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HSBC has enlisted fintech startup Bud for the latest stage of its foray into open banking, trialling an app that lets people see account information from all of their providers, as well as get money management tips and product suggestions - including from third parties.

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a year ago

Here's The Telegraph's coverage with a little bit more detail -

Great to see that this made the front page 💥 & I'm a big fan of the legacy banks partnering with FinTechs to give users superior services.

Having said that, I don't think this article could have presented the privacy implications & the idea of 'banks pushing ads' in a much worse way, without being overtly negative 😬

First Direct is trialing a new smartphone app which trawls a database of thousands of deals to recommend specific products from third-party providers.

Does anyone have more details about this? Is the app searching for offers & is this Bud or First Direct?

I know Monzo & Starling are partnering directly with providers, before offering their services via their apps / marketplace so I'd be interested to hear if this lot are taking a different approach..

a year ago

A few more details on this: The recommendation engine works by understanding current spending patterns and fixed costs by category. Then it helps facilitate people to optimise their product makeup when costs can be saved. It is First Direct's app, powered by Bud's technology. Our approach is an 'all in one' experience delivered through large traditional banks.

Hope that helps

a year ago

Would like to stress how useful it is for Fintechs looking to partner with big banks to already have a presence in the FCA sandbox.