The incentives include zero commission stock trading, an educational service and a revamped unit trust investment platform.
“[We] have introduced a series of simple yet affordable wealth solutions and on-line education resources to support [young people’s] banking and investment needs,” said Sami Abouzahr, head of customer wealth, wealth and personal banking, Hong Kong, HSBC.
HSBC Trade25 is a commission-free stock trading programme designed for millennial traders aged 18 to 25. For HK$25 ($3.2) a month, customers can join via the HSBC HK Easy Invest app and trade Hong Kong, US and China A shares, up to a value of HK$250,000 a month, without paying commissions or platform fees. They can also have free access to HSBC’s Trade25 Academy to gain better understanding of stock trading.
Wealth Coach is an online service for HSBC One customers, designed to improve their financial planning skills. Client can use Live Chat or Mobile Chat, or arrange a Zoom-based one-on-one “ChatnChill Bar” session to learn more about investments and personal finance
FlexInvest provides an improved channel for novice investors to diversify their assets beyond stocks. It is available to customers on the HSBC HK Mobile Banking App and allows them to identify and invest in funds with a minimum of HK$100.
Millennials – people who were born in the 1980s or early 1990s — are one of the key customer segments in HSBC’s Asian wealth strategy. In Hong Kong, their number rose by 30% in the first six months of 2021, compared with the same period last year, contributing to about 50% of all new bank customers, according to an HSBC statement.
The bank attributes the growth to its “HSBC One” offering, which rolled out an investment education and empowerment campaign called “Wealth A0” in the second quarter this year.
The future of banking will be led by “digital innovation, competitive pricing, bespoke services and knowledge-based solutions,” said Brian Hui, head of customer propositions, international and marketing, wealth and personal banking, Hong Kong, HSBC.
