BANKING & SAVING

Lloyds first to launch open banking app for credit cards and savings

Customers of Lloyds Bank, Halifax and Bank of Scotland are the first to see their savings accounts and credit cards in one place, thanks to open banking technology, reports Jane Connolly.

Users can now view all their accounts from the banking group in real-time alongside their current accounts, via their banking app.

As other financial organisations join the service, customers will also be able to view these accounts through other providers’ apps. Plus, they will have the ability to add accounts from other banks and payment service providers to their Lloyds Bank, Halifax and Bank of Scotland apps.

In another new addition, customers now have access to a secure 24-hour messaging service with a virtual assistant. If the technology cannot answer the question immediately, the customer will be connected with an advisor without further authentication steps.

“Customers are already using open banking to get a fuller view of their finances at their fingertips,” says Stephen Noakes, transformation director at Lloyds Banking Group. “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.”

The new services are available across iOS and Android in all three banks’ mobile apps.

[“source=bankingtech”]