Online current account comparison tools come a step closer
The government has announced that the ability to compare current account products online has moved a major step closer, with agreement secured from the largest account providers on the way customers’ account information will be provided for use in comparison tools.
Key to the government’s long-term economic plan is giving consumers far greater choice in banking services. It has thus been working with comparison tool providers and current account providers on a new solution to make it easier for consumers to see which current account might be best for them.
The service will be available by the end of the financial year, when customers will be able to download a year’s worth of their current account data in single file that can be read by online tools. While the information will be stripped of any details that link it directly to the individual, for security purposes, it will include what shops they have spent money in and how much they have spent.
This is part of the government’s Midata Programme to provide consumers with better access to their personal data so that they can choose better products and services.
Addressing the British Bankers Association Competition in Banking conference, the economic secretary to the Treasury, Andrea Leadsom MP, said: “This initiative will help customers get a much better understanding of how they are spending their money and which products are best for them.
“I am delighted to confirm that the format has now been agreed, and the service will be available to customers by the end of the financial year.”