Sep 28, 2017
HSBC Beta app will 'nudge' over-spenders
HSBC UK is testing a new smartphone app that will help people track what they spend money on, and will "Nudge" them if they exceed their spending limits. The ability to add rival bank accounts to one app is part of an initiative called Open Banking, which will make it easier for banks, start-ups and other financial institutions to share data when customers request it. The HSBC Beta app will also let people set personal goals, such as spending less money on coffee. "What customers told us they want, is the ability to see all their money in one place and have helpful nudges and tools," she told the BBC. Ms Moffat acknowledged that smaller challenger banks were already offering apps with similar features, while the new HSBC app will not be widely available until "Early 2018". "We've seen the likes of Monzo and Yolt, now we want to leverage the trust people have in the HSBC brand so they don't need multiple apps."
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