HSBC partners Bud for open banking trial
19 October 2017 | 23406 views | 9
HSBC has enlisted fintech startup Bud for the latest stage of its foray into open banking, trialling an app that lets people see account information from all of their providers, as well as get money management tips and product suggestions - including from third parties.
With PSD2 and the Open Banking rules fast approaching, HSBC has decided to embrace the brave new world of customer-owned data. Last month it revealed its open banking platform, which lets participants add accounts from up to 21 different banks, including Santander, Lloyds and Barclays.
The latest development will see 2000 customers of HSBC's first direct unit and 4000 non-customers take part in a six month trial of the app, which will feature a range of tools that draw on account information from across providers.
Users will be able to get a safe-to-spend notice, lists of transactions across accounts, a goals tool, virtual joint accounts, and a spending analysis.
Meanwhile, proprietary algorithms are used to suggest the most suitable financial and non-financial products and services based on individual needs.
Raman Bhatia, head, digital, UK and Europe, HSBC UK, says: "The first direct trial and the launch of HSBC Beta shows our commitment to delivering the best services and technologies to all our customers, across all our brands. It allows us to test, learn and develop in a live environment, and then deploy the new technologies at scale."