The CMO's MO: HSBC's Cheuk Shum on why he's going 'all in on AI'

How does a 159-year-old bank stay relevant in a world obsessed with digitisation? For HSBC Hong Kong's Cheuk Shum, the answer is clear: embrace cutting-edge technology without sacrificing the trust and reliability that have defined the brand for generations. As head of marketing for wealth and personal banking, Shum brings a unique perspective, honed over a 23-year career spanning from wealth management to marketing leadership at Standard Chartered and now HSBC.

Shum's team has produced the likes of AI-powered campaigns with comedy legends to immersive art exhibitions tackling fraud prevention. In this interview with Campaign Asia-Pacific, he reveals the secrets behind HSBC's marketing transformation, the challenges of connecting with a diverse customer base in the digital age, and why embracing risk is the only way to stay ahead of the curve.

1. What are the three biggest opportunities for your brand?

I'd say customer base, connectivity and customer-centricity.

As Hong Kong's largest bank, we're incredibly fortunate to serve one in two people here. That's over five million personal banking customers. This scale gives us a unique advantage—deep insights into evolving needs through big data. We can spot trends and opportunities that others simply can't.

On connectivity, we're not just a local bank, we're a global network with over 159 years of expertise. This allows us to connect our customers to international opportunities, whether that's through our full-service banking capabilities or our best-in-class wealth management solutions.

On customer-centricity, being ‘the community bank of Hong Kong’ is more than a tagline, it's in our DNA. We're constantly innovating to enrich the customer experience. In recent years, we've launched over 200 digital features annually from market-first campaigns that go beyond traditional banking to solutions that support our customers at every stage of life.

2. Where are you investing your marketing budgets this year? In what areas are you cutting spend?

We're going big on experiential marketing because it's about forging real connections. When people have amazing experiences with our brand, it sticks with them. We've seen firsthand how much our customers love these initiatives, and we're excited to keep delivering more.

Customer needs are constantly evolving, and so are we. That's why we're investing heavily in insights and analytics. The more we understand our customers, the better we can tailor our products and services to their needs. Plus, these insights give us valuable thought leadership material, like our HSBC FinFit Study and HSBC Affluent Survey, which provide a fascinating glimpse into customer behaviour.

We're not afraid to experiment with cutting-edge technology, especially AI. It's all about finding innovative ways to reach our audience, spark engagement, and build lasting brand loyalty. Sure, there are challenges and risks when you're pushing boundaries, but that's part of our responsibility as a leading brand. We're committed to striking the right balance—championing innovation while always putting our customers first. And, of course, we're always learning and growing as a team along the way.

At an HSBC client dinner with Japanese contemporary artist Takashi Murakami

3. Spill the C-suite strategy around generative AI. What’s the real game plan? Show us the receipts: a concrete example of how you're using this tech to democratise creativity and drive tangible results.

Our strategy with AI begins with creativity. We love trying something new and adding a dash of fun to our initiatives. An excellent example of this was the #WealthDecoded AI-powered campaign we ran in the first half of last year, featuring Dayo Wong, a well-known comedian and actor in Hong Kong. All campaign materials, including KVs, were generated by AI tools such as Midjourney. In this campaign, the AI version of Dayo Wong encouraged audiences to think about wealth management and investing, prompting them to start making a financial plan. This allowed us to experiment with AI, infuse humour into our campaign, and promote an educational message.

HSBC's #WealthDecoded campaign uses AI-powered imagery and an AI avatar to demonstrate the potential of machine learning technology

Next is courage. Let's be honest, lots of brands, especially in banking, are tiptoeing around AI. But we say, why wait? That's why we hosted the HSBC AI Forum, ‘Pause or All In?’ bringing together AI leaders to tackle the tough questions head-on. It was a hit with our customers and gave them valuable insights and even snagged us an award at the PR Awards Asia-Pacific 2024.

Recently, we also curated a three-day ‘All-in on Innovation’ programme in California, offering ultra-high-net-worth clients in Asia who are passionate about the tech sector a great opportunity to connect with top venture capitalists, promising start-ups, and like-minded entrepreneurs. We helped our customers witness first-hand how some of the most ambitious people in tech are exploring the potential of generative AI.

