HSBC and RBS Set to Launch New Digital Banking Platforms

British banking heavyweights HSBC and RBS are launching new digital banking platforms, as competition for digitally savvy customers steps up in the face of a wave of online startups. HSBC rolled out a new app-based business banking service - previously known internally as ‘Project Iceberg’ and now named ‘HSBC Kinetic’ - in beta testing mode today, while RBS is putting the finishing touches to its new digital bank Bo ahead of a public roll-out later this month. Britain’s high street lenders are investing billions of pounds in new or refreshed digital services to meet growing customer demand. HSBC Kinetic will offer small businesses mobile-managed current accounts, overdrafts and spending and cashflow insights generated by the app crunching data on a company’s spending habits. Peter McIntyre, head of UK small business banking for HSBC, said the bank hoped to sign up hundreds of thousands of customers to Kinetic and to roll it out to other countries where HSBC operates.