Lloyds Banking Group introduces new open banking features to its mobile banking apps allowing its users to view all their accounts (including those held with rival banks) within its apps. Lloyds Banking Group originally introduced the open banking features to its Bank of Scotland customers in December 2018, before rolling it out across the rest of the banking group.
In addition to being able to view all accounts and products on a single screen, Lloyds Banking Group customers will now be able view all their scheduled payments, i.e. bills and direct debits on a single timeline, enabling their customer to have more control over managing their finances.
While this new service is only available to Lloyds, Halifax and Bank of Scotland customers, these customers will be able to view all accounts and products they hold with NatWest, RBS, HSBC, Barclays, Santander and Nationwide, with more providers to be added in time.
Lloyds Banking Group isn’t the first UK bank to embrace open banking, Barclays introduced similar features to its banking app in September 2018, while HSBC UK unveiled Connected Money in May 2018.
According to RFi Group data, 23% of UK consumers have heard of the Open Banking legislation, which was introduced in January 2018. In terms of appetite for open banking and comfort in sharing personal information, as little as 14% of UK consumers say they can see the benefits of open banking and are willing to explore the opportunities, although a further 48% are uncertain, but open to understanding the benefits.
It’s still early days for open banking, and understandably UK consumers remain a little cautious around sharing their personal data, but RFi Group data illustrations the potential open banking has and how it may reshape the banking landscape in the years to come.