HSBC has been part of the banking world for over 150 years. It started as the Hongkong and Shanghai Bank in 1865 in then-British Hong Kong. In 2022, it’s a global banking company headquartered in London with offices worldwide. In 2021, HSBC had 48 million customers worldwide, making it the second-largest UK-based bank. Moreover, it has the largest assets in Europe, with US$2,953 trillion as of December 2021.
Over the past two decades, HSBC’s history has been marred by several scandals. Due to this reputational damage and growing competition from fintech companies, the bank’s prosperity was at risk. However, digital transformation and the release of HSBC’s mobile banking app in 2017 have improved the situation. This HSBC review examines the bank’s app and key services to see what it offers in 2022.
HSBC app review
HSBC offers a variety of apps tailored to different countries’ needs, including a business banking app, an event app, and an app for expats. Our HSBC review focuses on the UK version of the app since HSBC’s head office is in London.
HSBC UK Mobile Banking app (Google Play)
Category: Finance
Released: Dec 7, 2017
Current version: 3.32.2
Latest update: Apr 25, 2023
Downloads: Over 1 million
Rating: 4.7
The latest app release lets users change their marketing preferences in the Profile section.
Onboarding
Despite its use of new technologies, HSBC remains a fully-licensed traditional bank. Although customers can open an account online, HSBC sometimes requires them to visit a branch or email or mail some documents. To register as a new customer, clients also must provide some documents: a valid ID to verify their identity, a utility or telephone bill to confirm their address, and proof of their income (payslips, tax returns, and so on). New UK residents (those who arrived within the last six months) also need a letter from a reliable employer.
In all other respects, the registration process is similar to that of other banks or fintechs. First, the user submits a form indicating their name, date of birth, email address, and phone number. Then the user’s identity is verified, log-in credentials set up, and Secure Key activated.
After registering, users can access our mobile banking app and online banking and choose a suitable type of current account.
Services
There are six everyday banking accounts offered by HSBC: bank account, advance account, premier account, basic bank account, bank account pay monthly, and kinetic business account. Most HSBC accounts come without a monthly fee. Also, there are no charges for sending and receiving money. Exceptions do exist, however. The bank takes fees for unarranged overdrafts and sending money out of the UK or the European Economic Area (EEA).
Being a full-fledged bank, HSBC provides several financial services. However, the number of available services may depend on the account type. For instance, the standard package bank account includes:
- Fee-free transfers to the UK banks
- Instant payments to HSBC accounts
- Free withdrawals up to £300 a day
- Arranged overdrafts
- Automated bill payments
- Budgeting tools (the Balance After Bills feature)
- Instant transaction notifications
- Apple Pay and Google Pay
- Exclusive offers and discounts
The HSBC Premier Bank Account is also free, but it offers additional benefits:
- Mortgages with preferential terms
- Interest-free £500 of arranged overdraft
- Fee-free transfers between user’s international HSBC accounts
- Worldwide travel insurance
Design and Usability
The HSBC app has a concise design with easy-to-tap buttons, clear instructions, and insightful analytics, yet it falls short of the leading fintech applications. The app looks outdated with its complicated navigation, constant password requests, and needless complexity for every operation. Also, some users complain about frequent lockouts and app crashes after updates.
Reliability & Security
HSBC mobile banking is secure. The bank takes all security measures required by the government and does even more: multi-factor and biometric authentication, session timeouts, automatic lockouts, anti-fraud AI systems, etc. Additionally, users can control their cards with the app by resetting passwords, locking cards, or reporting unauthorized transactions instantly.
HSBC takes security so seriously that it sometimes frustrates app users. HSBC’s Secure Key is a secret PIN that is part of two-factor authentication used to log in to the app and confirm all other activity on the account. Many customers find this “secret code” thing outdated and annoying. However, users can switch from the Secure Key to biometric authentication anytime.
Support
The easiest and quickest ways to speak to HSBC support are via in-app support or on-site live chat. It’s also possible to contact the bank via its official social media pages. Phone support exists, but it takes hours to reach an operator. HSBC itself recommends that customers not use the phone support line unless they have an urgent issue.
Our verdict
4.1 stars out of 5. HSBC bank is a reputable institution that offers free current accounts and access to credit cards, mortgages, and all other imaginable financial services. However, it needs to improve its mobile and online banking services. HSBC seems to be an excellent choice for those who prefer traditional banking over innovative fintech apps. Tech-savvy clients might find HSBC’s app a bit disappointing.
What we like about HSBC:
- No monthly fee for current accounts
- Free real-time money transfers
- Free withdrawals
- Spending tracking and analytics
- Automated bill payments
- Budgeting tools
- Reward programs
- High level of data security protection
What we dislike about HSBC:
- Frequent account lockouts
- Complicated app navigation
- Security check for almost every in-app operation
- Poor customer support over the phone
What makes HSBC different?
HSBC is a major bank that provides a complete range of financial services for free or a reasonable fee. A robust security system protects customers, and the bank is a reputable and reliable institution. HSBC is constantly working to meet customers’ demands, even if it doesn’t offer every advanced feature like leading neobanks.
Value for customers
Customers who switch to HSBC get a £150 bonus, a free current account, no-charge payments and cash withdrawals, and many other perks that only traditional reputable banks can offer. Plus, the bank has already adopted many fintech innovations. Although HSBC’s app isn’t loaded with every advanced feature, it enables customers to easily manage their finances online.
Value for partnering businesses
Most businesses can benefit from partnering with a large multinational institution such as HSBC. The following are some examples of how companies can benefit from partnering with this bank:
- Fintechs can offer innovative solutions to help the bank improve its digital finance services.
- Innovative projects in energy, agriculture, and other key sectors can get investments from HSBC.
- Retail and service companies can promote their brands by offering rewards or discounts to HSBC’s clientele.
Also, while conducting research for our HSBC review, we found that the bank is willing to sponsor many charitable and volunteer programs. And HSBC appears to be able to collaborate with philanthropic foundations on many more worthwhile initiatives.
