Millennial Generation Entering Mature Age And Focusing On Family Future, HSBC Presents Investment Solution Through HSBC Advance

HSBC Indonesia press conference. (Photo: Doc. HSBC Indonesia)

JAKARTA - As a leading wealth manager in Indonesia, PT Bank HSBC Indonesia continues to bring innovation in wealth management solutions. This time by presenting an update to HSBC Advance specifically aimed at helping millennials build wealth at every stage of their lives.

HSBC Advance investment management solutions are tailored to each customer's investment characteristics, goals and financial capabilities, with a lower minimum initial deposit compared to HSBC Premier services.

HSBC Advance customers can start investing with only IDR 500,000, and can monitor and manage their entire investment portfolio through one digital platform. They can also open savings in rupiah currency and 11 other foreign currencies through internet banking, while also enjoying savings without administrative fees and competitive interest of up to 3 percent.

HSBC Advance offers comprehensive financial solutions covering wealth management, competitive savings planning and insurance coverage. Not only that, HSBC Advance also offers the latest conveniences and benefits to meet the needs and progressive lifestyle of millennial families, such as transactions via mobile banking and ATMs, free of charge up to 30 times per month, free of annual credit card fees for life, and cashback of up to 25 percent for online shopping.

Director of Wealth & Personal Banking PT Bank HSBC Indonesia Edhi Tjahja Negara said this pandemic has encouraged millennials to seriously evaluate their personal financial condition and start building strong financial security.

"The addition of various new services and benefits to HSBC Advance is part of our commitment to help customers build wealth at every stage of their lives, as well as encourage the growth of wealth management penetration in the country," said Edhi in a webinar, Wednesday 27 October.

Millennials are often described as young people in their 20s who only focus on lifestyle. In fact, the fact is that of the 8.6 million millennials who have access to banking services in cities where HSBC operates, including Jakarta, Surabaya, Bandung, Medan and Semarang, more than 70 percent or equivalent to 6.1 million people are adult millennials who aged between 26 - 40 years.

These mature millennials are mostly married and have children, with higher incomes and expenses compared to younger millennials. Combining financial transaction services and wealth management solutions that are comprehensive and can be customized for each customer, HSBC Advance is specially presented to meet the needs of mature millennials who want to start building wealth for their future.

In Indonesia, there is still a large gap between financial literacy (38 percent) and financial inclusion (76 percent), which means that currently more people have access to financial products, but their understanding is still low. There is also a worrying trend of Fear of Missing Out (FOMO) investors making investment decisions based on trends without really understanding the risks involved.

Fransisca Arnan, Head of Customers Propositions and Marketing at PT Bank HSBC Indonesia explained, there is often a misconception that a person must reach a certain level of income to be able to proactively invest and build wealth.

"Through the HSBC Advance update, we want to eliminate this misconception as early as possible to increase people's literacy on wealth management and become a trusted partner on their journey to become smarter investors," said Fransisca.