HSBC begins beta tests of app-only business bank Kinetic

HSBC begins beta tests of app-only business bank Kinetic

HSBC is inviting early adopters to join a beta test of its forthcoming app-only business banking offshoot Kinetic.

The bank is joining the growing wave of UK financial institutions rolling out app-based business banking services. With neobanks such as Starling, Monzo and Revolut already shaping their offerings, established institutions such as Nationwide and RBS - with its Mettle banking subsidiary - are set for imminent launch.

HSBC says it has worked with 2400 businesses to build out its offering, operating in agile test and development mode on the Google Cloud Platform.

The bank is promising no monthly account charges to beta customers and a £100 Amazon gift voucher for early sign-ups.

The account offers automated onboarding, in-app overdrafts, a controllable debit card and a range of personal financial management type budgeting and cashflow tools. Direct integration with the Xero accounting platform is already up and running with similar arrangements for Sage and Quickbooks in the works.

In a promotional statement on the Kinetic site, the bank states: "HSBC Kinetic will be a fully integrated service that will help businesses thrive. With a dynamic, agile and collaborative approach, we’ve designed, built, tested and refined it to create the business banking experience for you. We’re about to invite our first customers for testing and plan to open it up to everyone in 2020."

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