HSBC Singapore, the local arm of the global banking group, has today announced a suite of new wealth management digital solutions to better support its retail banking proposition.
The investments are part of a doubling in the spend and roll out of digital solutions for its retail banking and wealth management business over the past two years.
The new solutions being announced and scheduled for roll out include:
- HSBC Wealth Portfolio Plus: Launched in December 2019, this new intuitive application is inbuilt with end-to-end financial planning and tracking capabilities. It also has risk and scenario analysis functions, which leverages technology provided by BlackRock's Aladdin Wealth platform, and HSBC is the first to offer such institutional analytical capabilities to retail investors in Singapore. Customers can now track the progress of their financial goals and use the various analytic tools to make informed decisions on their investments.
- HSBC Structured Product Online Platform: An online solution offered to accredited investors to invest in structured products offered by the bank. It is scheduled for launch in 1Q 2020.
Anurag Mathur, head of retail banking and wealth management, HSBC Bank (Singapore) explained: "While we continue to get our basics right, we are also introducing new experiences for our customers, which all starts from getting the team to re-imagine banking and how customers manage their finances."
"Increasingly, our customers expect greater control in how and when they do banking. Given their work and lifestyle choices are no longer confined to one single market or region, our customers expect banking tools and wealth solutions that match their personal circumstances."
In 1H 2019, HSBC made a global investment of US$2.2bn, up 17% compared with 1H 2018, to enhance its digital capabilities1. As one of eight "scale" markets for HSBC globally, Singapore has received a considerable proportion of this investment over the past two years.
Mathur concluded: "From an investment point of view, priority markets like Singapore benefit directly from the significant digital investment we make centrally. Singapore is often used as the pilot site for the development of digital solutions that will strengthen our foothold as the Asian wealth hub serving HSBC customers with international needs."
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