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Retailers to benefit from new ‘open banking’

A new set of competition rules, known as ‘open banking’, could be set to benefit retailers, with the potential to provide faster services to customers.

A survey of 80 retailers by the consultancy firm Accenture found that a third are aiming to take advantage of new ‘open banking’ reforms, which will see companies granted access to customer bank account information, including transaction history, if customers give consent.

The new rules come into force next month, and could allow retailers to provide faster refunds, and provide in-store access to account balances, reports the Telegraph.

Head of payments at Accenture, Jeremy Light, said that retailers would potentially be able to offer customers the ability to view their account balance directly on store websites, and longer term, could link in with biometric technology such as facial recognition.

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