Economía Digital

BARCLAYS LAUNCHES ACCOUNT AGGREGATION TOOL POWERED BY OPEN BANKING

20 de Septiembre, 2018

Tiempo estimado de lectura: 2 minutos

Barclays has introduced a new Open Banking feature, which allows customers to view their current accounts from different banks from within the Barclays mobile banking app.

For now, users can view their account data from Lloyds, Halifax, Bank of Scotland, the Royal Bank of Scotland, NatWest, Nationwide, and Santander, with more banks to follow in the future. Barclays accesses the data of the other banks via an application programming interface (API), and users don’t have to disclose their usernames and passwords of their other banks. At this point, the new tool is read-only, and customers cannot make payments from other bank accounts via the Barclays app.

Barclays claims to be the first UK bank to enable account aggregation inside its mobile banking app. Even neobanks in the country, including Monzo and Revolut, which are known for their tech-savviness and innovative nature, have not launched an account aggregation option within their mobile banking apps. Account aggregation is often offered by independent account aggregation apps, such as Bud. Additionally, HSBC and ING have launched similar services, but they opted to roll out separate apps for this feature, dubbed Connected Money and Yolt, respectively. Hence, it seems that Barclays’ new feature is the most convenient one on the market right now, as users don’t have to sacrifice convenience by switching between apps.

The big lenders in the UK have been criticized for not launching their own Open Banking products. Awareness of Open Banking in the country remains low, with only 14% of those aged 18 to 24 knowing about it. This is likely at least partially because many of the UK’s biggest lenders are not actively engaging with Open Banking. Barclays’ decision to roll out this Open Banking feature is a step in the right direction, and can potentially boost awareness of the regulation that was introduced at the beginning of 2018. Other players — especially incumbents, as 59% of consumers want their bank to offer such a service — would be wise to follow suit in order to stay ahead and to give consumers a more convenient way to access their finances.

Fuente: Business Insider

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