HSBC takes on fintechs with UK investment feature for young clients – .

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HSBC takes on fintechs with UK investment feature for young clients – .


The HSBC logo displayed on a smartphone.
Pavlo Gonchar | SOPA Images | LightRocket | Getty Images
LONDON – HSBC takes on fintech challengers in wealth management, launching new investment feature aimed at younger customers in UK
The British bank said on Wednesday it was rolling out a tool on its mobile app that allows people to invest in a range of ready-to-use funds. Customers will need to invest a minimum of £ 50 ($ 66.62) to be eligible.

“About 389,000 of our clients under the age of 35 have enough assets to invest but are not currently doing so,” said James Hewitson, head of wealth management at HSBC UK, in a statement. “On top of that, 64% of HSBC customers are digitally active. “

The new service will be available on iOS and Android in the coming weeks.

HSBC already offers an online investment advice service in the UK. -application to use.

This week, UK online broker AJ Bell announced plans to launch a new app called Dodl that allows users to trade stocks without paying a commission.

Robotic advisers like Nutmeg and Moneybox, which offer automated portfolio management services, have also grown in popularity in recent times. Nutmeg agreed in June to be acquired by JPMorgan as part of the US lender’s ambitions to launch its retail banking brand Chase in the UK

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