HSBC develops mobile application for personal loans
The ever growing prominence of mobile sales journeys has begun to pick up steam among UK financial providers, with some overcoming their hesitations to explore the mobile channel for selling their borrowing products.
In line with Barclays and Lloyds Bank, HSBC now allows its mobile banking customers to apply for a personal loan within the banking app. While Lloyds and HSBC offer the loan application journey to all its mobile banking customers, Barclays offers the application capability to select customers who have been pre-approved for a loan offer.
The HSBC loan application within the mobile banking app exemplifies seamless design and smooth user experience: applicants view product information before initiating an application via the Borrowing section within the app’s nested navigation. In order to prevent fraud, the loans application also involves additional authentication in the form of a secure code, which is generated using a secure key. Currently, the secure key provides an additional layer of security for internet banking transactions and login. For mobile banking, it presents a higher level of log on security and can be used as an alternative to the mobile banking password. Applicants who have not used the secure key for the app login session are prompted to enter a security code before submitting the application. If the application is approved, funds would be transferred to the account immediately.
In recent times, personal loan providers have been competing fiercely offering record low rates. The HSBC group has been a front runner in this competition for a while, offering market leading personal loan rates across its brands. By combining its competitive loans products with a proficient sales journey and minimal disbursal time, HSBC has bolstered its sales proposition and seems all set to raid the loans market.
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