Dubai: HSBC Bank Middle East’s affluent customers will now be able to get updates of their entire investment portfolios through Internet banking without going through a relationship manager.
The bank has upgraded its investment platform to allow its wealth management customers to view all the details of their portfolios in one place, including a broad range of investment options. The bank says this consequently minimizes time delays and makes online banking more convenient than ever.
The service can be accessed through a single online window called the “Wealth Dashboard”. The improved web-based portal will also allow “timely execution of deals” and give customers more control over their portfolios.
“Previously, customers would need to contact their relationship managers to get valuations of their investments, but now it is all a click away. Customers will be able to track the performance of their investments and their transaction history,” Gifford Nakajima, regional head of wealth development, Middle East and North Africa, HSBC Middle East told Gulf News.
Among the information that are just a click away include units of investments held by the customer, as well as market unit price, market value, book cost and any unrealised capital gain or loss .
“If a customer has an investment and current account in the UAE, he or she will be able to view all the information in a single window. The platform will allow customers to expand their investment portfolios by having easy access and oversight over a broad range of products including mutual funds, bonds and structured notes,” Nakajima explained.
The decision to improve customers’ online experience has been prompted by a growing number of residents with a considerable amount of savings. “The Middle East has witnessed a significant growth in the numbers of affluent [and high-net-worth individuals] over the past few years and this trend is likely to continue,” noted Nakajima.
“We recognize that a large number of these wealthy customers require access to a wider range of services to effectively manage and grow their wealth based on their goals, risk profile and liquidity,” he added.
HSBC’s Expat Explorer 2012 report showed that about two-thirds (69 per cent) of expatriates in the UAE have reported being better off financially than in their home countries, and having more disposable income. These expatriates find it challenging to manage their finances, considering currency exchange rates fluctuate a lot and most financial investment options are complex. “As a result, we are seeing an increased demand from customers for financial advice and support,” said Nakajima.
