The Biggest Banks of Britain are set to introduce managerial apps that will keep a track of customers’ financial statements from different accounts.
HSBC, Llyods Banking Group and The Royal Bank of Scotland are some of the prestigious Banks, developing the money-managing apps that will soon compete the ones already launched by the technology start-ups.
A number of such apps are already in the market which are produced by digital firms and companies like Monzo and Money Dashboard. Since, the popularity of these apps are already esteemed, the new launches will have to make concrete improvements in order to win users.
For instance, the Monzo app which performs analytics on spending habits, creates budgets and has the option of freezing/unfreezing cards has gathered a huge user base in about nine months. It seems like the banks have decided to not be left out in terms of technological progression.
The banks have felt the potential need to make such introduction since the regulations require an informed access of financial statements to be provided to the customers. The banks are now on the verge of completion of the technological developments and majority of them shall initiate the change from March, 2018.
Tom Moore, a graphic designer who is taking part in a trial of the HSBC app reported, that although there are some features that needs change , “The benefit of this being done by HSBC, rather than some mysterious company nobody has ever heard of, is definitely in their (the bank‘s) favor”.
Having the brand name, user base, recognition and reputation, it should be easier for the banks to raise the number of users but to stand up to the expectations amidst the existing tech-apps, is entirely their own call.