HSBC Holdings and Royal Bank of Scotland Prepare to Launch New Digital Banking Platforms to Meet Growing Demand from Clients
November 13, 2019 @ 9:45 am By Omar Faridi
HSBC Holdings plc (HSBC), a British multinational investment bank and financial services holding company, and the Royal Bank of Scotland Group plc (RBS) are preparing to introduce their digital banking platforms in order to meet client requirements.
HSBC Kinetic, the bank's new digital banking platform, has been created specifically for small businesses and companies. It is reportedly in its beta stages of development and it has been scheduled for launch during the first half of next year.
Meanwhile, RBS' independent digital banking platform, Bo, will go live at the end of this month.
Bo will have user budgeting features and options to view and analyze savings and spending. The new platform has been developed for people who have less than $128 in total savings.
HSBC Kinetic will help small businesses work together by connecting them with mobile-operated banking software, which will include current accounts, overdraft facilities, and advanced analytics for spending and cash flow management.
HSBC Kinetic has reportedly been designed by around 150 staff members based in London. It was previously called "Project Iceberg" by the bank's employees.
Peter McIntyre, HSBC's head of small business banking in the UK, noted that the bank anticipates that thousands of new users will want to use HSBC Kinetic. HSBC's management is also considering launching the Kinetic software in other countries.
McIntyre remarked:
"I think this is the best time to [launch HSBC Kinetic], as it will] bring more financial insight to customers at a difficult [economic] time."
During times of political and economic uncertainty due to Brexit and the US-China trade war, HSBC and other large institutions including the Deutsche Bank DB, Nomura Holdings, Inc NMR aim to reduce operational costs while also improving efficiency.
HSBC shares have dropped 8.3% in 2019, meanwhile, RBS' have jumped 2.7% this year. The industry, as a whole, has grown 5.3% during the same time period.
Digital Banking: Fintech Challengers in the US Grew Customer Base by Nearly 40%, UK Digital-Only Banks Report Growth as Well
UK Fintech Curve Secures $95 Million As Part of Series C Funding Round
Digital Bank Revolut Pursues UK Banking License Anticipates Half of its Clients to Deposit Salaries and Use it As Primary Account
Fintech Challengers Revolut and Luno are Experiencing Dramatic Surge in Demand from Bitcoin and Ethereum Traders
Oxbury Bank Reportedly Planning to Launch Agriculture Banking Platform After Securing £15 Million From Duke of Westminister's Wheatsheaf Group
Digital Banking: Fintech Revolut's App was Downloaded 5.8 Million Times in 2020, More than Monzo and Starling Combined
UK's Digital Bank and Online Lender Zopa Aims to Generate Profits in 2021, will Compete with Revolut, Monzo, Other European Challengers
Digital Banking: Fintech Unicorn Revolut's Customers Spent 2.6x More on Online E-Commerce than On In-Store Purchases
James Gibson, Head of Product at Revolut Business, Explains how to Receive Card Payments from Across the Globe via the Digital Banking Platform
Digital Banking: Monzo USA Personalized Digital Payments Cards Have Arrived
Wahed Inc, an Islamic Fintech backed by Saudi Aramco, to Acquire UK-based Digital Banking Startup
Starling Bank Adds Dinghy Insurance, SumUp to Marketplace
Only 10% of UK Residents Trust Neobanks or Digital Challengers like Monzo, Revolut, Starling: Survey
Starling Bank Adds PayPal's iZettle to Business Marketplace
Digital Banking: London based Fintech Unicorn Revolut Breaks Even for the Month of November 2020
This entry was posted in Fintech, Global and tagged Bo, digital banking, hsbc, HSBC Kinetic, Peter McIntyre, rbc, royal bank of scotland, uk, united kingdom. Bookmark the permalink.