(Alliance News) - FTSE 100-listed bank HSBC Holdings PLC will relaunch its telephone and internet-based retail banking brand First Direct in order to compete with new rivals and attract younger customers, Financial Times reported Monday.
First Direct's Chief Executive Joe Gordon told FT that the retail bank would make new changes over the next 12 months to improve its services and introduce new features. New products to be added includes an in-app marketplace and a financial autopilot - a feature that will use artificial intelligence to make recommendations and automate activities, including topping up savings accounts.
First Direct will also allow customers with limited credit history to open accounts.
The relaunch of First Direct is part of HSBC's plan to compete with new digital rivals such as Monzo Bank Ltd and Revolut Ltd. The bank is also working on a new digital business banking service, known internally as Project Iceberg, the newspaper reported.
https://www.ft.com/content/acd5201a-edab-11e9-ad1e-4367d8281195?segmentId=080b04f5-af92-ae6f-0513-095d44fb3577
By Dayo Laniyan; dayolaniyan@alliancenews.com
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HSBC Holdings (HSBA)