Leading UK banks HSBC, Lloyds and the Royal Bank of Scotland are leaning on fintech solutions to fight off the challenge of financial start-ups.
HSBC has allied up with fintech outfit Bud to test run a money management app for its First Direct customers. Trialists will get the likes of safe-to-spend notices, account transactions data, a goals tool plus spending analysis.
Bud last year raised £1.5m from Investec and Sabadell Bank and is in talks with over 40 other banks around the world.
Lloyds has plans for a new app with what it calls “full open banking capability” though there’s little flesh in the bones of that at the moment.
RBS says is planning to launch an account aggregator app some time this year and is already conducting trials.