Digital bank Revolut has deepened its customer offering with the launch of Open Banking.
The launch significantly increases efficiency within the banking sector, by making all banking balances available through one app.
Marking the expansion, the group has united with API specialist TrueLayer, in order to extend and elevate the control its customers have over their financial predicaments and futures.
As reported by TechCrunch.com, Joshua Fernandes, product owner, Open Banking, Revolut, stated: “With the launch of our new Open Banking feature, UK customers can now view and manage multiple external bank accounts, enabling them to interpret their day to day spending across all of their accounts, with the added benefit of making our offering even more relevant, user-friendly, faster and more cost-efficient for our customers.”
Following its formation into the UK two years ago, open banking has enjoyed solid progress and has been embraced by a variety of the most regarded financial institutions, nonetheless it is still on the cusp of becoming a mainstream feature of modern banking.
The move enhances Revolut’s status as a leader within UK banking, with it now claiming to have an excess of 10 million customers.
Francesco Simoneschi, CEO, TrueLayer, added on the partnership and launch: “Revolut has a huge, rapidly growing customer base that will now benefit from gaining a 360 view of their financial health. This is exciting because for years, people haven’t been getting enough value from traditional banks – paying more than they should on interest and not benefiting from a unified view of their finances.”
Expert Analysis: Becoming an early adopter of open banking in the UK is of the utmost importance for the sector, although it hasn’t branched out to the mainstream yet, as the market focuses more and more on efficiency, it seems inevitable it will.