Connected Money is an attempt by HSBC to simplify expense tracking and budgeting for its U.K. customers.
that require banks to share their customer data with approved third-party firms — with customers' consent — to enable them to create new financial products.
Referred to by industry insiders as "open banking," the aim is to increase competition and enable firms to have access to more data to create a broader picture of people's finances. It also comes as HSBC and other large banks face increasing pressure from a variety of fintech, or financial technology, challengers — Revolut, N26 and Monzo just to name a few — which operate with only an app and no physical bank branches.is working on a standalone digital bank called Bo which is expected to launch later this year.
"I think 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," Bhatia said. "And I think that is the real opportunity 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."
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