LONDON – An HSBC executive revealed that its money management app has over 300,000 monthly users. The app, called Connected Money, gives iPhone users access to their Barclays and Lloyds accounts too (via CNBC).
Turning ‘Financial Coaching on Its Head’
Raman Bhatia, who leads HSBC’s digital business in the UK and Europe said:
“What customers love about Connected Money is the ability to get more context around their spending and the ability to really turn financial coaching on its head.”
The Connected Money app launched last May. It is currently only available on iOS. Ms. Bhatia said that “the long term vision for the banking sector as a whole is to provide very predictive, contextual access to credit not tied to products per se.”
European rules mean that the bank must share its data with approved third-parties. Ms. Bhatia added that “the real opportunity [is] not just with open banking but with AI providing much more context around spending and what is the right sort of credit access to them to make it seamlessly available.”