HSBC will test the open banking platform, HSBC Beta, with 10,000 UK customers. Participants will be able to add accounts from up to 21 different banks, including rivals like Santander, Lloyds and Barclays.
The service, which is likely to go live for all customers through a new app early 2018, will also cover loans, mortgages and savings, if they are visible via online banking services.
HSBC said that a host of other options will also be included in the new app for testing over the next few months.
A Safe Balance feature will show customers how much disposable money they have before their next payday. Similarly, a Spend Analysis option will categorize spending, add tags, notes and photos to transactions and analyze patterns for more informed decision making.
A Digital Coach feature will provide insights into spending and offer tips on better money management.
Saving Rules tool will round up spending amounts and send the extra to a savings account. A Goals feature will help create savings goals. It will also provide tips to the customer on how to quickly reach personal goals like curtailing spending.
HSBC Beta builds on the SmartSave app, trials of which were conducted last year in the FCA Sandbox. The app applied smart algorithms to identify when it is safe to spend.
HSBC head, digital, UK & Europe, Raman Bhatia, said: “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.”
Image: HSBC headquarters, London. Photo: courtesy of HSBC Group 2017.
