HSBC to launch video investment advice

HSBC-Branch-Building-700x450.jpg

HSBC is to offer an investment video advice service by the end of June, Money Marketing understands.

The bank is also trialling mortgage advice videos in 40 of its UK branches.

HSBC already has a “simplified” face-to-face investment advice service, launched in April. The service will first be targeted at people with £50,000 but will eventually be aimed at those with just £15,000 in savings to invest.

It comes after Santander announced its return to the investment advice market in January and as banks are said to be widely considering the development of robo-advice services.

In March, Lloyds Banking Group, including Halifax, rolled out a free video service to let customers speak to mortgage advisers remotely.

The video link, piloted last year,lets Lloyds customers use laptops, desk-top computers or tablets to obtain advice.

Yorkshire Building Society launched a similar service in September 2015 to provide “expert financial advice” to its customers via video conferencing.

PwC director of wealth management Ian Woodhouse says: “This is part of a bigger trend in investment models geared towards greater client segmentation. The pioneers with truly disruptive offerings are likely to catch up a good share of the target market.”

HSBC confirmed the mortgage video trial but declined to comment further.