Barclays is set to launch an open banking feature on its mobile banking app.

The app, used by six million customers, is the start of Barclays open banking. Customers will be able to view their current accounts from seven other banks on the same app.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

As a result, 85% of Barclays customers who also use other banks to can link their current accounts. Bank accounts from Lloyds, Halifax, Bank of Scotland, RBS, NatWest, Nationwide, and Santander can be viewed in the app.

It utilises the industry-approved Open Banking API for security. The customer does not have to give out usernames or passwords for their other accounts.

Catherine McGrath, managing director of retail banking at Barclays commented: “Today, lots of people have current accounts with more than one bank, so keeping track of your finances can be tricky as well as time-consuming. Our new feature is designed to solve this problem, offering a simple and secure way to get a clearer picture of your finances, all in the place six million of our customers already go to do their banking.”

The Barclays open banking feature will be rolled out to customers over the coming weeks.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Caroline Ambrose, open banking at Barclays, told RBI: “Today, lots of people have more than one current account and keeping on top of all your day-to-day finances can be time consuming and complicated. We want to make this simpler for our customers so have introduced this new feature which will enable them to see their current accounts in one place, within our existing app.

“But alongside ease, customer security is also key. It uses the industry-approved Open Banking API technology to ensure that customers’ accounts are linked into the app securely, without them ever needing to give out their other banks’ usernames or passwords. Customers will also be able to view all their data permission history for added security and peace of mind.”

Other open banking offerings

HSBC also entered open banking earlier this year with its Connected Money app. HSBC customers can see their current accounts, savings accounts, mortgages, loans and cards held across 21 banks all in one app.

In addition, a spending analysis tool, Balance after Bills, shows customers how much money they will have after bills. There is also in-app messaging for insight into finances.

Upcoming features include a tool that rounds up debit card purchases and puts the extra money into a savings account, similar to Moneybox, and a ‘savings nudge’ tool.