U.K.-based HSBC Holdings PLC is planning to restructure its online and telephone banking business, First Direct, the Financial Times reported.

A series of changes over the next year will be aimed at drawing in younger customers to compete with digital rivals such as Monzo, said First Direct CEO Joe Gordon. Customers with limited credit histories will also be allowed to open accounts with the business, the report noted.

Gordon said the lender, which is working on an artificial intelligence-fueled "financial autopilot" and an in-app marketplace, is "making a real digital pivot to tackle the environment as it is now."