Dubai
World’s wealthy individuals increasingly want to do good as they increase their wealth, Peter Boyles, Global CEO, HSBC Private Banking told Gulf News in an interview.
“We are seeing significant and increasing demand for sustainable investment solutions. That can be from clients who want Environmental, Social and Governance (ESG) factors reflected in their equity and fixed income portfolios, or clients who want access to smaller and more unique impact investment opportunities. Regardless of the investment solution, the message we increasingly hear from clients is that they want to ‘do well and do good’ at the same time” said Boyles, Global CEO, HSBC Private Banking told Gulf News in a recent interview.
The desire to make a positive impact is particularly strong among entrepreneurs, including entrepreneurs in the Middle East. According to the second Essence of Enterprise report conducted by HSBC Private Banking in 2017, 29 per cent of Middle Eastern entrepreneurs in their 20s are motivated to set up their business in part by the desire to have a positive impact on their community, while, 33 per cent say they are also driven to have a positive economic impact — a greater proportion than their peers in every other region surveyed. By contrast, 20 per cent of all entrepreneurs globally are motivated by the need to have a positive impact on their community, while 25 per cent want to have a positive economic impact.
Another trend is that of global mobility which, while not new, it is becoming increasingly important. Over a lifetime, a client is likely to move home several times, adding complexity to their planning. With marriage and family, life becomes even more complex. For example: children might have different citizenships due to their place of birth, or a family might end up being dispersed across several continents. “Our global presence means that we are able to support clients with complex needs, involving teams in different countries working together to deliver the best outcomes for our clients across boundaries,” he said.
In keeping with the increasing demand for digitised services, HSBC Private Banking is offering latest digital offerings to its clients. “What we have observed in our work with clients is that there is a balance to be reached between using technology and more traditional ways of working. Our clients, particularly the younger generations, like to receive information through a variety of channels, whether that be email, on an app or via an online platform such as our Knowledge and Research Centre,” said Boyles.
The bank supplements digital channels by face to face meetings or phone conversations where ideas and suggestions can be discussed. “Usage of analytics and Digital Channels will translate into client service that will focus on more precise, relevant conversations with our clients. For example, near real-time monitoring of a client’s portfolio that will result in digital client alerts mean that the conversation with the Private Banking team is in multiple, focused touchpoints which are in addition to the ongoing pre-scheduled meetings which are more common in the industry today, he said.
