HSBC has launched an online advice service specifically delivering tailor-made recommendations based on a user’s own financial circumstances. The new online platform is called ‘HSBC My Investment’.
The purpose of the platform is to make investment products accessible to more people by allowing investors with just £1,000 to use the service.
The My Investment service was previously launched in the US and Canada and has now made its way across the pond.
James Hewitson head of wealth and advice at HSBC UK said: “At HSBC UK we’re committed to making wealth management advice more accessible, ensuring more people are able to make their money work harder for them.”
My Investment operates by asking clients a series of questions about their financial circumstances, investment experience and their risk appetite. A personal investment portfolio is then created within 25 minutes.
Rahman Bhatia head of digital bank for HSBC UK said: “The way our customers interact with us is changing and we need to ensure that we stay ahead of the curve.
“More customers than ever are using the mobile and internet banking, with more than 90% of our interactions with customers now done through our digital channels, so it’s the natural next step that we utilise the latest technology to give customers investment advice how they want it.”
HSBC is not the first bank to use Canada as a test bed for an online investment service. Just last week Royal Bank of Canada said that it was rolling out its InvestEast platform throughout Canada after trials Ontario, Alberta and Saskatchewan.