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Major app battles
HSBC has launched an open banking app that allows users to see all of their banking accounts from any supplier. The move is a competitive strike against a slew of smaller money management apps that have launched in recent months thanks to open banking. More here.
Trussle up a fortune
Goldman Sachs is to buy a stake in online mortgage broker Trussle. Alongside Goldman Sachs, other new backers of the digital mortgage broker are said to include Propel, which also owns a big stake in Atom Bank. Read it here.
Use of banking apps is on the up
A whopping 70% of UK consumers are now using money apps to manage their finances, according to a survey by money app Yolt, as reported in Altfi. This reflects a 40% rise in use since two years ago. The story does not detail how many of those apps used are owned by the big banks versus new entrants to the market like Yolt.
Challenger banks won’t be knocking the UK’s big four off their perches anytime soon as there’s no getting away from the benefits of scale, The Guardian’s Nils Pratley has said. Pratley’s opinion piece follows news that CYBG (Clydesdale and Yorkshire Bank Group) has made a bid to merge with Virgin Money to “create the UK’s leading challenger bank” to offer “a genuine alternative to the large incumbent banks”.
“A merger between CYBG and Virgin would be sensible for both banks,” Pratley said, “but it would also confirm that politicians were selling a false prospectus when they said challenger banks would change everything.”
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