HSBC Private Bank has announced the launch of Wealth Intelligence, an ‘ecosystem’ powered by generative artificial intelligence (AI) for its client-facing wealth management staff.

The platform will look to provide the clients of client-facing staff, investment counsellors, and product specialists with quality market insights and personalised investment strategies.

It is powered by OpenAI’s Large Language Model (LLM) and is the bank’s propriety AI-powered ecosystem developed by its in-house developers.

Wealth Intelligence will analyse and summarise HSBC Private Bank’s research reports and external news feed, which currently comprises over 10,000 data sources.

HSBC Private Bank said Wealth Intelligence offered fast and simple access to the range of reports published by its Chief Investment Office.

Third-party product information will be increasingly integrated into the platform’s knowledge base.

Following on from the launch phase, Wealth Intelligence will aim to screen and identify suitable products for the bank’s wealth management teams to discuss investment options and asset allocation recommendations with clients.

The platform’s initial roll out will be in Hong Kong and Singapore, before being scaled to more markets to serve HSBC Private Bank’s global client needs.

“Client relationships are core to every private banker,” said HSBC Global Private Banking a.i. CEO, Gabriel Castello.

“With the rapidly evolving financial markets, we understand our clients have stronger expectations for timely, trustworthy and personalised investment advice than ever.

“Riding on our deep institutional knowledge and experience, our wealth management teams can now leverage these AI capabilities to spare more time to attend to our clients’ unique investment objectives and portfolio optimisation needs.”

HSBC head of wealth and premier solutions, Lavanya Chari, added: “AI adoption is one of our core strategic pillars for enhancing our client experience at scale.

“By harnessing AI’s analytical power and data delivery speed, we continue to upskill our wealth management talent, transform our workflows and client journeys to support our clients in making better data-driven decisions to achieve their goals.”

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