Lloyds banking Group is introducing a service that enables its online banking customers to see where and when they spend their money on Google Maps.
This is a fintech mash-up that looks a bit gimmicky was my first thought but it does make a lot of sense.
Lloyds bank and its Halifax and Bank of Scotland subsidiaries have introduced the service for Android users initially with integration for iOS users planned to have access to in a couple of months.
It does make sense to be able to quickly look at a map too see where you are spending money. If money goes missing from your account through an unknown payment it will be easy to spot. The tool will enable users to see the precise location where they made payments, along with the details of their debit card transactions.
Good for security and peace of mind for consumers then.
Paul Davis, retail fraud director at Lloyds Banking Group, said: ‘Helping keep our customers’ money safe is our priority, and our new Google Maps feature is another way that we can work together to help protect our customers from fraudsters.
‘Card not present is still the most common type of fraud, and by customers to see exactly where they have made card payments with this new feature will help spot suspicious activity as well as cut down on inconvenience of blocking card transactions.’
But I think there is an even bigger opportunity for the banks to sell on the data it collects, anonymised obviously, to retailers via a similar tool. They could use it to help them make decisions about where to locate or advertise.