Lloyds launches in-app Open Banking
Written by Hannah McGrath
Lloyds Banking Group has launched an Open Banking feature allowing customers to sync their financial data from current accounts at different banks within their mobile banking app.
The functionality, available to users of the Lloyds Bank and Halifax apps, will present all of their current account balances and transactions in real-time with a single login.
Once customers have selected the accounts they want to share, Open Banking protocols enable for financial data to be drawn from other accounts, without requiring them to share login detail for other bank accounts.
Stephen Noakes, transformation director at Lloyds Banking Group, said: “Bringing Open Banking technology into our apps is the next step in a series of exciting new features designed to make it easier for customers to manage their money online.”
The addition comes after Lloyds launched a series of features which track spending and reduce the risk of fraud, including card freezing and Google Maps functionality within the banking app, showing the exact location and details of debit card transactions. The service has rolled out for Android customers and will be available soon to those on iOS.
Further features introduced to the app include a timeline of scheduled payments for regular bills, including monthly direct debits and standing orders. Lloyds said there are plans to launch a service which combines this data with payday information to provide customers with a view of how much budget they have left to spend each month.
Leon Muis, chief operating officer at budgeting FinTech Yolt - which opened an Open Banking Application Programming Interface (API) with Lloyds in September - called this another reminder that the UK is on the brink of an Open Banking revolution.
“Open Banking has the power to completely change the way all of us interact with our money, with Lloyds Banking Group helping to raise the profile of this relatively new regulation, I hope we will start to see more and more consumers seizing power and control of their data and finances.”