Sep 28, 2017
HSBC plans to poach customers from rivals with new app
HSBC is seeking to poach customers from rivals with an app that aggregates bank accounts, as looming regulation threatens to weaken established lenders' customer relationships. The UK-based bank is aiming to become the first high-street lender to launch an app next year that allows customers to see all their accounts - including those with other banks - in one place. Third parties, such as new banks and fintechs, are able to use the data to provide tailored financial services to customers. HSBC said the app would allow customers to add accounts from up to 21 different banks including Santander, Lloyds Banking Group and Barclays, and would enable users to view their loans, mortgages and savings in one place. The bank built a "SmartSave" app in the UK last year, after it was tested with the Financial Conduct Authority's innovation team, which applies algorithms to identify when customers can spend, sending prompts or "Nudges" via the app.
Make a complaint about HSBC by viewing their customer service contacts.