HSBC adds live chat to robo-advice platform

HSBC adds live chat to robo-advice platform

HSBC has added a human live chat function to its investment advice platform My Investment.

The move will see the bank's UK wealth engagement officers, trained in discussing wealth and insurance products, offer on-screen conversations at any step of the process.

But HSBC has said these officers will not be offering advice.

HSBC said its customer insight team had identified that more than two thirds of people who had received advice through My Investment wanted the reassurance of an expert before committing to an investment.

James Hewitson, head of wealth management at HSBC UK, said: “Whether or not to invest for the first time is a huge decision and our insight tells us that it can take someone up to 45 days to make the leap into the world of investing.

“A conversation with an expert can provide food for thought on whether it is the best option for them or reassurance that they’re making the right decision. Either way we’re on hand to help customers navigate their investment journey.”

Live chat will be available Monday to Friday from 8am-8pm, and Saturday and Sunday from 9am-5pm.

HSBC said the service would be particularly useful to the 62 per cent of My Investment users who are first-time investors, the majority of which are aged between 18 and 29.

Launched in December 2018, My Investment is an online advice service that gives tailor-made recommendations based on an individual’s financial circumstances.

All advice given is FCA regulated and customers can invest from as little as £50 a month or a lump sum of £1,000.

On average, customers invest £192 a month and an average lump sum of £7,766, HSBC said.