HSBC launch joined up banking app

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HSBC have launched a new phone app that allows their customers to view all their accounts on one screen, even if they are with other banks, to provide a complete overview of their finances.

The 21 participating banks include many of the UK's biggest high street banks, such as Barclays, Santander and Lloyds, and the types of accounts customers can view include savings, mortgages, loans and cards.

Users must be a HSBC current accountholder and be signed up to their online banking system to access the app. They'll also need an iPhone with an operating system of iOS 10 or above.

An android version is still in development and is expected to be launched later this year.

Security concerns

In today's current environment of increased cybercrime it is understandable that many people will have reservations about sharing such sensitive information.

To ease such fears the bank have assured customers that their security has been made a top priority and have promised 'the same level of high security' customers already experience with HSBC.

To protect customers' financial data the app uses bank level encryption and security and does not store or have access to their log in details for other banks.

The sign ins into other online banking systems are done manually by the users themselves rather than automatically by the bank.

The app was trialled on 10,000 customers last September, under the project name 'HSBC Beta'. Both data protection and security were key focus areas of the pilot scheme, which reported great success.

Other features

It's important to note that users can only view other accounts via the app and they will not be able to perform standard online account actions like money transfers.

However, the Connected Money app does come with a bunch of handy tools that help customers manage their money in other ways.

These include a spend analysis function that allows them to view their spending patterns across different accounts and categories. Thus, in a similar way to account aggregating apps it allows people to see where their money is really going so they can cut down on unnecessary spending.

There's also a bills calendar that people can use to check when particular payments are due to go out. Plus a Balance After Bills function that shows what a person's balance will be once all scheduled payments have go out; putting an end to what the bank calls "fingers crossed finance".

In-app messaging and push notifications can also be used to help users keep on top of financial matters more easily.

Online banking of the future

HSBC are hoping to add additional features to the app in the near future including a savings "nudge" tool as well as one that rounds up card purchases to the nearest pound and automatically transfers the extra money into a savings account.

Given how drastically the banking world is changing and the widespread popularity of new fin tech firms, such as Monzo, Curve and Atom Bank, its understandable that high street banks are keen to raise their digital game to keep their services competitive.

Speaking ahead of the launch Becky Moffat, Head of Personal Banking, said: "From testing this technology with customers we found that it gave them a sense of better control and financial confidence.

"HSBC is committed to building financial capability as a central part of the customer experience. Connected Money, gives users the tools and information needed to manage their money with confidence."

So far Connected Money has received over 13,000 downloads since its launch on Friday and has an overall rating of 4.4 stars in Apple's app store.