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MSE News: New HSBC app will show ALL your accounts - even if they're with its rivals

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MSE News: New HSBC app will show ALL your accounts - even if they're with its rivals

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
18 replies 5K views
MSE_RosieMSE_Rosie Former MSE
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I've been Money Tipped! Newshound! Best Buy Bear
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
HSBC is launching a new app that can show you your bank accounts, credit cards, mortgages and loans from 21 different banks in one place...
Read the full story:
'New HSBC app will show ALL your accounts - even if they're with its rivals'
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  • jamesdjamesd Forumite
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    I'm far more interested in ensuring that banks - particularly HSBC - can't get at information from other providers than helping them to data mine across all of my accounts. If for some reason I did have a use for that I'd want fine-grained control down to individual transaction level about which information they could get at.

    Worse still would be marketing sites like comparison sites getting at the information.
  • martinthebanditmartinthebandit Forumite
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    jamesd wrote: »
    I'm far more interested in ensuring that banks - particularly HSBC - can't get at information from other providers than helping them to data mine across all of my accounts. If for some reason I did have a use for that I'd want fine-grained control down to individual transaction level about which information they could get at.

    Worse still would be marketing sites like comparison sites getting at the information.
    Exactly.

    I have a HSBC account and others and the HSBC app will be going nowhere near the others.

    If you don't find joy in the snow,
    remember you'll have less joy in your life


    ...but still have the same amount of snow!
  • VT82VT82 Forumite
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    Daft hare-brained scheme from the Financial Conduct Authority. Something someone there dreamt up as being in the public interest, despite no one really wanting or needing it. And then of course the banks have to chuck millions at making it happen because the FCA says so. But it's OK because of course all banks have an endless supply of capital to splash on vanity projects like this...
  • jonesMUFCforeverjonesMUFCforever Forumite
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    From what I have read it will be a nuisance as your accounts will only be ''linked'' for a month at a time then you will have to go through it all again.
    What goes around - comes around
    give lots and you will always receive lots
  • EctophileEctophile Forumite
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    There's no way I'm giving one bank all the details of accounts I hold anywhere else. It's nothing to do with them.

    I can also see it being a potential security nightmare if someone finds a flaw in one of the apps.
    If it sticks, force it.
    If it breaks, well it wasn't working right anyway.
  • badmemorybadmemory Forumite
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    What a lovely idea! A bank can not just lose the info on accounts you hold with them but also any accounts you hold with other banks. I'm sure there is no way anything can go wrong with this.

    Where do they get these massively stupid ideas from? The how to commit fraud the easy way handbook?
  • robatworkrobatwork Forumite
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    https://www.theguardian.com/business/2009/jul/22/hsbc-lost-data-fsa-fine

    Let's hope they don't post unencrypted CDs around any more.
    They probably just lose the odd memory stick now.

    https://www.corp-research.org/HSBC

    "Lax internal controls" $2 billion in fines.

    This app won't be going on my phone. Shocking organisation.
  • edited 29 September 2017 at 1:39PM
    colstencolsten Forumite
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    edited 29 September 2017 at 1:39PM
    mse wrote:
    It's worth noting that until Open Banking comes into effect, some banks including Barclays, Lloyds and Halifax say that you're liable for fraud on your account if you've shared your login details with anybody, including apps - you need to decide whether or not you're happy to take on this risk before you download an app that uses your login details.

    Lloyds Terms and Conditions have contained this clause for several years:
    If you use an aggregation service we do not provide, we will not treat you as breaking your security obligations as long as you do not give your security details to the service provider.
    (An aggregation service enables you to view, in one place, information about accounts with different banks.)

    The important bit there is "as long as you do not give your security details to the service provider". A proper aggregation service will not give your security details to the provider but keep it instead in an encrypted file on your device. Nobody in their right mind would be using any service that actually passes the security details to the provider.

    Personally, I hope I will be able to continue to use ewise as my account aggregator as I don't fancy to have to go through a bank. I also don't want a bank to choose which financial organisations I have accounts with. For instance, I want (and do have) TD Direct and HL, clearly neither a bank nor a BS, on my aggregator.
  • Shakin_SteveShakin_Steve Forumite
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    I gues it’s a matter of personal choice. There will, no doubt, be plenty of younger people who think that this is a great idea, and may even save them five minutes a day. I have three bank accounts, two of them with the same provider (Tesco), and three credit cards. I can check all five accounts within minutes if I feel the need to.
    Maybe certain advantages will become apparent once open banking has been up and running for a while but, for now, I’m not playing.
    I came into this world with nothing and I've got most of it left.
  • zerogzerog Forumite
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    I have 13 current accounts and 8 credit cards and I haven't seen the need to use an "app".

    If I do need to access online banking on my phone or tablet, I am perfectly happy using the websites (all browsers set to request desktop versions).
This discussion has been closed.

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