Danske Bank reveals open banking plans

Customers of Danske Bank will be able to view all their accounts from different providers through one app as a result of new open banking rules

With the implementation of PSD2 in the EU expected to usher in a new era of more open banking, financial institutions across the continent have been looking to determine how they can take advantage of this new environment, and one provider has unveiled its first steps this week.

Danske Bank has announced that from April, its customers in Sweden will be able to gather payment and bank details of all the accounts they use and view them within the Danske Bank mobile app. Consumers in Denmark, Norway and Finland will be able to do the same later in the year.

The bank explained that the move is “closely connected” with the PSD2 regulations that aim to improve transparency in the sector and increase competition.

Lars Malmberg, global head of business development at Danske Bank, stated that the business is seeing increasing demand for tools that can provide a complete overview of an individual’s financial data in a clear, easy manner. He noted customers who have accounts from different providers currently need a variety of mobile or online banking tools to keep track of their situation.

Danske Bank “fully supports” PSD2, which will help support the creation of new platforms and solutions that offer value to customers. Providing customers with a clear overview of all the accounts they use across different banks will be an important first step in this.

“Thanks to this solution, we believe that we will be able to offer customers simpler and much easier ways to gain a better financial overview,” Mr Malmberg said. “It is Danske Bank’s ambition to be a leader in digital solutions, and, in a dialogue with our customers, we will continue to develop new digital solutions that meet customer demand and support the intentions of the PSD2 directive.”

Written by Jack Dougal

Jack Dougal

Jack Dougal is Banking.com's resident news reporter. He writes regular blogs covering the latest stories and key developments in the global financial services industry.

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