Lloyds Banking Group has launched an open banking app enabling customers to check their savings and credit card accounts from other service providers.

Currently, the new app is being offered by the group’s three sister brands – Lloyds Bank, Halifax and Bank of Scotland.

Lloyds open banking app: Details

The customers of the three lenders can check their savings and credit card accounts in the other two banks in real time through their respective banking app.

After other banks and service providers join the service, the customers will be able to add their savings accounts and credit cards to their Lloyds Bank, Halifax or Bank of Scotland app.

The move provides the customers with a complete overview of their finances in one place. It also helps in tracking expenses and savings with a single login.

Lloyds Banking Group Transformation Director Stephen Noakes said: “Customers are already using Open Banking to get a fuller view of their finances at their fingertips.

“Adding savings accounts and credit cards to the mix will help provide an instant snapshot of their financial lives and make it easier to make decisions about spending and saving.

“Later this year, we will also be adding the ability to make payments and move money from other banks’ accounts via Open Banking.”

In addition to the apps, customers of the three banks can avail a 24-hour messaging service, which will provide support with payment, savings accounts and mortgages. The messaging service will also be connected to an adviser, when needed, without further authentication.

In the first quarter of this year, Lloyds reported £4.4bn in total revenues, a 2% increase on a year-on-year basis.