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22.11.2018

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    Connected Money

    HSBC

    Connected Money is an open banking inspired mobile app for HSBC UK customers that reinvents day to day banking for a new, digitally engaged generation. The app includes a range of simple, smart and supportive tools that help customers understand their money with HSBC, as well as other providers.

    What customer problems did you set out to solve?

    We set out to help our customers, with a focus on millennials, understand their money and provide them with the confidence to make financial decisions. Millennials are often financially squeezed and increasingly reliant on their support network for financial help. They are digitally savvy and demand better value from financial services, along with greater transparency and access to information. However, they find many financial services to be complicated and unintuitive. Connected Money has been designed to help customers think about, and manage their holistic finances in a digital context.

    What differentiates your proposition from other offerings in the market?

    Connected Money is differentiated from other offerings as it has a suite of features, inspired by Open Banking, to help customers understand their holistic finances. Other apps look to address a single customer pain point; Connected Money addresses many.

    Features currently include:

    • Joined-up banking – see your UK retail products in one place to see the total you have and owe
    • Discover – see where you are spending your money via category and merchant
    • Balance After Bills – shows at the start of the month, how much disposable income you could have in your HSBC account at the end of the month, once regular bills have been taken into account
    • Insights – useful information about your finances and spending patterns through in-app messaging

    What impact has the proposition had?

    Whilst early days, the app achieved 100k downloads in the first two months alone. HSBC were the first high-street bank to launch an app founded on Open Banking and provide education on Open Banking. The app is helping achieve financial sustainability, and support our financially vulnerable customers.

    What’s next for your proposition?

    Connected Money will continually evolve and improve. Developments in progress include a range of features to help users save and creating an Android version of the app to increase its reach. An imperative part of Connected Money’s future is the commitment to continue to co-create with our customers.

    You can find out more about Connected Money here.

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