HSBC is set to launch an online investment advisory service for its UK customers with small savings targets. The bank is making use of robo advisory tool to offer the service. It will be a personalized service that will be launched in the next few months and is aimed at providing low-cost investment help online for people with savings of less than £15,000, the bank said. Almost all the UK’s high street banks are now in the process of launching online advice sites, called robo-advisers, replacing face-to-face investment advice. Taylan Turan, head of HSBC UK’s wealth management business, said the online site was aimed at providing fast and low-cost access to investment advice that would be specifically tailored to individual requirements. While availing the service, customers must answer questions about their financial circumstances, such as their goals and whether they have any debts. This will feed into algorithms that will then recommend an investment from a range of risk-rated funds holding shares, bonds, or exchange traded funds.
