May 11 ,2018 | by LSBF Blog Staff

HSBC becomes first UK bank to launch Open Banking app

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HSBC has become the first big bank in the UK to launch an Open Banking app after more than six months of testing a beta version.

The app, which is called Connected Money, follows PSD2 and Open Banking regulations, which require banks to provide third parties with access to consumers’ financial data with their permission.

Access

ccessHSBC first announced the app in September last year, with the bank revealing that it would be allowing consumers to access all of their account information, including their accounts with rival banks.

Using the new app, consumers will be able to see all of their current, savings and mortgage accounts from more than 20 banks, including major banks such as Barclays, Lloyds and Santander.

HSBC’s customers can now also view their credit cards and loans in one place, as well as being able to see all of their transactions from any bank that they are a customer of in one stream.

Commenting on how Connected Money was developed, HSBC Head of Digital for UK and Europe Raman Bhatia said that the bank listened to feedback from customers who used the beta app and took the parts that they liked best to develop the app.

Easier

HSBC is not the only major bank in the UK that is embracing Open Banking. Of the UK’s other four big banks, Barclays will also be following the Open Banking initiative by launching new services based on the regulations.

Commenting on these services, Barclays said: “Later this year we'll be launching new services using Open Banking, designed to make your life easier and to help you make the most of your finances. In the meantime, you can share your data and make payments from your current account via TPPs [third-party providers] approved by the Financial Conduct Authority (FCA).”

LSBF Blog Staff

The official profile of the World's Business School. Follow us on Twitter at @LSBF

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