More than six million Monzo customers have used open banking technology

More than six million Monzo customers have used open banking technology, according to Monzo’s head of payments.

Andy Sacre said Monzo customers were leveraging open baking technology for multiple purposes. Overall Monzo has more than nine million customers.

Open banking technology is loosely defined as banks and financial institutions opening up data so that fintechs and other third parties can bring new products to market to help provide competition and more consumer choice.

Sacre said:

“6.1 million of Monzo's customers have used open banking. And that’s whether they are sharing their data to get better credit card rates, or they are paying off their tax bill with HMRC or they are using a product with us and connecting other bank accounts into their Monzo app so they can see everything in one place.

“That is doing really well. The traction is really good, we are seeing growth."

He also highlighted the example of Monzo customers accessing their mortgage details through open banking technology.

He added:

“We have gone with the next step ourselves because open data isn’t quite there yet.

“Monzo doesn’t offer mortgages, we literally do nothing in the mortgage space.

"You can look at your mortgage from any bank in the UK in the Monzo app. You can see a load of great stuff like, your loan to value, your property value, you can see when your renewal is coming up, the interest rate you are paying. We can nudge you about things like the value and benefit of overpaying.
"

Sacre was speaking at the UK open banking Strategy Summit yesterday, on the day it was also announced by Open Banking Limited that 10 million customers and small businesses regularly benefit from open banking tech.

Open Banking Limited, previously the OBIE, is an independent organisation that, following an order by the Competition and Markets Authority (CMA), was set up in 2017 by the nine largest retail banks in Britain and Northern Ireland to implement open banking.

It is overseen by the Competition & Markets Authority, the UK regulator.

Monzo also announced today it has launched Monzo Pension, a tool which allows customers to consolidate all their existing personal and workplace pensions and hold them in one place in their Monzo app.