HSBC UK’S EXPERIENCE AND RECOMMENDATIONS FOR OPEN BANKING

Updated: Jul 16, 2018



Over the past months, C Minds has enabled many conversations for the Latin American ecosystem to learn about open banking from the perspective of individuals who have had an important hand in creating standards for their respective countries. During our latest Keep Up by C Minds Finance Innovation Series talk, interested parties had the opportunity to learn about open banking from an implementer’s point of view. On June 27th, Hetal Popat, Programme Director and Head, Open Banking and PSD2 at HSBC UK, detailed the bank’s road to adopting the UK Open Banking Standard.


HSBC ‘MIDWAY THROUGH THE JOURNEY’ TO OPEN BANKING IMPLEMENTATION

HSBC is currently ‘midway through the journey” to put into place a suite of open banking services, Hetal explained. The bank has a team of 200 people working on what is its largest undertaking; open banking is the single largest program that HSBC has in place. The bank has implemented product references and branch data, subsequently leaning into an open data component that has been steadily gaining traction. This component has encouraged price comparison sites and other intermediaries to consider using APIs instead of screen scraping. HSBC will also begin to share service quality data through APIs in August 2018, a move that will tell customers how the bank is performing on price and quality of online, mobile, telephone, and branch services.


Presently, HSBC is working with 19 active third parties and has its eyes set on building upon interest from the more than 160 providers who wish to benefit from open banking to improve their value offering. This includes FinTechs, which Hetal urges to stand out and offer solutions to banks.


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