HSBC develops app for managing accounts from different banks

Thursday 28 September 2017 10:22 CET | News

HSBC has announced a new mobile app that will allow customers to manage multiple accounts from different banks. 

The UK-based bank is one of the first to experiment with this kind of service. The “HSBC Beta” will support 21 banks at launch, including Santander, Barclays and Lloyds. Users will be able to review their current account, loans, mortgages and savings simultaneously. 

This is a big step towards Open Banking, an initiative adopted in August 2016 by the Competition and Markets Authority. The commission declared that all banks would need to adopt “Open Banking” by early 2018, requiring all banks to provide a similar functionality. 

The app will be launched on iOS and will be tested by 10,000 clients in October. This will be followed by a general release, including an Android app, in early 2018. HSBC is calling it a test and learn platform where it can quickly try and adapt new ideas based on customer feedback. Initially, HSBC Beta will be an optional, complimentary service to the companys core banking app.

The bank is also working on other value-added services, focusing on personal finance. A product, called Safe Balance, shows how much disposable cash a consumer has until payday, and Spend Analysis, categorises purchases with helpful tags, notes and photos

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: HSBC, bank, online banking, Open Banking, UK, PSD
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech

Industry Events