High street bank HSBC is launching a brand-new banking app which will allow customers to view all their accounts, even with different providers, in one place. The beta app, which will be available to 10,000 HSBC customers in late October, is being introduced alongside an incoming EU law that is imposing banks release their data to third- party firms.
How do you bank?
We are a nation of ‘on-the-go’ people, we will use our smartphones anywhere that has 3g/4g or Wi-Fi. The same goes for mobile banking, when did you last login to do some banking from a desktop or laptop computer? In fact, when did you last visit your bank’s local branch? In the age of the ‘millenial’, banking is a quick and easy business. There isn’t time for face-to-face meetings or lengthy online login processes. If a fingerprint can’t open it, chances are, neither will a ‘millenial’.
Why ‘open banking’?
It’s fast, it’s convenient, it’s easy…but will it be a marketing disaster? Surely with access to multiple banks all in one place there will be scope for competitive selling, easy account comparison and mass marketing from all participating banks, including Lloyds, Barclays and Bank of America. We already know that the banks love to upsell products to people who don’t necessarily want or need them, but they have faced issues with not being able to get people into the branches to see the sales staff…sorry, I mean, bank staff!
Are we really ready for more opportunities for banks to compete with each other, enticing us with glossy named packaged bank accounts and which lenders can have the best interest rate? I think I’ll stick with one banking app, and one sales pitch at a time!
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