HSBC takes on fintechs with UK investing feature aimed at younger clients
HSBC is going head-to-head with fintech challengers in the wealth management space, launching a new investing feature aimed at a younger clientele in the U.K.
The British bank said Wednesday it was rolling out a tool on its mobile app that lets people invest in a range of ready-made funds. Customers will need to invest a minimum of 50 British pounds or 66.62 dollars to be eligible.
"Around 389000of our customers aged under 35 have sufficient assets to invest but are currently not doing so,"James Hewitson, head of wealth management at HSBC U.K., said 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 U.K.Its entry into app-based wealth management comes in response to a flood of financial upstarts like Revolut and Freetrade, which are luring in younger investors with the promise of low cost-cost trading and an easy-to-use application.
