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Customers of Lloyds Bank, Halifax and Bank of Scotland can see details of savings and credit accounts held within the Group.
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It's an expansion of the Open Banking scheme which offers customers more flexibility over financial decisions without relinquishing compromising security.
At the same time, Lloyds Banking Group have made further improvements to their banking functionality including the addition of a 24/7 helpline.
What does the app do?
The new features announced by Lloyds Banking Group are an extension of the banking apps for the Lloyds, Halifax and Bank of Scotland brands.
Customers will have to opt in by linking their app with their other Lloyds Group services, but this is a one-time secure process that allows all accounts and cards to be visible within their normal banking app.
It aims to give customers a complete overview of their current accounts, savings and credit cards in one location, ensuring they know their complete financial situation at the touch of a button.
At the time of launch, the service only includes accounts and cards held within the Lloyds Banking Group, but other payment providers are expected to join the service soon as Open Banking expands further.
Additional features
A new 24-hour secure messaging service has also been introduced by Lloyds Banking Group which is designed to offer an extra layer of financial support for customers.
Through the app, they can find answers on topics such as travelling abroad, making payments and opening savings accounts, but if they can't find the answers they need, they can be linked straight to an adviser for immediate support. Joyeux noel pronunciation.
This is the latest addition to the Lloyds Group app following integration with Google Maps which allows customers to see the exact location of debit card transactions from within the app.
In addition, Lloyds Group have followed other providers by offering card freezes via the app in case a card has been misplaced.
Open Banking
Open Banking has been in place since January 2018, with Lloyds Banking Group one of the first current account providers to sign up.
This followed a report back in 2016 by the Competition and Markets Authority (CMA) which found the retail banking sector was intrinsically anti-competitive.
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HSBC launched a beta app in 2017 which was tested on 10,000 customers before the implementation of their Connected Money app in 2018. Rat friendly veterinariansmac rattery.
Consequently, Open Banking which allows other companies to access bank and building society customer data to improve choice and customer flexibility was phased in during 2018.
The idea is that personalised options on products such as current accounts, mortgages, credit cards and insurance can be offered to customers in innovative ways which promote competition between providers.
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One major concern following the announcement of the rollout was whether security would be compromised, and therefore that was a key element of early trials and rollouts.
Lloyds Group reaffirm this commitment to security in their latest app updates by ensuring the verification process for different accounts and cards takes place securely.
Equally, their development of the 24/7 messenger adviser service is designed to guarantee customers don't need to go through another layer of verification, protecting their personal details and reducing the possibility of fraud.
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