HSBC's Trailblazing Innovations in Wealth Management
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From the point a securities order is placed in a digital channel, there are several operations applied to the order and these operations depend on the asset you are trading...
This paper will walk through the operations after the securities are placed in the digital channels.
In 2023, financial institutions worldwide recognize the need for innovation to serve a tech-savvy, mobile-centric generation. Noteworthy in this regard, HSBC, acclaimed as the leading private bank in the Asia Pacific for two consecutive years, achieved eight industry awards at the 2022 Asian Private Banker Awards. Siew Meng Tan, a spokesperson for HSBC, underscored their commitment to investing in personnel, platform, and digital capabilities aimed at delivering top-tier client experiences.
AiGO8: AI-Powered Investment Strategy
AiGO8, an innovation produced by HSBC and EquBot, presents an investment strategy driven by rules and powered by IBM Watson's cutting-edge AI engine, alongside other proprietary technologies. Its primary objective is to transform data into valuable investment insights while employing predictive techniques to optimize asset allocation.
The key highlight of this structured product is its robust risk management feature, guaranteeing a 100% floor at maturity. This means investors can fully participate in the upside potential of the investment strategy while enjoying limited exposure to market downturns, making it a valuable tool for navigating market volatility.
Project Guardian
On November 2, 2022, the Monetary Authority of Singapore unveiled an exciting collaboration between HSBC, Marketnode, and UOB. This partnership is set to revolutionize the wealth management landscape by building an end-to-end distributed ledger technology (DLT)-enabled infrastructure, covering the entire spectrum from product issuance to distribution.
By harnessing the power of DLT, this infrastructure aims to entirely digitalize paper-based wealth management product value chain. The adoption of DLT has the potential to cut in half the time required for product and fund creation and distribution, resulting in significantly reduced issuance and servicing expenses. Moreover, it will open doors to broader product accessibility and heightened transparency.
Mobile-Centric Wealth Solutions
HSBC has introduced over 60 remote-enabled processes since 2020, witnessing significant growth in mobile active customers and online wealth sales. In 2021, after launching mobile-centric services, customer investment account openings increased by nearly 25%, and 40% of customers accessed their Digital Wealth Dashboard via mobile devices.
These enhancements include:
1. Investment Account Opening
Conveniently open securities and unit trust trading accounts remotely.
2. Wealth Dashboard
Access a consolidated view of investment performance anytime, anywhere.
3. Securities Trading
Engage in securities trading listed in Singapore, Hong Kong, and the United States
on the mobile app.
4. Wealth Portfolio Intelligence Service
Construct diversified unit trust portfolios with risk and portfolio analytics tools.
5. Instant digital banking registration
Swiftly register for digital banking using Singapore's National Digital Identity
infrastructure.
Conclusion
Anurag Mathur, Head of Wealth and Personal Banking at HSBC Bank (Singapore), conveyed: “The future of wealth is about blending the best of technology with the expertise of people to deliver a seamless wealth management and financial planning experience. Since we accelerated the pace of our digital banking transformation in 2020, we have seen tremendous growth in mobile banking adoption among our customers.”
AI advisory platforms, DLT-enabled infrastructure, Data visualization and Analytics tools, Wealth dashboard, are some of the innovative advancements necessary to meet the evolving demands of the modern financial landscape.
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