The agreement with Equifax sees the bank sign up to use the company's InterConnect platform, which enables quick affordability assessments by allowing individuals to submit their bank transaction information electronically, in less than five minutes, during an application for credit.
Each submission is presented directly to HSBC UK Underwriting in real-time, providing the bank with a fast and informed view of a customer's affordability and facilitating faster lending decisions.
Equifax chief marketing officer for Europe Jake Ranson, said: "This work with HSBC reflects our ongoing commitment to the Open Banking initiative and our drive to deliver to our banking and financial services clients the best solutions for their customers in this new world of open data.
"Part of the open banking challenge is educating consumers on what it means in a real life context, and a streamlined credit application process that helps them get a faster decision is a great example."
Meanwhile, HSBC's deal with Consents Online will mean, where permitted by customers, the bank can tap into data from other banks and financial institutions when handling applications.
HSBC is using the scheme for credit applications including personal loans and credit cards initially, but intends to expand it into other areas including mortgage applications in due course.
The process involves gathering consumers’ consent to pull their current account transaction information, and then classifying each transaction according to Financial Conduct Authority (FCA) guideline categories; committed spend, basic quality of living, essential spend, and discretionary spend.
An HSBC spokeswoman said: “There’s a relatively small number of customers using the journey now but as time goes on we’re hoping to will grow. Our intention is to roll it out more broadly to other product areas."