Lloyds Bank, Halifax and Bank of Scotland customers are starting to see their savings and credit card accounts in real time alongside current accounts in their banking app, using the latest Open Banking technology.
Today this only includes Lloyds Bank, Halifax and Bank of Scotland accounts. For example, customers with a Halifax current account will be able to see their Lloyds Bank credit card or savings account in their Halifax banking app. However, as other banks and payment service providers join the service, customers will not only be able to see their accounts in different providers’ mobile apps, but also add savings accounts and credit cards held with other providers to their Lloyds Bank, Halifax and Bank of Scotland apps.
This follows the introduction of Open Banking technology at the start of the year for current accounts, as well as a number of other features including Save the Change and Google Maps functionality – all designed to make managing money easier, safer and more convenient.
Stephen Noakes, Transformation Director, Lloyds Banking Group, said: “Customers are already using Open Banking to get a fuller view of their finances at their fingertips. Adding savings accounts and credit cards to the mix will help provide an instant snapshot of their financial lives and make it easier to make decisions about spending and saving. Later this year, we will also be adding the ability to make payments and move money from other banks’ accounts via Open Banking.
Discussing the technology, Samantha Seaton (CEO of Moneyhub) commented:
“Open Banking continues to present huge opportunities for both product development and service improvements in financial services. This means that it will be those enterprises that ensure their customers benefit from data sharing that will come out on top.”