HSBC is revamping its telephone and internet-based retail banking brand First Direct in order to attract younger customers in the digital arena.

In the next 12 months, the bank is planning to introduce new services and features such as automatic savings and personalised offers.

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Some of the options the bank is working on include an in-app marketplace and a financial autopilot that would leverage artificial intelligence for making personalised recommendations and automatic savings.

First Direct chief executive Joe Gordon told the Financial Times, “We have a proud heritage of being the original challenger bank back in 1989.

“Now we’re making a real digital pivot to tackle the environment as it is now.”

The relaunch of First Direct is part of HSBC’s strategy to stay ahead with digital rivals like Monzo and Revolut, who have signed up millions of customers in the last few years.

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If successful, HSBC plans to add new features to its main brand. The bank is also reportedly working on a new digital banking service, internally dubbed Project Iceberg.

First Direct, which is headquartered in Leeds, West Yorkshire, England, has 1.35 million customers.

Earlier this year, First Direct introduced fdesign Mobile to its banking app, allowing customers to test new ideas, prototypes and projects, and provide feedback.