A new app by HSBC will allow U.K. customers to view bank accounts they have with different providers, in a major step towards meeting new European Union rules.
The retail lender said Thursday it will introduce the HSBC Beta app from late October onward. It will initially be available to 10,000 HSBC customers.
As a beta product, it will still be in a stage of development; a full version to go on general release to the broader U.K. population is expected to arrive in early 2018.
The app will be heavily targeted at the "millennial" market and is designed to simplify the process of managing savings.
"Customers now bank at home, on the bus, at work and even in bed, but managing money is still too often a complex and complicated task," Becky Moffat, head of personal banking at HSBC, said in a statement Thursday.
"Through our beta app we want to give our customers a complete and joined-up view of their financial life and make it easier for them to choose confidently, taking the hassle out of checking dozens of statements and manually calculating what's left."
Customers will be able to add current accounts, loans, mortgages and savings set up with other banks to get a bigger picture about how they are spending their money. This gives an "aggregated" view of how they are spending and where their income is coming from on all of these different accounts.