HSBC UK launches HSBC Kinetic designed for SMEs

By Nicky Godding

25 March 2021

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HSBC UK has launched a mobile-first banking service versus a bank account with mobile features.

HSBC Kinetic, has been developed using insights from more than 3,000 small business owners, ensuring it is designed to make business owners lives easier. It is available for download on both iOS and Android via the Apple App Store and in Google Play.

HSBC Kinetic enables business owners to apply for an account in minutes in the app. Once approved, customers can order a debit card and use the app to manage their business payments such as direct debits, standing orders and future payments.

They can also see where their money is going with spend categorisation and cash flow insights.

According to research from HSBC, less than a third of UK SMEs feel completely confident in their ability to stay on top of their finances in real-time, with a further 40 per cent admitting to struggling with at least one aspect of managing them. Top areas for concern were finding the time to spend on finances and understanding what action to take as a result of what their finances were telling them, both of which are addressed by HSBC Kinetic and the wealth of information its puts at users’ fingertips.

Though broadly happy with how they handled their finances during the pandemic, SMEs told HSBC that their top priorities over the next six months are focusing on their ability to continue operating in current conditions, increasing their customer base and building new revenue streams. This doesn’t leave room for lengthy finance admin.

Peter McIntyre, Head of Small Business Banking, HSBC UK, said: “Faced with a constantly evolving market environment, today’s small businesses need a bank that is agile and flexible – that equips them with real-time, easy to understand banking data to help them make quick decisions and pivot their operations. 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.”

Following the early access period customers will have a fee free period of 18 months. Thereafter a monthly fee of £6.50 will apply.

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.