About
Connected Money is a mobile focused banking service from HSBC that uses Open Banking as its inspiration (the first high-street bank to do so); designed to help customers think about, and manage their holistic finances in a digital context.
Innovation presentation
Connected Money is a free iOS mobile app for our HSBC UK customers that is part of our response to the increasingly competitive, digitally driven, open banking world; and reflects our understanding that our customer’s relationship with money and their financial needs are ever-changing. We wanted to provide our customers with a solution that gives them greater control, and takes the hassle out of managing money, which is still too often a complex and onerous task. In essence, we wanted to reinvent day to day banking for a new, digitally engaged generation using open banking as our inspiration.
The app, which launched 30th April 2018, includes a range of innovative tools that help customers understand their money better, no matter where they’re banked. Connected Money achieved 100k downloads in the first 2 months alone and feedback has highlighted that we are helping customers with their financial wellbeing.
The development and launch of Connected Money was a new journey for the bank, and we had to overcome several internal challenges and create a new way of working. To achieve this, we established digital delivery teams that are completely cross-functional, including housing all the skills needed in one place – developers, designers, risk, compliance and marketing.
Continued innovation has been at the heart of this project, from concept to delivery and has resulted in HSBC being the first of the high street banks to deliver a customer proposition, with open banking at its core.
Uniqueness of the project
Connected Money is unique from other offerings as it has a suite of features, based on the inspiration of Open Banking, to help customers understand their holistic finances. Whilst other offerings aim to solve for an individual customer pain point, Connected Money resolves many. Features of the app can be seen in attached supporting documents.
The app provides a platform for the bank to establish day to day engagement with our customers; moving beyond just transactional banking. Connected Money facilitates the banks ambition to understand our customers’ needs and wants, and being able to support them through all situations of life.
Connected Money has been a disruptive innovation for the bank, needing to overcome several internal challenges and create a new way of working. A new innovative process has been established that sees the Connected Money team co-create with customers to ensure features meet the customers’ needs and expectations.
