The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
The potential deal would shift Neumann's already diminished voting power to the Japanese conglomerate, according to the Journal.Technologyread more
President Donald Trump said that both sides reached a "very substantial phase one deal" that will address intellectual property and financial services concerns and include...Asia Marketsread more
On Friday, Zedd tweeted about the ban, and CNBC verified the claim with his publicist on Saturday.China Politicsread more
Hunter's vows to forgo any foreign work follow a slew of unsubstantiated attacks by President Donald Trump accusing him of corruption.Politicsread more
Apple, the company that created the modern-day smartphone, is relying on technology customers are already extremely familiar with, like cameras, and taking a backseat when it...Technologyread more
Fisher was initially defiant amid the backlash in an interview with Bloomberg, in which he said he had "given a lot of talks, a lot of times, in a lot of places and said stuff...Personal Financeread more
Airlines continue to delay when they plan to have the planes back again with no sign from regulators on when the planes will be approved again.Airlinesread more
Turkey's invasion of northeastern Syria began Wednesday after Trump ordered U.S. troops to pull back from the area.Politicsread more
Connected Money, which was launched last year, is an attempt by the 154-year-old institution to simplify expense tracking and budgeting for its customers. It shows a user their bank accounts from HSBC as well as rivals including Barclays and Lloyds.
Raman Bhatia, who is responsible for HSBC's digital business in the U.K. and Europe, said in an interview that the response from customers to the new app has been "pretty impressive" so far — and it's also given the bank some crucial learnings on how to continue developing it.
"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."
For example, the app includes features that let users categorize their spending, figure out how much money they'll have left after bills and get messaged insights and tips about their transactions.
By contrast, U.S. rival Goldman Sachs said recently that it had attracted 200,000 customers in the U.K. for its digital retail bank Marcus. ING-backed start-up Yolt meanwhile, which is more akin to HSBC's new app, has pulled in more than 500,000 signups.
Still, it's an early sign of just how much traction one of HSBC's latest forays into digital has gained.
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.
Referred to by industry insiders as "open banking," the aim is to increase competition and enable firms to have access to more data to create a broader picture of people's finances.
It also comes as HSBC and other large banks face increasing pressure from a variety of fintech, or financial technology, challengers — Revolut, N26 and Monzo just to name a few — which operate with only an app and no physical bank branches.
Moreover, fellow U.K. bank RBS is working on a standalone digital bank called Bo which is expected to launch later this year.
Longer term, Bhatia says Europe's largest bank is expanding on a partnership between its internet banking unit First Direct and fintech start-up Bud — which it also invested in earlier this year. It's also looking into using customer data and artificial intelligence to expand access to credit, he said.
"I think the long term vision for the banking sector as a whole is to provide very predictive, contextual access to credit not tied to products per se," Bhatia said. "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."
The Connected Money app, which has been live since May, is currently only available on the iOS operating system, but HSBC has said an Android launch will arrive this year. It's also only available in the U.K. at the moment, but Bhatia has previously said the lender aims to take what it's learned from the app abroad in the long term.