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HSBC's new app testing

2nd October, 2017

HSBC UK has released a statement stating that it’s going to open banking by introducing a new mobile banking platform for the purposes of “testing and learning” in anticipation of the launching of a new app in 2018 for their customers. The platform, known as HSBC Beta, will use the latest technology to give their customers more control over their finances, as well as take advantage of advanced in-app and security technology.


In a radical move from a major UK bank, users will be able to use the new HSBC app to check all of their bank accounts, no matter who they bank with. Users of the app will be able to add accounts from up to 21 different institutions including Santander, Lloyds, and Barclays. Users will also be able to view their mortgages and their loans all in one location.

The new app will have a number of convenient features designed to better help people manage their money and gain data on their spending. The main features are:

  • Safe Balance – This feature shows users what their income is between their pay entering their account, gathering data on when money is being spent.
  • Spend Analysis – Divides spending into categories and allows the adding of images and notes to help customers make better decisions about spending.
  • Digital Coach – This gives people details about their spending via metrics that clearly show users relevant data in a format that makes scenes.
  • Goals – The creation of targets to help people achieve financial and spending targets, whether that for saving or spending.


The group of people HSBC are hoping to help with this matter are those looking to reduce spending, and those looking at saving more.

 Becky Moffat who is the head of personal banking and advance said“As one of the UK’s biggest retail banks, it’s our job to understand our customers’ ever-changing relationship with their money and their financial needs. Customers now bank at home, on the bus, at work and even in bed, but managing money is still too often a complex and complicated task.

“We want to provide customers with greater control and make their lives easier. Through our Beta ap, we want to give our customers a complete and joined-up view of their financial life and make it easier for them to choose confidently, taking the hassle out of checking dozens of statements and manually calculating what’s left.”

Given the integrated and holistic approach this app is taking, HSBC think they can revolutionise the financial landscape, and unlike many other financial institutions, they are embracing new technology to make this happen.