SEB adds account aggregation to mobile app

Source: SEB

Beginning in July it will be possible for SEB customers in Sweden to view information from all of their banks in one and the same place.

“This will give customers a good overview of their personal economies and make their daily lives easier,” says Mika Burman Götz, head of Business Development in SEB’s Corporate & Private Customers division.

In 2016, SEB entered into a collaboration with Tink, and a year later the bank launched an expense chart that allows customers to see what they are spending their money on. Now SEB is taking the next step in this collaboration and making it possible for customers to view information about their accounts, cards, loans, savings (even in stocks and funds), and insurance from other banks and lenders that provide online access.

“Many people have multiple banking relationships, and through this service we are making it easier for our customers to gain an overall view of their personal economies. At the same time, it will save them time as they will not need to log in to multiple banks,” says Mika Burman Götz.

Customers choose themselves if they want to be able to view information from all of their banks or only from a few selected ones. When they use the service for the first time they will consent to an agreement via the app - and then sign it using mobile BankID.

“Apart from giving customers a better overview of their personal economies, over time we will be able to use the data that customers access to give them even better advice. The more we know about a customer’s financial situation, the better advice we can provide.”

Burman Götz explains that it is PSD2, Payment Services Directive 2, that has driven development of what is called Open Banking. This launch is the first in a series of conceivable services that SEB can develop which fully or partly relies on this new regulation.

“That customers give their consent is always a precondition - once they do this, as a third-party vendor we can then access their information,” says Burman Götz. “Through our collaboration with Tink we have gained access to technology that makes it possible to collect data that we can then use to improve our services and offerings.

“Access to good and well-arranged data is the core of everything we do and will allow us to provide world-class advice and a better experience for our customers.”

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