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Fintech | Products

HSBC to launch open banking app

Jordan Williams | 7:34 Wednesday 4th October 2017

HSBC has announced the launch of a new test and learn mobile banking platform in preparation for the introduction of a new app in early 2018.

HSBC Beta will have a range of features that will give mobile banking customers more control of their money.

In what HSBC claims to be a first for a major UK bank, customers will be able to see all their accounts on one screen, no matter who they bank with.

They can add accounts from up to 21 different banks, including Santander, Lloyds and Barclays.

Users will also be able to view loans, mortgages and savings through the online platform.

Becky Moffat, head of personal banking and advance, said: “As one of the UK’s biggest retail banks, it’s our job to understand our customers’ ever-changing relationship with their money and their financial needs.

“Customers now bank at home, on the bus, at work and even in bed, but managing money is still too often a complex and complicated task.

“We want to provide customers with greater control and make their lives easier.

“Through our beta app, we want to give our customers a complete and joined-up view of their financial life and make it easier for them to choose confidently, taking the hassle out of checking dozens of statements and manually calculating what’s left.”

New features will be released on the beta version over the next few months, including:

• Safe balance – shows how much disposable money you have before the next payday
• Spend analysis – categorises spending, adds tags, notes and photos to transactions and analyse patterns for more informed decision making
• Digital coach – provides insights into spending and allows users to learn how to spend and save better
• Goals – helps create savings goals and provides tips on how to reach your goals sooner
• Savings rules – building on the successful SmartSave trial, this helps you to save as you spend by rounding up amounts and sending the extra to a savings account

HSBC Beta will be trialled with 10,000 customers from the end of October ahead of the general release next year.

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