HSBC is rolling out the biggest overhaul to its online banking app for over a decade for its seven million banking customers. The major high street bank has redesigned its banking app and will be introducing a range of new features over the coming months.
One of the new features includes payment round-up, which will allow customers to automatically round up every transaction to the nearest pound and transfer the spare change to a savings pot. Alongside this, customers will soon be able to set up dedicated savings pots for different goals, such as for a holiday or a house deposit.
HSBC’s updated app will soon include spending categorisation and insights, which will group together someone’s spending into different areas. This includes sections such as supermarket spending, travel, and household bills. You will also be able to set up direct debits/standing orders to put money into these accounts. Currently, HSBC needs to manually transfer the cash over.
This feature is designed to help banking customers understand their spending patterns and pinpoint areas where they could potentially save money. The bank will also be launching a new feature that will let customers see a clear breakdown of their financial products held by other providers. For example, if your mortgage is held by another lender, you will still be able to see it on your HSBC app.
A new and improved bill management tool will be launched, which will help users pay their bills and set up direct debits for them each month.
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Alongside the new features, HSBC has redesigned the app’s layout in a bid to streamline it and make it easier for customers to navigate and manage their finances. The updated design features dedicated tabs at the top of the page, which will take you to the different financial products you may have, including current accounts, credit cards, mortgages, and savings and investments.
Users can also personalise the homepage, which appears when you log into the app. For example, HSBC customers can choose to prioritise their most frequently used account or credit card by placing it at the top, while hiding less frequently accessed accounts. HSBC has added a chat icon to every page, which will provide banking customers with access to 24/7 support.
For investment customers – so those who invest through ISAs, general investment accounts, or share trading accounts – HSBC will now allow you to buy and sell directly in the app, meaning they do not need to log in to online banking through a computer.
As mentioned before, the update is gradually being rolled out to all of HSBC’s eight million online banking customers over the coming weeks and will be completed by the end of May. Overall HSBC has around 15million UK customers.
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George Charalambous, head of digital at HSBC UK said: “Customers have logged onto our mobile banking app almost 1.7billion times in the last year and it is an integral way our customers bank with us.
“Feedback we have received from early users of the new design is extremely positive. In the coming months there will be much greater functionality to provide our customers with an even greater experience.”
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