Great to see HSBC working on its Open Banking platform - to allow customers to view balances and banking history on any account not just those held within HSBC. Having a single view of your current financial health across your entire banking estate should allow better decision making and greater consumer confidence.
To have a single view of the health of my current account, savings account, investment performance and consolidated pension valuation would be very valuable and something I've long wished for - or maybe ignorance is bliss and Im better off not knowing?!
HSBC is testing a platform that lets customers see all of their accounts, no matter who the provider, on one screen. The open banking platform will be tested with 10,000 UK customers from next month, with participants able to add accounts from up to 21 different banks, including Santander, Lloyds and Barclays. The service - set to go live for all customers through a new app early next year - will not just be restricted to current accounts but also cover loans, mortgages and savings, if they are visible via online banking services. HSBC says that this is just the first feature of the new app, with a host of other options in the pipeline for beta testing over the next few months.