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