HSBC Private Bank has introduced a new platform called Wealth Intelligence, which is powered by artificial intelligence (AI).
The platform is specifically designed for teams that interact with clients, as well as for investment advisors and product experts, to help them with market analysis and providing customised investment advice.
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According to the financial institution, the platform was created in-house and leverages a large language model from OpenAI.
Additionally, the platform is capable of processing and synthesising the bank’s proprietary research along with an external news stream that is claimed to be drawn from more than 10,000 different sources.
HSBC Global Private Banking a.i. CEO Gabriel Castello said: “Client relationships are core to every private banker. With the rapidly evolving financial markets, we understand our clients have stronger expectations for timely, trustworthy and personalised investment advice than ever.
“Riding on our deep institutional knowledge and experience, our wealth management teams can now leverage these AI capabilities to spare more time to attend to our clients’ unique investment objectives and portfolio optimisation needs.”
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By GlobalDataWealth Intelligence provides access to material from the bank’s chief investment office.
Additionally, the bank plans to add more third‑party product information to the platform’s knowledge base via its open product framework.
A subsequent phase of the project will enable the platform to screen and flag products for the wealth management teams to consider when discussing investment options and asset allocation with clients.
The tool has been rolled out initially in Hong Kong and Singapore and is planned to be extended to additional markets.
HSBC Wealth and Premier Solutions head Lavanya Chari said: “AI adoption is one of our core strategic pillars for enhancing our client experience at scale.
“By harnessing AI’s analytical power and data delivery speed, we continue to upskill our wealth management talent, transform our workflows and client journeys to support our clients in making better data-driven decisions to achieve their goals.”
In July of this year, HSBC UK set up its inaugural dedicated Wealth Centre in London.
Situated on the upper levels of Smithson Tower in the St James’s district, the $5m facility is designed to be an exclusive venue for the bank’s premier and private banking clients.
