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HSBC steps into open banking with new app

HSBC steps into open banking with new app

(29 September 2017 – Europe) HSBC is rolling out an “open banking” platform that allows customers to view accounts from all financial providers on one screen.

The platform will be tested with 10,000 UK customers from next October, with participants able to add accounts from up to 21 different banks, including high-street rivals Santander, Lloyds and Barclays.

Scheduled to be launched next year, the app will include current accounts, loans, mortgages and savings, if they are visible via online banking services.

HSBC says that this is just the first feature of the new app, with a host of other options in the pipeline for beta testing over the next few months.

Raman Bhatia, head, digital, UK & Europe, said, "Lots of people ask us if a big bank like HSBC is relevant in today’s competitive fintech landscape. What sets us apart is that we have millions of customers, which provides a unique insight into how we can continue to improve our digital banking offering.

"The HSBC Beta platform allows us to test, learn and develop in a live environment, and then deploy the new technology at scale. To achieve this, we have changed from the inside out putting in place digital delivery teams that are completely cross-functional, including all the skills we need in one place - developers, designers, risk and compliance and marketing.

"This joined-up view of your money is just the starting point for new features that will be added to the Beta platform over the coming months. These features were developed to answer specific customer needs, such as joined-up banking, and allows us to examine behaviour in early demos before launching a brand new app to customers early next year."

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