HSBC has announced the launch of a new online ‘robo’ service for wealth management advice, expected to be rolled out by the end of 2017.
While scarce on detail, the company said the service “will use data and algorithms [to] make personal recommendations based on an individual’s unique circumstances” – a process common to all online portfolio management, or ‘robo’, advisers.
The service will provide a cost-effective alternative to traditional, face-to-face wealth management services, particularly suited for those with more modest initial investments, according to an HSBC release.
Raman Bhatia, HSBC’s head of digital in the UK, said: “We are very excited by HSBC Online Advice service and have been working with our customers and the FCA (the UK regulator) to shape our offering to ensure that we are providing the most up-to-date and smart wealth management advice possible.”
“More customers than ever are using mobile and internet banking, with more than 90 per cent of our interactions with customers now done through our digital channels,” he said. “So it’s the natural next step that investment advice is available online.”
It is not certain at this stage whether HSBC will adapt the robo platform for use beyond its local UK base, including its second ‘home market’ in Hong Kong.