Zopa turns Open Banking focus to investors

ZOPA is considering ways of using Open Banking to let its peer-to-peer investors access their wider portfolio in one place.

The platform, which already uses Open Banking for borrower income verification, said it is looking to use the technology to improve the experience of all its users.

“For investors, there is also great potential. Imagine being able to aggregate and manage a diverse investment portfolio in one portal, with all the information at your fingertips,” the platform said in a blog update.

“This could include real time updates on stock prices or financial news, allowing you to react quickly to events if necessary.”

The lender said it was also testing a tool allowing borrowers to connect multiple different accounts in its mobile app.

Read more: P2P lenders gear up for Open Banking

Read more: Consumers need educating about benefits of Open Banking

Didier Baclin, head of bank build at Zopa, said Open Banking – which launched in January 2018 – had got off to a slow start due to security concerns but predicted 2019 would be a “transformative year.”

“The initiative is about opening up competition in the banking sector, but it’s also about giving people better control over their financial data, and in turn over their money,” Baclin said.

“Of course there’s still work to be done, but we expect 2019 to be a significant year.

“Upcoming initiatives such as app-to-app authentication and the ability to initiate payments will improve the connecting experience and further accelerate consumer adoption.”