| After a pandemic-related decline, banking tech spending in the UK has grown to £13.01 ($17.66) billion in 2022, according to Insider Intelligence's Total Banking IT/Technology Expenses forecast—representing 18.7% growth year-over-year. In order to stay relevant to the 3.7 million UK customers that will open accounts digitally with incumbents this year, banks are investing in rare mobile features to set their app apart from competitors.
For example, HSBC now has a feature that allows customers to see a prediction of what money they will be left after their spending and upcoming bills. This feature can benefit 12 million UK adults who may struggle with bills and loan repayments, per the FCA. What's more, HSBC is one of only two top UK banks offering this feature. | |
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