Daily Management Review

New Digital Banking Platforms To Be Launched By HSBC And RBS


11/11/2019




New Digital Banking Platforms To Be Launched By HSBC And RBS
In order to measure up to stiff competition and to counter a period of tough trading in the global banking scene, a new digital banking platform is being planned to be launched soon by HSBC and RBS, the banks told customers and shareholders recently.
 
On Monday, a new app-based business banking service –which was earlier known within the company as ‘Project Iceberg’ and now has been officially named ‘HSBC Kinetic’, was launched in beta testing mode by HSBC. On the other hand, later this month RBS is set to launch its new digital bank Bo for the public and currently the bank is in the final stages of commission the platform.
 
A tough period of trading is being faced recently by both HSBC and RBS. In its third quarter trading update which fared poorer than expected by the market, HSBC also highlighted a series of structural and operational changes which are currently being implemented at the bank.
 
HSBC and RBS have felt the need to address the slump in trading even while its rival banks such as Standard Chartered and Bank of Ireland have posted bullish updates on the business unit.
 
Cashflow insights generated by the app by the [process of crunching data on a company’s spending habits, overdrafts and mobile-managed current accounts will be offered to small businesses by the HSBC Kinetic platform. It is being hoped that the new platform will attract hundreds of thousands of customers and sing them up, said Peter McIntyre, head of UK small business banking for HSBC, and added that the Kinetic will later also be launched in other countries of operations of the bank.
 
While accepting that the political and economic conditions were tough, McIntyre said that the bank was not put off in releasing HSBC Kinetic. According to McIntyre, recent official data has shown that in the third quarter this year, company insolvencies hit a five and a half-year high.
 
“I think this is the best time to do it, to bring more financial insight to customers at a difficult time,” he added.
 
The digital platform from RBS – Bo, which will be a standalone bank, will be launched later this month for all of its existing customers as well as for the new ones, from the West End, London, offices of the company. 
 
One of the major features of the Bo app is its design to encourage customers to budget and save better by sending them alerts when the customers engage in overspending.
 
Ways to stimulate demand despite tough trading conditions have to be found out by both the British banking giants or else they could also face similar crash as is being faced currently by the Deutsche Bank.
 
(Source:www.ukinvestormagazine.co.uk)






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