Each of these campaigns is different, but everything ultimately comes down to embracing what generative AI has to offer, addressing the uncertainties, and translating that into meaningful customer experiences or insights.

4. What do you feel separates your brand culture from others?

Perhaps I can answer this question from the perspective of our marketing team’s culture at HSBC. I emphasise three key values with the team.

The first is a passion for learning. In many workplaces, people are afraid of looking stupid when they ask questions or share a new idea. Instead, I want my team to feel comfortable proposing new ideas or acquiring new skills without fear of judgment. 

Secondly, customer centricity. Our commitment to customer centricity is deeply ingrained in our brand. As we delve into understanding customer needs and continually optimise their banking experience, our campaigns evolve based on insights into their behaviours. At the outset of our campaign brainstorming, we ask ourselves: What about their needs, aspirations, or struggles? What makes them happy? Do some feel neglected? If so, who and why? Addressing these issues is a constant.

And finally, the willingness to experiment. ‘Innovation’ is an overused buzzword. While everyone wants innovative results, very few are willing to undertake the hard part of risk-taking and experimenting. I always tell the teams to experiment with new ideas or technologies—it's an opportunity. If it doesn’t work, fine. We learn from it. While this mindset is common in startups or creative spaces, in banking—a highly regulated sector—we need to put in extra effort to make it work.

5. What are the three biggest marketing challenges for your brand right now?

Thanks to tech, customer expectations are sky-high, especially among Gen Z and millennials. They want it all, and they want it now—personalised banking experiences, seamless digital interactions, tailored marketing campaigns. Keeping up is a constant sprint.

With diverse and fragmented customer behaviours and interests across segments, it is complex for an established bank with a large customer base like ours to reach our audience effectively. Our customer base spans generations, locations and backgrounds, each consuming media differently. Balancing platforms and channels to resonate with everyone is crucial.

Rapid developments in AI and other technologies require us to continually adapt and innovate. But as a global bank with over a century of history, we’ve built our reputation on reliability and security. Any time we adopt new technologies, they must reinforce these values without exception.

6. What needs to change in your industry when it comes to working culture?

Many things could be better, but my main one is open-mindedness. In marketing, it’s especially important to have an open mind and learn where the boundaries are. Don’t be afraid of testing them. This means welcoming new ideas and new technologies and embracing change quickly and practically. In the current age, we can’t afford to be complacent and stick to the same old ways of doing things. Trying new things can be a little scary sometimes, sure, but missing out on incredible opportunities and becoming irrelevant is worse.

7. How do you inspire the next generation of marketers?

Shum with his dog

I love learning and love living. No single skill can guarantee long-term success, but there is such a thing as a winning attitude. A genuine passion for lifelong learning is needed to stay ahead of the curve, and a love for positive experiences will help marketers better connect with others, be it in their work or their personal lives.

8. Name another brand (can’t be yours) with a fantastic customer experience that you admire. Why is it great?

When it comes to customer experience, Apple is in a league of its own. It blows me away. Their products just work. They're intuitive, beautifully designed, and focused on what matters most—the user.

Apple's ecosystem is pure genius. Switching between devices is effortless, and you've got all your data at your fingertips, no matter what platform you're on. That's the definition of a frictionless experience.

I like that their marketing goes beyond pushing products; they tap into deeper emotions. Their short film 'The Greatest' is a powerful example, showcasing how their accessibility features empower people with disabilities. That's the kind of storytelling that resonates.

9. What keeps you up at night as a CMO?

Honestly, it's a constant state of 'How can we be even better?'. We've been pushing the boundaries of traditional banking, delivering innovative experiences for our customers. But the work never stops.

I'm always asking myself how we can blow people away and create experiences they'll rave about. Who are the unexpected partners we haven't collaborated with yet? There's magic in bringing together different worlds. What's out there that we haven't even dreamed of? The world of tech moves fast, and I want to be ahead of the curve, not playing catch-up.