NatWest is the latest bank to launch an open banking feature to its mobile banking app that allows customers to see their account information at other banks.
Account aggregation services, as these features are known, are becoming the baseline developments for banks responding to the Open Banking and PSDII regulations.
The Accounts with Other Banks option means customers that have accounts at 15 other UK banks can view all their activity through the NatWest mobile app. The bank said it only takes a few minutes to set up.
In February customers at Lloyds Bank and Halifax can now see all their current accounts, regardless of which bank they are with, through their mobile banking app following an the addition of open banking-enabled functionality.
Account aggregation the first phase of open banking take-up
In May last year line HSBC launched an app that enables users to see accounts from 21 different banks in one place
David Bannister, analyst at Ovum, said the first year of open banking hasn’t been that dramatic, as banks and fintechs rolled out minimum-level services to comply with the regulations, such as account aggregation apps.
But he added that these services, in retail banking, will lead to more advisory services.
Indeed NatWest said this is the first in a series of new features, on the back of open banking with developments around helping customers better manage their money, improve their financial wellbeing and achieve their long-term ambitions, planned.
Frans Woelders, chief digital officer, at NatWest personal banking, said: “[Accounts with Other Banks] is an important step in our mission to transform our digital services, focusing on digital innovation and using the latest open banking technology, to help make people’s banking lives easier. This feature is the first in a number of innovations we are working on to help customers manage their money more effectively and improve their financial wellbeing.”