HSBC UK has launched a banking app for SMEs which it says will help them work smarter. 

HSBC Kinetic is described as a mobile-first service designed to make business banking simpler, faster and more intuitive. 

Developed using insights from more than 3,000 small business owners, it is available for download on both iOS and Android via the Apple App Store and in Google Play. 

According to HSBC, 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 with ease.  

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

“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,” said Peter McIntyre, Head of Small Business Banking at HSBC UK. 

“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. 

“HSBC is investing billions of dollars a year globally in technology and digital transformation to make banking simpler, safer and more personalised for our customers around the world. This includes putting more of the bank in customers’ pockets, by enabling them to manage their finances on their smartphones whenever and wherever they want.” 

The suite of products includes credit card, same day overdrafts and a savings account that can all be applied for in app.  

Built on the Google Cloud platform, the account is covered by the UK’s Financial Services Compensation Scheme.

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

HSBC Kinetic’s extended features offer personalised insights so that small businesses can get a closer understanding of their cash flow, including automatically categorised spending overviews, account insights in line with HMRC tax coding, monthly breakdowns of cash flow and useful hints on spending patterns, as well as in-app customer service. 

The app integrates with other leading small business finance solutions including accounting software from providers such as Xero, QuickBooks and Sage. 

Nadya Hijazi, Global Head of Digital Business Banking Channels, said: “HSBC Kinetic is already helping thousands of small businesses across the UK transform the way they do business.  

More than just a bank account, HSBC Kinetic is a truly mobile-first banking service packed with features, useful insights, in-app customer support and offers all of the reassurances associated with being a part of a large bank that is able to support businesses at every stage of their growth. 

“But we’re not done yet, in the coming months we’ll be introducing more features including a small business loan and International Payments.  As the needs of small businesses evolve, we’ll continue to help them through HSBC Kinetic to create and support the next generation of businesses.”