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Lloyds Bank to launch Open Banking proposition next month

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  • 25/10/2018
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Lloyds Bank to launch Open Banking proposition next month
Lloyds Bank is to launch an Open Banking proposition next month led by integrated Application Programming Interfaces (API).

 

The lender revealed it would offer a new Open Banking service from November in its quarterly results but declined to provide any further information about the launch.

Open Banking allows third parties to access consumers’ current account information and has undergone a bumpy market rollout since the start of the year.

It’s thought Open Banking has the potential to significantly change the mortgage process.

But to date there has been little big lenders with regards to offering these services, although they are obliged to share information as and when customers request.

In May, HSBC signed a deal with an analytics firm aimed at providing consumers with products based on Open Banking data.

 

Invest in digitisation

In its results today, Lloyds said it continues to invest in digitising the group, including in robotics and productivity improvements.

The lender reported an 18% increased in profit before tax of £3.7bn for the quarter.

Loans and advances, including mortgages, were up £2.3bn in the quarter with “prudent lending growth in targeted segments”.

The lender revealed an average mortgage loan to value (LTV) of 43.2%, with a new business average LTV of 62.6%.

Around 90% of its portfolio has an LTV below 80%, Lloyds said.

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