HSBC has taken another step into the open banking era through the launch of its Connected Money app, enabling customers to see account information from all their providers in one place.
With PSD2 and the Open Banking rules changing the banking landscape, last year HSBC began piloting an app that embraces the brave new world of customer-owned data.
Now, the service is live for all customers, who can see their UK current accounts, savings accounts, mortgages, loans and cards held across 21 banks, including Santander, Lloyds and Barclays, in one app.
Connected Money also has a spending analysis feature, shows customers how much money they will have after bills, and in-app messaging for insight into finances. In the pipeline are a feature that rounds up debit card purchases and puts the extra money in a savings account, and a savings 'nudge' tool.
Becky Moffat, head, personal banking and advance, HSBC, says: "Our customers live busy lives and bank in a variety of ways. We want to help them to manage their money more easily. Having access to one app that shares insights across a customer’s UK current accounts, mortgages, credit cards, savings and loans saves time by not having to individually log into each account and provides a clear view of their financial position.
"From testing this technology with customers we found that it gave them a sense of better control and financial confidence."
Earlier this year, HSBC's first direct business began taking the open banking concept a step further, trialling an app that no only allows users to bring accounts from different banks together in one place but also see products and services from other providers.