Lloyds stepped up its open banking game

Lloyds Banking Group recently launched a new functionality in its app, enabling their customers that also have accounts at Halifax and Bank of Scotland to see their savings and credit card accounts in the same app.

This functionality doesn’t only work in the Lloyds banking app, but in the applications of all three banks. As other banks and payment service providers will join, customers of one of those three banks will also be able to add accounts of those financial institution.

Transformation Director of Lloyds Banking Group – Stephen Noakes, commented: “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.”

CEO of Moneyhub – Samantha Seaton, commented on the launch of this new open banking solution by Lloyds Banking Group: “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.”

To address security concerns, Lloyds Group ensured that the verification process for different accounts and cards takes place in a secure way.

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Source: Lloyds app now lets customers see savings and credit card accounts from other banks - https://bit.ly/2wYsrp7 ... Lloyds launches new app feature to view current accounts, savings and credit cards all in one place - https://bit.ly/2IthbHQ ... Lloyds launch first overarching Open Banking app - https://bit.ly/2RpoIKD ... Lloyds links Halifax and Bank of Scotland accounts through Open Banking app - https://bit.ly/31ISoHt ... Lloyds Launch Open Banking App For Credit Card And Savings Customers - https://bit.ly/2RseatW

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Author: Kevin Houtop
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