HSBC (First Direct) does do mobile

Back in May last year, I complained about HSBC and its apparent lack of a mobile strategy. My complaints were purely selfish, because I wanted to be able to bank on my iPhone, and couldn’t find a way to do it.

As an HSBC customer, I was jealous that other banks were offering something I couldn’t use.

Well, last week, HSBC released their iPhone app to customers of its direct banking unit First Direct. It is an excellent first step.

The App itself has been getting pretty good reviews on the App Store. Oh, there are a few people who don’t see the point and say so (“The website does more, why bother?”), but generally, everyone seems really pleased. When I checked a minute ago, it had a 4.5 star rating.

I think HSBC have done something that should make them pleased, though. By creating their own application, instead of going the generic route with the same vendor as everyone else has done, HSBC have created a space for themselves to iterate and innovate.

If they’re serious about mobile, that’s going to be a pretty big advantage they have over everyone else.

First Direct say in their press release that:

“…plans for the next generation of mobile banking applications already afoot. In a post on "talking point", first direct's customer forum, the bank… plans to collect online feedback in order to understand which new features are most in demand”

Now, it may not quite be customer co-creation, but this is rather more than anyone else is doing, frankly. And, by owning their mobile technology, First Direct are in a position to actually do something when customers make a suggestion.

The interesting thing to watch unfold in the coming months will be whether the bank pushes its platform advantage in mobile. It will be quite obvious and transparent if they’re doing so: the app will update regularly in the AppStore and we’ll all see every time it does.

Good on them.

There’s another morsel in the press release too:

"We chose to go with the iPhone first because that's where our customers are. Over the last 12 months, the iPhone has grown to become the 6th largest source of visitors to our website and whilst Android is growing rapidly, it's nowhere near the iPhone just yet."

Why is that interesting?

The most recent data I can find on iPhone demographics suggests that owners are richer and older than those on other handsets. It is pretty well accepted there are more Androids selling than iPhones now. And in terms of overall handsets in use, my understanding is they’re neck and neck.

Conclusion?  First Direct must be doing more stuff right than just releasing a halfway decent mobile app if it is seeing its online demographic skewing in this interesting way.

Anyway I instantly tried the new First Direct app with my HSBC accounts, hoping it would work. It didn't.  I'm guessing  it will soon though: there were 303 reviews on App Store this morning: a sign that people want the thing and are passionate about it. I can't imagine the bank will ignore this early success for the rest of its customers.

 

Comments

[Infosys Press Team]

By creating its own mobile phone application for First Direct customers, rather than opting to go down the generic route with the same vendor that other retail banks have done, HSBC has put itself at the forefront of the retail banking market. It has engaged with and entrusted its customers to give input into the application; it has recognised the demographics of its customer audience; and has ultimately empowered the customer to take control and manage its banking requirements in an always-on, anywhere, secure mobile environment. By not being chained to the application code owners, HSBC can continue to innovate its business model (and applications) in line with what the customer wants, and not what the code owner allows HSBC to do.

The next step for HSBC is to successfully promote the availability of the mobile application to its on-line customers to educate them and ensure an uptake, in what is a move to the next level of customer connectivity. Its customers need to learn about the technology and how convenient, easy and safe it is to use. HSBC has opened up a new stream of commercial opportunities and by getting its customers to adopt the m-payments model; it will be able to build upon this momentum so customers willingly evolve to mobile contactless payment offerings.
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Comment from Hemant Lamba, Banking and Capital Markets Practice, Infosys, and posted by Infosys Press Team

[Overseas calls]

HSBC have made a move that will allow avid customers to avail the direct mobile phone applications. This will make banking a breeze and easy. This has been a problem for quite a long time but they made a remedy. Thanks a lot for a new way or trend in retail banking. HSBC have their first. Congratulations!

[Rob]

I can't find the app in the store searching Hsbc and also using first direct. Do you have s link?

[RAK]

Looks like its only in the UK apple store

[lloyds]

You could be owed £2400 from Lloyds TSB to find out if you are owed a refund visit a Lloyds TSB specialist claim company for more info

[CW]

OK it's now on the iPhone, but what about Blackberry users? After all, it's a business app that really should be on THE business phone!

[Disappointed_with_LACKLUSTER_HSBC]

Congrats are not in order for HSBC. I have been an US HSBC customer for over 14 yrs and it is truly piss poor that "the world's bank" doesn't value all of it's patrons. It is allowing other banks to gain ground globally. Bad enough there is such a limited presence here, but it's a shame that I can tell you all the majors who have apps and I don't use any of there products! Great marketing & brand recognition on their parts. Shouldn't a global bank offer more not less? Be on the cutting edge to service their clients? News flash: Americans live on their cellphones, scratch that on their iPhones. More Americans use smartphones as their primary phone/Internet source than traditional methods. Meet us on our turf!

[Anne]

the HSBC app in not on the Iphone app store, unless its under a different name, can someone tell how to find it? please