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Building the future of advisory in private banking
Journal of Digital Banking,
5
(3),
231-239
(2021)
Abstract
The wealth management industry is undergoing transformation, with developments, powered by digital, currently starting to accelerate. This paper describes how HSBC Private Banking is leveraging new technologies, such as BlackRock’s Aladdin Wealth platform, to build out a future-focused end-to-end advisory process. It outlines the transformation and new capabilities enabled by technology along each stage of the process and the organisational considerations required for such a transformation. The paper demonstrates how HSBC Private Banking is integrating innovative technologies to better serve clients by building a solution platform foundation for a future state of advisory that blends the best of human interaction with the power of digital.
Keywords: digitalisation; digital transformation; financial technology; private banking; portfolio management; wealth management
The full article is available to subscribers to the journal.
Author's Biography
Muriel Danis is Global Head of Advisory, HSBC Private Banking, and is responsible for the provision of Advisory Services to HSBC Private Banking clients globally. In this role, Muriel and her team have been driving the repositioning of the Global Private Banking (GPB) Proposition and Service Model through the roll-out of a new portfolio-based advisory framework as well as the implementation of a new portfolio risk engine and portfolio construction platform. Muriel has also been driving the digitalisation of the bank’s advisory processes to enhance the experience of both investment counsellors and clients. Prior to this, Muriel was Global Head of Product Management and Business Development and led important strategic growth initiatives across the group with a particular focus on the high net worth individuals segment. Muriel joined HSBC in Dubai in 2011 and has 22 years of international experience in wealth management and investment banking in London and the Middle East. Before joining HSBC, Muriel held senior marketing roles in Delta One Trading and Prime Services Sales at Merrill Lynch and Credit Suisse, as well as product specialist roles at Credit Suisse focusing on the ultra-high net worth (UHNW) and Family Office segment. Muriel holds a master’s degree in business management from EM-Lyon and is Chartered Institute of Securities and Investment (CISI) Chartered Wealth Manager.
Diana Biggs is Global Head of Innovation for HSBC Private Banking. In this role, she is responsible for the exploration and testing of future-focused themes and emerging technologies, management of FinTech partnerships and driving a culture of digital and innovation throughout the organisation. Prior to this, she was Head of Digital Innovation for HSBC’s Retail Banking and Wealth Management business across UK and Europe. Diana joined HSBC in 2017 and has 20 years of experience across technology, entrepreneurship and strategic advisory, with roles including Vice President of Growth and Partnerships for Uphold, Chief Strategy Officer of social enterprise Soko and Management Consultant with Oliver Wyman Financial Services. In parallel with her role at HSBC, she is a Board Member of the World Economic Forum’s Digital Leaders of Europe Community and Head Tutor for University of Oxford Said Business School’s Blockchain Strategy Programme. Diana holds an MBA in international management from ESCP Business School and a bachelor of science from McGill University.
