HSBC is testing a platform that lets customers see all of their accounts, no matter who the provider, on one screen.
The open banking platform will be tested with 10,000 UK customers from next month, with participants able to add accounts from up to 21 different banks, including Santander, Lloyds and Barclays.
The service – set to go live for all customers through a new app early next year – will not just be restricted to current accounts but also cover loans, mortgages and savings, if they are visible via online banking services.
HSBC says that this is just the first feature of the new app, with a host of other options in the pipeline for beta testing over the next few months.
Soon, customers will have access to a Safe Balance feature which shows them how much disposable money they have before their next payday, while a Spend Analysis option will categorise spending, adds tags, notes and photos to transactions and analyse patterns for more informed decision making.
A Digital Coach will provide insights into spending and offer tips on better money management, while a Saving Rules tool will round up spending amounts and send the extra to a savings account.
Raman Bhatia, head, digital, UK & Europe, says: “Lots of people ask us if a big bank like HSBC is relevant in today’s competitive fintech landscape. What sets us apart is that we have millions of customers, which provides a unique insight into how we can continue to improve our digital banking offering.
“The HSBC Beta platform allows us to test, learn and develop in a live environment, and then deploy the new technology at scale. To achieve this, we have changed from the inside out putting in place digital delivery teams that are completely cross-functional, including all the skills we need in one place – developers, designers, risk and compliance and marketing.
“This joined-up view of your money is just the starting point for new features that will be added to the Beta platform over the coming months. These features were developed to answer specific customer needs, such as joined-up banking, and allows us to examine behaviour in early demos before launching a brand new app to customers early next year.”