British bank HSBC has introduced an app-based small business banking platform furthering its efforts to serve tech-savvy customers.
Reuters reported that the app, dubbed as HSBC Kinetic, is currently in the beta phase.
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HSBC Kinetic will provide small businesses with current accounts service along with overdraft and spending capabilities. The app will also provide users with cashflow insights based on expenditure history.
The app was developed by nearly 150 London-based staff.
HSBC head of UK small business banking Peter McIntyre told the news agency that it is the ‘best’ time to launch the app despite current turbulence in the British economy.
“I think this is the best time to do it, to bring more financial insight to customers at a difficult time,” McIntyre told Reuters.
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By GlobalDataThe general roll-out of the small business banking platform is slated in the first half of next year. Subsequently, the app will be introduced in other HSBC-operating markets.
In the recent years, conventional lenders are investing heavily to bolster their digital offerings. The growth of several challengers including Monzo and Tandem also increased competition in the sector.
Another British heavyweight RBS is expected to launch its digital bank Bo later this month. Bo will target low-income customers, encouraging saving habits by assessing their spending patterns.
