HSBC is about to begin a robo-advice offering for its British based clients by the end of 2017. How long will it be before the bank brings the technology to its Asian hinterland?
The financial technology service will target customers with savings of less than 15,000, Pounds sterling according to a report in the «Financial Times.» (Paywall)
Many savers in the U.K. with only small amounts to invest, find it difficult to get financial guidance because of the cost of advice. HSBC's robo-advisor will be clearly and affordably priced the bank said.
The bank also claimed the online site will be aimed at providing fast and low-cost access to investment advice that would be specifically tailored to individual requirements.
Is Asia Next in Line?
HSBC will select from a line-up of internal funds as well as those managed by third parties, and will offer Isas as a tax-free wrapper.
«We have significant experience in the wealth market and from talking to our customers we know that targeted, relevant and personalised online advice is what they want,» said Taylan Turan HSBC U.K. premier and wealth head.
Wealth is growing faster in the Asian region than anywhere else and with Asia’s high internet penetration rates and the online habits of new millennials, robo-advisors have the potential to be a huge success in the region.
Asian clients have embraced the fintech offerings delivered to them by their banks and independent advisers to date.
So how long will HSBC wait before their well versed «Pivot to Asia» includes robo-advice?
