HSBC’s private bank rides the wave of mobile trading

The bank says it is the first in the region to allow high net worth customers to redeem fixed-coupon notes on smartphones, with equity-linked notes later this year.

HSBC’s global private banking Asia business has launched online trading capabilities for structured notes in Asia, according to a press release sent by the bank on Monday.

This feature allows private banking customers to redeem fixed coupon notes on their mobile phones, with support for equity-linked notes to be added later this year.

The same platform already enables similar trading in cash stocks, exchange-traded funds (ETFs) and currencies, with clients having direct access to stocks in the US, Hong Kong, Singapore, UK UK, France, Germany, Japan and Australia. .

Open Architecture

Fixed coupon notes will be created and priced in open architecture daily by the bank’s structured products desk, with a digital client services team providing support 20 hours a day Monday through Friday.

HSBC private banking regional head Siew Meng Tan said the bank was encouraged by customer adoption of e-commerce.

“Currently, over 30% of Asia-only fulfillment transactions are conducted online, around two-thirds of our customers are engaged digitally, and the numbers continue to grow,” Tan said.

Significant investment

The bank’s private banking business is investing US$100 million over a two-year period to further innovate its core banking and digital platforms. Over the past three years, it has launched a new Internet banking application, enabled direct communication with customers via an instant messaging tool (GPB Chat) and given customers the ability to sign and exchange documents electronically. It also provides personalized alerts and notifications to clients on key events related to their portfolios while providing access to in-house investments and research.

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