British banking giant HSBC has launched its open banking app, called Connected Money, which will allow customers to view their all accounts on a single screen.
Besides the UK current account, the app will also enable customers to see their online savings accounts, mortgages, loans and cards held across 21 banks, including rivals such as Santander, Lloyds and Barclays.
HSBC head of personal banking and advance said: “Our customers live busy lives and bank in a variety of ways. We want to help them to manage their money more easily. Having access to one app that shares insights across a customer’s UK current accounts, mortgages, credit cards, savings and loans saves time by not having to individually log into each account and provides a clear view of their financial position.
“From testing this technology with customers we found that it gave them a sense of better control and financial confidence.”
The new app comes with a HSBC UK’s spend analysis feature called Discover that will allow them to keep a track of their all expenditures.
It also has an inbuilt messaging feature to offer customers regular insights into their spending behaviour.
The app will be updated with few other features soon including Round-ups to roundup the user’s debit card purchases and transfer them to their HSBC UK savings account from the HSBC UK current account.
The app will also be upgraded with Nudge feature to provide customised savings rule suggestions to customers, the bank said.
Currently, the app is available for all HSBC UK current account customers using an Apple device with iOS 10 or above.