Digital Dominates Wealth Sales for HSBC

Digital channels dominated HSBC’s retail wealth management business in Asia, making up a dominant majority of sales in the unit.

Nearly 80 percent of HSBC’s retail wealth sales were conducted through its digital channels, according to a statement from the bank.

The strong adoption is driven by a multi-billion dollar push to expand HSBC’s wealth management ambitions in the region.

Our $3.5 billion investments are underway, enabling us to deliver a robust start in Asia this year across the full spectrum of our wealth clients, said Asia head of wealth and personal banking Greg Hingston.

The bank also posted strong regional inflows with $6.6 billion of net new money for the private banking arm and $3.3 billion for the asset management arm – a whopping 89 percent and over 400 percent increase.

In the quarter, the two units made up 50 percent and 29 percent of the global private banking and asset management businesses, respectively.

The bank will also maintain its hiring plans to add more than 5,000 client-facing wealth roles over the next five years, including relationship managers.

According to the statement, it is on track to hiring 1,000 of those roles in 2021.