KBC app lets customers check accounts at other banks; Citi takes aggregation route

KBC app lets customers check accounts at other banks; Citi takes aggregation route

KBC has become the first bank in Belgium to let customers check their balances with other financial institutions through its mobile app.

As it seeks to run ahead of its rivals in the PSD2 era, the bank has revamped its iOS and Android apps to let customers see the balances they have with Argenta, Belfius, BNP Paribas Fortis and ING.

However, with these other banks not yet releasing APIs, the process currently requires customers to use online banking card readers to link accounts. By the summer, KBC says that customers will be able to use its app to make payments using accounts held at other banks.

Separately, Citi has revamped its iPhone app to let US customers open an account without visiting a branch and get a "360 financial view" of all of their accounts across providers.

Even non-customers can create a profile and connect their accounts across financial services providers to benefit from the app’s account aggregation, spending insights and bill management features.

The move comes as a survey of 2000 people commissioned by Citi shows that 79% prefer to use a single app to manage all aspects of their finances and 87% believe it would be easier to manage their money with a single view of all of their accounts in one place.

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