HSBC Jumps on the Robo-Advisor Bandwagon
- The international bank has recently announced its own version of an automated algorithm advisory system.
HSBC, the international bank headquartered in London, has announced its own robo-advisor development. The automated algorithm is designed to give personalized advice and recommendations based on an individual client’s financial situation. The service, which is planned to be launched by the end of 2017, will make wealth management available to customers with smaller funds to invest.
The London Summit 2017 is coming, get involved!
HSBC has been developing its robo-advisor service during the past year or so, and has tested it with anonymized information in the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term sandbox of the Financial Conduct Authority (FCA). Though few details regarding the software have been released, the bank claims that the service will have the favored attributes of advice given via internet, telephone, and face to face mediums.
Raman Bhatia
Raman Bhatia, Head of Digital, UK & Europe, noted: “The way our customers interact with us is changing and we need to ensure that we stay ahead of the curve when it comes to the development of new and exciting technologies. We are very excited by HSBC Online Advice service and have been working with our customers and the FCA to shape our offering to ensure that we are providing the most up-to-date and smart wealth management advice possible."
A few weeks ago, HSBC published the results of research conducted with 12,000 consumers. It was revealed that the participants felt more comfortable with the idea of a robot performing an open-heart operation than having one start a savings account or offer mortgage related advice. Bhatia responded: "More customers than ever are using 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 investment advice is available online.”
Andy Maguire
HSBC will extend the system into a collaboration of anti-money laundering oriented automated investigations with Ayasdi, an artificial intelligence Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term based in Silicon Valley. In a pilot version of the technology provided by Ayasdi, the amount of investigations decreased by 20% despite not lowering the number of cases that were then turned in for further inspection.
In response to Reuters, Andy Maguire, COO of HSBC, commented that Al technology can enhance compliance quality, as it is capable of "[doing] things human beings are not typically good at like high frequency high volume data problems." Furthermore, it can boost human abilities.
Recently, Finance Magnates covered HSBC Global's asset management having welcomed three new investment specialists - Sandra Carlisle, Stephanie Maier and Helene Winch - who will report to Melissa McDonald, who is in charge of the bank's initiatives on sustainability.
HSBC, the international bank headquartered in London, has announced its own robo-advisor development. The automated algorithm is designed to give personalized advice and recommendations based on an individual client’s financial situation. The service, which is planned to be launched by the end of 2017, will make wealth management available to customers with smaller funds to invest.
The London Summit 2017 is coming, get involved!
HSBC has been developing its robo-advisor service during the past year or so, and has tested it with anonymized information in the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term sandbox of the Financial Conduct Authority (FCA). Though few details regarding the software have been released, the bank claims that the service will have the favored attributes of advice given via internet, telephone, and face to face mediums.
Raman Bhatia
Raman Bhatia, Head of Digital, UK & Europe, noted: “The way our customers interact with us is changing and we need to ensure that we stay ahead of the curve when it comes to the development of new and exciting technologies. We are very excited by HSBC Online Advice service and have been working with our customers and the FCA to shape our offering to ensure that we are providing the most up-to-date and smart wealth management advice possible."
A few weeks ago, HSBC published the results of research conducted with 12,000 consumers. It was revealed that the participants felt more comfortable with the idea of a robot performing an open-heart operation than having one start a savings account or offer mortgage related advice. Bhatia responded: "More customers than ever are using 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 investment advice is available online.”
Andy Maguire
HSBC will extend the system into a collaboration of anti-money laundering oriented automated investigations with Ayasdi, an artificial intelligence Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term based in Silicon Valley. In a pilot version of the technology provided by Ayasdi, the amount of investigations decreased by 20% despite not lowering the number of cases that were then turned in for further inspection.
In response to Reuters, Andy Maguire, COO of HSBC, commented that Al technology can enhance compliance quality, as it is capable of "[doing] things human beings are not typically good at like high frequency high volume data problems." Furthermore, it can boost human abilities.
Recently, Finance Magnates covered HSBC Global's asset management having welcomed three new investment specialists - Sandra Carlisle, Stephanie Maier and Helene Winch - who will report to Melissa McDonald, who is in charge of the bank's initiatives on sustainability.