Barclays opens up its mobile banking app so customers can access rival accounts
A new feature has been added to the Barclays banking app to enable customers to manage multiple current accounts from different providers.
Those Barclays customers who have other personal or business current accounts with a range of major banks, including Lloyds, Nationwide, NatWest, RBS, Santander, Bank of Scotland or Halifax can choose to view all their transactions and balances in one place.
The aim, says Barclays, is to remove the hassle of having to log into a lot of different apps. The bank believes it will appeal to those customers who switch banks to benefit from the best deals.
It is part of the Open Banking initiative that was introduced in January and makes it obligatory for the biggest banking providers to share current account information with regulated third parties including banking apps and websites.
Open Banking’s aim is to increase competition and consumer choice by enabling people to learn about any better deals that may be available. It’s intended to make it easier to compare accounts and switch financial products.
With the new Barclays app feature, to connect accounts users select their other banking providers from within the app, which then securely redirects customers to their other bank’s own app or online page to choose the accounts with which they would like to connect.
Barclays’s retail-banking managing director, Catherine McGrath, says many people have multiple bank accounts with a range of institutions so keeping track “can be tricky as well as time-consuming”. The new feature offers a simple, secure way of customers getting a clearer picture of the state of their finances.
The app does not require customers to share the login details used for the other banks and ensures customers retain full control over their data, but with the ability to quickly, easily and safely manage the information that is shared. Barclays promises that more banks will be added in the next few months and further features are also being added to its app.
HSBC pioneered the move with its Connected Money App earlier this year. That enables customers to see all their different bank accounts in one place. The HSBC app is able to display details of current accounts, savings, mortgages and loans from 21 different banks.
Barclays was founded in 1690. To find out more about the services that Barclays offers, finder UK has a wealth of content to consult. To see if Barclays is the best bank for you have a look at our guide to current accounts.
And to compare the different mobile apps on offer in the UK, browse the most popular banking apps.
<small>Picture: Barclays</small>
