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HSBC app shows all your accounts (even rivals’) in one place

Written by: Paloma Kubiak
HSBC has taken a step towards Open Banking, launching an app that allows customers to see all their accounts – no matter who they bank with – in one place.

The Connected Money app (currently available on iOS 10 and later) lets HSBC current account customers add accounts from up to 21 different banks. Plus it will show details of loans, credit cards, mortgages and savings too, as long as they’re all visible on an online banking platform.

HSBC has also introduced a ‘spend analysis’ feature which lets users see similar transactions across retailers so you can see your spending habits.

It also added a ‘bills calendar’ so users can see what bills are coming up and how much money they’ll have left in their HSBC account until payday.

Users also have the option of rounding up debit card purchases to the nearest pound where the change is automatically transferred to a savings account.

Becky Moffat, head of personal banking and advance said: “Our customers live busy lives and bank in a variety of ways. We want to help them manage their money more easily. Having access to one app that shares insights across a customer’s UK current accounts, mortgages, credit cards, savings and loans saves time by not having to individually log into each account and provides a clear view of their financial position. From testing this technology with customers we found that it gave them a sense of better control and financial confidence.

“HSBC UK is committed to building financial capability as a central part of the customer experience. Connected Money, gives users the tools and information needed to manage their money with confidence.”

HSBC confirmed the app comes as part of its move into Open Banking.

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