Mar 12, 2018
HSBC hopes to launch ‘open banking’ app within months
HSBC will launch a new app that centralises information about customers' accounts - even those held with rival lenders - as early as next month, becoming the first major UK bank to take advantage of new regulations designed to boost competition and make it easier to switch providers. The bank has set a target of the first week of May to release the "Connected Money" app, but Stuart Haire, HSBC's UK head of retail banking and wealth management, told the Financial Times that he was hoping to make it widely available by mid-April. Under new Open Banking rules that came into force in January, banks are now required to give third parties access to customer data - provided the individuals give consent - to allow alternative providers such as technology groups or retailers to provide more tailored financial services. HSBC has made improving its digital services a key priority for its UK retail business as it prepares to separate the unit from the rest of the group, to comply with legislation to ringfence retail operations from investment banking. Head of European banks research at UBS, suggested that first-mover advantage from the launch of new products such as Connected Money will be difficult to sustain.
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