Admittedly, thus far, HSBC is one of the few banks not to have been rescued by vast sums of taxpayers' money. As a lift whisks you to the executive suite of 8 Canada Square, this atmosphere of lavish, confident banking seems a relic of the pre-credit crunch days.
The unaltered ambience within HSBC reflects a marketing strategy that has yet to flinch in the face of economic catastrophe. The brand has stuck relentlessly to its strategy to present itself as 'The world's local bank', a haven for ambitious, continent-hopping, cosmopolitan types.
James Boulton, the bank's 43-year-old UK marketing director, believes this strategy remains right for the times. 'Customers are attracted to us because of our presence across many countries, and during the credit crunch we saw a flight to quality,' he says.
Boulton, whose brother is Sky News presenter Adam Boulton, is remarkably confident for a marketer working in such a ravaged sector. He has a propensity for asking, and then answering, rhetorical questions.
Despite his classic FMCG marketing training, first at Unilever and subsequently Walkers Crisps, Boulton appears to be enjoying the challenges that the banking industry throws at him.
Although he is insistent that HSBC is 'a universal bank', with products and services for all consumers, the former HBOS marketer seems to revel in the brand's luxury overtones and the fact that it targets wealthy businessmen, rather than Halifax's more modest Mondeo man.
There is little doubt that the HSBC brand has moved upmarket under Boulton's guidance since he joined in late 2005. The company's Premier sub-brand, launched eight years ago, was given a makeover in 2007 and has become a focal point for communications.
Similarly, recent marketing efforts have been focused on HSBC's Plus subscription banking package. The campaign, created by JWT, encourages consumers to 'upgrade' to Plus and its 'club-class banking' offering. Boulton confirms the bank's marketing will continue to promote its premium offerings.
'I'm a marketing purist, and marketing is about meeting customer needs at a profit. We believe the future of banking is much more subscription package-led, as opposed to pay-as-you-go. The only way we are going to meet customer needs is by having a genuinely segmented output, and Plus is part of that,' he says.
Subtle approach
At a time when the entire banking industry is subject to headline-grabbing mergers and acquisitions, and everyone from Barclays to Aviva is pushing major rebrands, there is clearly a danger that HSBC's softly spoken message will be drowned out. But Boulton is adamant that a perception of prudence and security will provide a beacon.
Asked whether he is ever tempted to cut free and put out a headline-grabbing campaign, a burst of frustration clouds Boulton's otherwise polished veneer. 'I'm old-fashioned, and believe that great marketing is the truth well told. When you do important things, such as the mortgage announcement [HSBC will lend up to £15bn in mortgages in 2009], that will always create a splash in the media,' he says.
'Is HSBC the only brand that offers Premier in 40 countries? Yes, and that enables us to be called "The world's local bank". Is it true that the HSBC share price has been more consistent than other banks? Yes. I call that causing a bit of a splash.'
Boulton believes HSBC can weather any threat from Spanish bank Santander and its three high-street brands, Abbey, Alliance & Leicester and Bradford & Bingley. 'Santander is heading toward a one-brand philosophy [in the UK], but I would say its global proposition is weaker than ours, as it has less coverage across countries. We are confident the international customer is more attracted to us,' he says.
He is even more dismissive of HSBC's traditional British rivals, decrying Barclays as a 'serial rebrander' ahead of its latest change in identity. He is most scathing, however, about the current NatWest campaign, which claims ownership over the concept of 'helpful banking'. 'It is emphasising something that should be true anyway. It's like me saying, "I'm a nice person." Do I think banks should be helpful? Yes. Do I think it is a discrimi-nating factor in the marketplace? No,' he says.
Drawn by differentiation
One of the reasons Boulton claims he chose to join HSBC from HBOS, where he had been instrumental in hiring DLKW to the Halifax account and the subsequent creation of its 'staff-as-stars' campaign, is that it occupies the most differentiated position in the banking space, as 'The world's local bank'.
'Everyone wants to be more international. If we understand people in 83 countries, it's quite likely that we will get you. That is our differentiator. If you go through the other brands, such as Lloyds TSB's "For the journey", they are all very general statements, where you can write the name of any bank underneath,' he says.
This year will bring more promotion for HSBC's Premier and Plus products, says Boulton. In the summer the brand will launch activation activity around its sponsorship of the British and Irish Lions rugby union tour to South Africa.
The internet, where HSBC has proved relatively successful, will also receive greater marketing spend. Boulton believes many brands are reaching a 'tipping point', where online exposure is becoming the focal point of companies' marketing efforts.
'The classic model is for press and TV ads to paint a big canvas and drive awareness, so I would now include your website as above-the-line. The modern consumer uses the internet to pretty much get everything,' he says.
Yet beyond the slow migration from above-the-line media to online, the industry should not expect dramatic changes in direction from HSBC. The bank has a once-in-a-generation opportunity to trample its beleaguered opposition into the ground, and it aims to do so by maintaining a resolutely consistent brand proposition. Failure to capitalise upon this situation would be unforgivable, and surely jolt HSBC from its lofty perch.