“HSBC has signed up more than 300,000 users to its new money management app in the U.K., an executive at the bank told CNBC.
‘During the course of the last few months, what we have found is that aggregation per se is not that appealing,’ he said. ‘What customers love about Connected Money is the ability to get more context around their spending and the ability to really turn financial coaching on its head.’
The app is in part a response to new European rules that require banks to share their customer data with approved third-party firms — with customers’ consent — to enable them to create new financial products.
‘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.'”