AI-powered offering debuts from HSBC Private Bank: platform boosts service efficiency
HSBC Introduces AI-Powered Wealth Intelligence Platform
HSBC Private Bank has unveiled a new platform called Wealth Intelligence, designed to revolutionise the way wealth management teams interact with clients, investment advisors, and product experts. The platform, which has been rolled out initially in Hong Kong and Singapore, is powered by artificial intelligence (AI) and aims to provide timely, trustworthy, and personalized investment advice.
The platform, created in-house, leverages a large language model from OpenAI and is capable of processing and synthesising HSBC's proprietary research and an external news stream from over 10,000 sources. This allows for efficient and effective market analysis and the provision of customised investment advice.
Gabriel Castello, CEO of HSBC Global Private Banking a.i., stated that the platform is designed to help private bankers better serve their clients. By freeing up time for wealth management teams to focus on clients' unique investment objectives and portfolio optimization needs, the platform aims to transform workflows and upskill wealth management talent.
The $5m facility, intended to be an exclusive venue for the bank's premier and private banking clients, will also benefit from the platform's capabilities. The platform provides access to material from HSBC's chief investment office, enabling clients to make better data-driven decisions to achieve their goals.
In the subsequent phase of the project, the platform will enable the screening and flagging of products for wealth management teams. This will further enhance the services provided by HSBC Private Bank.
Lavanya Chari, head of HSBC Wealth and Premier Solutions, emphasised that AI adoption is one of the bank's core strategic pillars. The introduction of the Wealth Intelligence platform is a testament to HSBC's commitment to leveraging technology to deliver superior services to its clients.
In July of this year, HSBC UK set up its inaugural dedicated Wealth Centre in London, further demonstrating the bank's focus on wealth management and private banking. The introduction of the Wealth Intelligence platform is expected to extend to additional markets in the near future.
In conclusion, the Wealth Intelligence platform is a significant step forward for HSBC Private Bank. By harnessing the power of AI, the platform is poised to assist with timely and personalized investment advice in the rapidly evolving financial markets, ultimately helping HSBC Private Bank's wealth management teams better serve their clients.
