Open Banking

Safe, fast and simple

Making it easier for people to share their financial data.

Open Banking is a government initiative designed to give you more control over your financial information and spur innovation and competition in the banking sector.

What this means for our customers

We are always keen to ensure we are up to date with technological developments and endeavour to take advantage of any that could be of benefit to our customers.

We're trialling using Open Banking, in partnership with Experian, for mortgage applications and mortgage servicing.

This means you can use Open Banking as an alternative to sending us details of your pay slips and bank statements. It’s entirely your choice, you can still choose to send us documentation, where applicable, through our current methods.

We will be closely monitoring whether this makes the process simpler, faster and more efficient for our customers, while also ensuring it provides all the security needed. Naturally, we will continue to focus on providing excellent customer service and long term value.

Where you've chosen to use Open Banking there may still be times that we need to see some of your documentation. Where this is the case we'll let you know.

Frequently Asked Questions

The aim of Open Banking is to make it easier for new financial services providers to offer more innovative products, services, and a better choice for customers.

An investigation by the Competition and Markets Authority (CMA) in 2016 found that older and larger banks don’t have to compete hard enough for customers' business, while smaller and newer banks find it difficult to grow and access the market.

For consumers, this means many people are paying more than they should for banking activities and are not benefiting from new services.

Under Open Banking, the UK’s major banks and one building society have been mandated to create an open and common banking standard for sharing personal data. The idea is that this will lead to more competition in the banking industry by encouraging the development of new services.

Open Banking is entirely voluntary. You do not have to take part in Open Banking – it’s about giving consumers more choice and it can only happen with your permission.

Open Banking provides a new way for customers to share information about their current accounts and spending patterns, as well as allowing for innovation in how payments are made. It currently makes it easier for consumers to compare current accounts and other banking services.

In the future, it’s expected Open Banking may lead to new online and mobile services, such as personal finance management tools to analyse your spending and identify where you can save money and help consumers manage debt.

Open Banking could also be used to give you a single view of your accounts in one place, or reduce the need for paper records and manual processing when applying for a mortgage and speed up the mortgage offer or approval process.

You should always take care before agreeing to share your data and if you are unsure about whether a service is legitimate, you should check they are regulated by the UK’s financial services regulator, The Financial Conduct Authority. You can do this by visiting the FCA website.


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