HSBC Private Banking has rolled out a new advisory service in the region to leverage both its tech capabilities and human expertise to deliver a hybrid offering.
HSBC has launched a new advisory service – HSBC Prism Advisory – according to a statement, which will target private banking clients in the region.
The offering combines human expertise at the bank with data analytics capabilities, most notably Blackrock’s Aladdin Wealth technology.
The offering will be first made available to private banking clients booked in Hong Kong and Singapore before extending to eligible retail customers in Hong Kong later this month.
Prism Advisory
According to the statement, the Prism Advisory offering is a contractual service that can help clients optimize portfolio based on HSBC’s model portfolios. Users can also customize model portfolios to express personal views and objectives while using Prism’s 'Bespoke Asset Allocation' capability to built out the strategy with advisors.
Prism monitors portfolios around-the-clock and can alert clients about risks and opportunities in the event of sharp market movements. It features a wealth projection function that can allow clients to plan long-term and conduct stress tests based on 50 different options.
«HSBC Prism Advisory is a primary example of how we are combining innovative digital platforms with advisor-led expertise to construct investment portfolios that truly reflect our clients’ unique objectives,» said HSBC’s APAC regional head of investment and wealth solutions Stefan Lecher.
Digital Investments
According to HSBC, the private banking unit in Asia has invested over $200 million over a four-year period to «build and innovate its core banking and digital platforms» in order to meet client needs.
In 2019, the bank also announced a global deal with Blackrock to use its Aladdin Wealth Management platform in its business.
