HSBC is rolling out the biggest overhaul of its mobile banking app since 2012, Flying Eze can reveal.
The , which serves over 15million UK customers, has revamped the app's interface and introduced new management tools in a bid to better compete with .
The now includes spending categorisation and insights, akin to the tools offered by digital-first banks like .
This functionality is designed to help users better understand their spending patterns and pinpoint opportunities to save .
is also set to launch a new open banking feature in the coming months, letting customers see a clear breakdown of their financial products held with other providers, such as rival banks and lenders.
Savvy savers will also be able to set savings goals within the app.
Much like and the update introduces the ability for users to set up dedicated “pots” tailored to specific savings goals, such as a holiday or a house deposit.
For now, customers will need to manually transfer funds into these pots.
However, HSBC told that updates will enable automatic transfers, making saving even easier.
A “round-up” feature, like those offered by Monzo and Starling, is also expected to be introduced in the coming months.
This automatically rounds up every transaction to the nearest pound and transfers the spare change to a savings pot, helping users save money passively.
New and improved bill management tools allow users to pay and set up Direct Debits, similar to Starling's Bills Manager.
Some customers have already had the opportunity to explore the updated app through a beta programme, while others been randomly selected to take part in its gradual roll-out.
George Charalambous, head of digital at HSBC UK, told Flying Eze that the revamped app will be made available to all seven million of the bank's registered customers by the end of May.
He added: “Customers have logged onto our mobile 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.”
Customers won't need to manually request the update, as it will be rolled out automatically over the coming weeks.
What else is changing?
The revamped app introduces a streamlined interface, making it significantly easier for customers to navigate and manage their various financial products and accounts.
Previously, customers had to scroll through a lengthy list to locate the account they needed.
Now, the updated design dedicated tabs at the top of the page, allowing quick access to different financial products, including current accounts, , , and savings and investments.
Additionally, users can personalise their home page, which appears upon login.
For instance, they can prioritise their most frequently used account or credit card by placing it at the top, while hiding less frequently accessed accounts for a cleaner overview.
HSBC customers who invest through , general , or share trading accounts will now be able to buy and sell directly within the app, eliminating the need to log in to online banking via a computer.
Additionally, HSBC has introduced a chat icon on every page, providing customers with instant access to 24/7 support.
