and ‘bricks and mortar’ premises (29%). 

Commenting on the findings, Warwick Long, Head of Commercial Banking for the Channel Islands and Isle of Man said: “Excitement about rapidly-evolving technologies, including artificial intelligence (AI) and virtual reality, comes through clearly as businesses prepare to meet the needs of tomorrow’s customers. However, this survey also shows that businesses are well aware they will need their people to be healthy and happy in their jobs if they are to be successful in the future. Well-being and sustainability are becoming watchwords for business success. 

“In this context, the Channel Islands are well placed and have all the right ingredients to enable businesses to adapt and make the most of future opportunities. Both Guernsey and Jersey have made strong commitments to creating world-leading digital frameworks to support technological innovation and digital skills development, whilst the islands also place a real emphasis on wellbeing – HSBC’s latest Expat Explorer survey, for instance, found that 75% of expats in Jersey and 77% in Guernsey believe they enjoy a better quality of life since moving to the Island.” 

Interviews for the ‘Navigator: Made for the Future’ survey were conducted in Australia, Canada, China, France, Germany, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, the UAE, the UK and the USA in May 2019.

The full report can be found here.