HSBC UK rolls out mobile-first banking service HSBC Kinetic

By Megha Bhattacharya

HSBC UK today announced the launch of HSBC Kinetic, a mobile-first banking service. The new solution has been developed using insights from over 3,000 small business owners and is available for download on both iOS and Android via the Apple App Store and in Google Play.

According to the Bank, the new service enables business owners to apply for an account in minutes in the app. Once approved, customers can order a debit card and use the app to manage their business payments such as Direct Debits, standing orders and future payments. They can also see where their money is going with spend categorisation and cash flow insights. HSBC Kinetic includes a suite of products including, credit card, same day overdrafts and a savings account that can all be applied for in-app (subject to eligibility).

Peter McIntyre, Head of Small Business Banking, HSBC UK, said, “Faced with a constantly evolving market environment, today’s small businesses need a bank that is agile and flexible – that equips them with real-time, easy to understand banking data to help them make quick decisions and pivot their operations. HSBC Kinetic combines our extensive banking expertise and infrastructure with an innovative approach to offer the best possible business banking experience for customers at a very competitive price point.”

The application has integration with other small business finance solutions including accounting software from providers such as Xero, QuickBooks, and Sage. The Kinetic account also comes with the Bank’s first vertical debit card. The app has been build on the Google Cloud platform and relies on HSBC UK security features.

Nadya Hijazi, Global Head of Digital Business Banking Channels said, “HSBC Kinetic is already helping thousands of small businesses across the UK transform the way they do business. More than just a bank account, HSBC Kinetic is a truly mobile-first banking service packed with features, useful insights, in-app customer support and offers all of the reassurances associated with being a part of a large bank that is able to support businesses at every stage of their growth.

“But we’re not done yet, in the coming months we’ll be introducing more features including a small business loan and International Payments. As the needs of small businesses evolve, we’ll continue to help them through HSBC Kinetic to create and support the next generation of businesses.”