CYBG is ready to launch its very own money management aggregation service to its B customers. The new service, using its own proprietary technology, will allow B customers to access all their bank accounts in one easy to use mobile banking app.
The roll-out is the first stage in the Bank’s journey to build customer trust in Open Banking, after research suggested the public have concerns about the security and safety of the technology developments.
Research by YouGov, surveying 4,458 British adults on behalf of CYBG also highlights that people are three times more likely to trust a financial services provider, such as a bank, to look after their personal and financial details than other firms or third-party providers (37% for banks vs. 11% for other firms), with 18–24 year olds having the highest level of trust in banks. More than half (52%) of this age group would trust banks to keep their personal and financial data secure.
B’s money management service will allow customers to access accounts held with providers such as; Barclays, Lloyds, HSBC, RBS, Santander and Nationwide. This update will give customers a more joined-up, convenient view of their financial life and make a significant improvement to helping people manage their money.
The nine largest banks in the UK will have to open-up their data (date tbc) to other financial services providers. This move is a mandate from the Competition and Markets Authority (CMA) and the next phase in the regulator’s implementation of Open Banking.
CYBG is the first challenger bank to be ready for aggregation has been beta testing the new aggregation service in a secure, data sharing pilot. The Bank is also in early development with several FinTech partners to further enhance its mobile banking app, B, with the addition of three API-based services. These partners have been chosen to help build trust in data sharing and the concept of Open Banking. The services will integrate financial and non-financial tools, which are designed to give customers more control of their financial life:
Utility switching – access to alternative utility suppliers based on an analysis of spend from your bank data.
The same research conducted by YouGov, on behalf of CYBG, suggests that people would be encouraged to use Open Banking services (like utility switching) if it saved them time and money. Nearly two in five people (39%) would be encouraged to use the services if it saved money and just under a third of people (31%) would be encouraged if it meant they saved time.
A vault to keep all your passwords safe – a password management tool to help customers store and organise their passwords in the one place.
The same survey suggests that people are three times more likely to trust a financial services provider, such as a bank, to look after their personal and financial details than other firms or third-party providers (37% for banks vs. 11% for other firms), with 18–24 year olds having the highest level of trust in banks. More than half (52%) of this age group would trust banks to keep their personal and financial data secure.
Safe storage of reward and loyalty cards.
Customers can store all their reward or loyalty cards in one place giving them instant access to all reward schemes and wallets will be free of clutter.
Helen Page, Group Innovation and Marketing Director at CYBG, said: “As the UK’s leading challenger bank, we are proud to be one of the first banks to be Open Banking ready with our new aggregation service, using our proprietary technology. Allowing customers to see all their finances in one place with our digital banking service B is another excellent example of how we’re making our customers’ lives easier.
“Our research shows many people simply don’t know what Open Banking is, and those that do have concerns about trusting the technology. It’s therefore really important that we go on this journey with our customers and establish trust and understanding.
“We are introducing the new service on B, to gauge the reaction of the audience as they explore the technology before we roll the aggregator out to our Clydesdale Bank and Yorkshire Bank apps.
“We are committed to offering the best customer experience in banking supported by thought-leading innovation. That’s why we have made a £350m investment across the Bank, including building our iB technology platform, which is Open Banking ready. iB allows us to deliver these kinds of changes to customers faster and more efficiently than ever before – giving customers greater choice and convenience with their banking.”