British banking group HSBC has unveiled plans to launch an online advice service by the end of 2017.

The new offering, which will represent the bank’s foray into the robo advice space, will target customers with less than £15,000 to invest.

Developed in collaboration with the Financial Conduct Authority (FCA), the service will aim to integrate the best of online, telephone and face to face investment advice, HSBC said. It will offer tailored advice and recommendations based on an individual’s specific requirements by using algorithms and data.

The bank did not disclose the service charges but said that it will be “affordably priced”.

HSBC head of digital UK & Europe Raman Bhatia said: “We are very excited by HSBC Online Advice service and have been working with our customers and the FCA to shape our offering to ensure that we are providing the most up-to-date and smart wealth management advice possible.

“More customers than ever are using mobile and internet banking with more than 90% of our interactions with customers now done through our digital channels, so it’s the natural next step that investment advice is available online.”

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