HSBC welcomes next stage of Open Banking

From today, eligible HSBC customers will be able to safely and securely share their personal banking information such as current account details, balances and transaction history with accredited third parties.

Jessica Power, Head of Wealth and Personal Banking for HSBC in Australia is pleased the bank has reached this next stage in its Open Banking journey.

Power commented: “Consumers are understandably insisting on more innovative financial products and services from their banks. But we know that despite this demand for speed and efficiency, moving from one bank to another remains difficult.

“Not only will open banking drive further digital advancements but we’re confident it will transform the way Australians manage their money by making banking simpler, quicker and more convenient.”

Data sharing will be available on HSBC’s credit and debit cards, transaction and savings accounts from Thursday 1 July, with other retail products such as personal loans and home loans added later in the year.

For more information on Open Banking, click here.