HSBC Kinetic: A Whole New World of SME Banking

HSBC Kinetic is a bold move by the 6th largest bank in the world. It’s an app-only digital bank servicing small businesses, but for the financial institution established in the 1860s, it’s much more than that. With Kinetic, HSBC is building experience in agile development environments, in the cloud, and with a branchless app that offers automated onboarding, in-app overdrafts, a controllable debit card and a range of personal financial management budgeting and cashflow tools.
COUNTRY: UK
PRODUCTS: PFM
LAUNCH YEAR: 2020
Working with Strands, Kinetic built a powerful transaction categorization engine within HSBC that is aligned to the UK’s tax office. By categorizing those transactions, the business bank saves its customers days every month trying to manually reconcile what category spending should fall under.

Additionally, Kinetic uses Strands to take business finance management up a level by building personalized insights for customers. The bank’s smart engine analyzes spending trends to understand all the bills a small business has coming up in the next few weeks to tell it whether it’s likely to hit zero or go into my overdraft. From here, the app gives business customers options to take relevant actions.

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