HSBC UK Rolls Out Mobile Business Bank for SMEs

HSBC UK has announced the launch of mobile-first banking service, HSBC Kinetic. The solution is primarily designed to improve the overall banking experience and make it more intuitive for small businesses.

HSBC Kinetic will enable small businesses to work more efficiently and stay on top of their finances. According to FIS’s 2019 report, usage of banking applications is likely to reach 71 percent by 2024 in the UK. This indicates that customers are embracing digital banking more than ever.

The economic downturn inflicted by the ongoing COVID-19 pandemic has resulted in an exponential rise in the number of self-employed and small businesses in the UK. Besides,

HSBC’s new solution will primarily focus on fulfilling the financial requirements of such businesses.

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Addressing challenges of small businesses

As per research conducted by HSBC, only 31% of UK SMEs back their abilities to manage their finances in real-time. HSBC kinetic addresses this challenge. The timing of the launch comes at a time when the demand for digital banking services in the UK is skyrocketing.

With HSBC Kinetic, small and medium businesses (SMEs) can open new savings account within a few minutes. Customers can also seamlessly manage business transactions which include future payments, standing orders, and direct debits. Besides, users can also keep track of where the money is being spent and gain insights related to cash flow.

HSBC has developed this service by taking into account insights drawn from more than 3,000 small business owners. HSBC Kinetic can be downloaded from the Google Play Store and the Apple App Store.

According to Peter McIntyre, Head of Small Business Banking, HSBC UK said that due to the rapidly changing market landscape, small businesses need a bank that is flexible and agile. He said, “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.”

More about HSBC Kinetic

Over the past few years, HSBC has not shied away from investing billions of dollars in technology and digital transformation. HSBC Kinetic integrates with some of the most popular financial services platforms including Sage, Xero, and QuickBooks.

Integration with these platforms makes it simpler for small businesses to manage their finances 24/7 from any location at any given time. The new solution is powered by Google Cloud Platform and is backed by HSBC security features.

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Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency. At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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