HSBC launches into fintech
14 May 2018

HSBC UK has rolled out its first fintech product as it looks to broaden its digital services for customers amid growing competition from startups.

Its Connected Money app is its first fintech product, a UK-based HSBC spokesperson said, and it is also “the first app from a UK bank that allows customers to see their accounts on one screen.”

Users can see their UK current and savings accounts as well as mortgages, loans and cards held across a number of banks, including non-HSBC accounts, in one app.

The app uses HSBC bank level encryption and security to protect customers’ financial details.

“Connected Money is safe and secure, over the past few years we have implemented many new measures to better protect our customers against financial crime and are continually investing to further enhance our controls and defence,” the spokesperson said.

The bank is working on additional features to enhance the app, including features such as ‘nudges,’ which will make savings rule suggestions to customers based on their spending habits by applying smart algorithms through nudges and auto rules.

Read more:

Hong Kong, UK fintech deals could ‘help flag-up fraud’

Analysis: The ‘stunning’ Criminal Finances Act, HSBC and the billion dollar fraud

Confessions of a compliance officer: Do you trust overseas colleagues’ KYC work? Guess what …

Count reading this article to your CPD minutes, by signing up to our CPD Wallet

Must Read

The perfect AML programme: A ten point guide

Does the ‘perfect’ path to anti-money laundering (AML) exist? The quest for the perfect plan can be traced back to criminals causing immeasurable damage for many economies through money laundering. In response, governments are continuously trying to fight back, issuing a raft of rules and penalties for financial institution (FIs)… Read More

How Rabobank’s compliance unit ended up in hot soup again

Anti-money laundering expert and former undercover agent Robert Mazur has picked out some interesting aspects of the worrisome role compliance officers played in the Rabobank money laundering scandal in the US, which resulted in the bank being fined hundreds of millions of dollars and its top… Read More