HSBC launches Balance After Bills to help customers budget
HSBC UK has rolled out a new feature in its mobile banking app that shows customers how much they could have left in their account until payday once their scheduled bills have been taken into account.
More than 350,000 customers have activated the Balance After Bills since it launched on 29 October. The tool is the first to be added to HSBC’s banking app from its standalone banking app Connected Money.
The bank announced earlier this year that it would begin integrating key features from Connected Money into its main mobile banking app. Customers can already temporarily block and unblock debit and credit cards, deposit cheques, and add their card to their Apple Wallet from within the app. The full transition of all the features will take a few months to complete.
Stuart Haire, head of retail banking and wealth management for HSBC UK, said: “Budgeting from one payday to the next can be difficult, especially when bill payments are taken out of your accounts at different points throughout the month. We’ve designed Balance After Bills to help customers better understand where their money is going and when, which in turn can help them better manage their finances.
“With more than 90 per cent of retail banking transactions happening via digital channels, enhancing mobile banking services forms an important part of a wider strategy to help improve the financial wellbeing of our customers.”
HSBC has also announced a new self-restriction on gambling transactions that can only be reversed after a 24-hour cooling off period. Developed in partnership with gambling support charities GamCare and GambleAware, the option to self-exclude certain card transactions creates ‘positive friction’ by giving customers time to consider their decision to gamble.