What is Open Banking?
Open Banking is a secure method for sharing your financial data from your bank accounts. This could include information like your balance, income, outgoings, overdraft, etc.
As a responsible lender, Bamboo aims to ensure each customer borrows in a way that is suitable to their circumstances. With Open Banking you can quickly and securely share your information without going through the hassle of sending in traditional documents such as bank statements.
Sharing information through Open Banking is easy and secure and allows us to make a prompt assessment of your application. It is only offered by your bank to regulated companies that it can trust with the security and privacy of your data (such as third-party company we work with in order to access Open Banking).
Using Open Banking does not impact your credit file and you can withdraw access at any time.
Find out more about Open Banking.
How does Open Banking work?
Our Open Banking provider will securely transfer you to your bank, who will prompt you to log in to your online banking.
Once connected, a one-off snapshot of your account history is captured. This report is then shared with us. We will treat this information in accordance with our privacy notice.
You can revoke access by clicking the link in the confirmation email from our Open Banking provider. You can also manage your consent through your bank, or by contacting our Open Banking provider.
If you have any questions, please reach out to us. We are here to help.
What information does my bank share when I connect my account?
When you allow your bank to share your information with our Open Banking provider, it collates the following data from your bank:
- Your account details, (for example the account holder name, the sortcode and account number),
- Your account transactions,
- Your contact details as held by the bank
Please note that the level of details shared (for example the number of transactions) might vary slightly, depending on the bank.
Is Open Banking safe?
Yes, your bank has a trusted, secure connection with our Open Banking provider. Your bank only has Open Banking connections with licensed and FCA regulated companies.
The Financial Conduct Authority maintains a registry of AISPs (the technical term for Open Banking information providers) that you can view here.
Why have I been asked to submit traditional statements when I have already provided access to Open Banking?
As the level of details provided through Open Banking varies depending on the bank, the information might not always be sufficient for us to make a decision on your application. In this case, we might still ask you to provide traditional statements.
Can I proceed with my loan application without Open Banking?
Unfortunately, to process some applications, we might not be able to proceed without Open Banking.
Open Banking allows us to complete an accurate assessment of your financial situation to ensure we lend responsibly.
Does my bank or building society offer open banking?
The number of banks and building societies that offer open banking is growing. Here is a list of the main banks currently supporting Open Banking via our third-party provider.
AIB Retail (UK)
Allied Irish Bank
Bank of Ireland
Bank of Scotland (Personal)
Barclays Personal
Barclaycard UK
Capital One
Cash Plus
Cater Allen
Chase
Clydesdale Bank*
Coutts
Cumberland Building Society
Danske Personal (UK)
First Direct
FTB Retail
Halifax
HSBC
Lloyds Personal
M&S Bank
Metro Bank
Monese
Monzo
Natwest
Nationwide
Revolut
Royal Bank of Scotland
Santander
Starling Bank
Tide
TSB
Tesco
Ulster Bank (UK)
Virgin Money*
Yorkshire Building Society
We are aware that some customers are unable to use Open Banking with Clydesdale Bank, Thinkmoney and Yorkshire Building Society.
**Temporary outages in Open Banking support can happen from time to time. Our Open Banking provider will typically flag known issues in their bank selection screen.
Where can I find out more about open banking?
These government-backed institutions have published guides on Open Banking: Financial Conduct Authority, Open Banking Implementation Entity, Money Helper (formerly Money Advice Service).
You can also call Money Helper on 0800 138 7777.
Additionally, you can find information on the websites of other reputable organisations such as ClearScore.
I couldn’t proceed with Open Banking as my bank is not supported, what should I do?
If Open Banking appears as the only option to proceed with your application, unfortunately, we won’t be able to make a decision on your loan application without this. Your loan application will have to be cancelled. We advise calling our customer service team for assistance.
I’ve completed my check, what’s next?
If you’ve submitted all documents required for your loan application, our team will be in touch with you as soon as the Underwriting team has finished their checks. This normally happens quickly, but it can sometimes take a few days.
How long do you have access to my data and how can I withdraw access?
You can revoke consent by clicking the link in the confirmation email from our Open Banking provider. You can also manage your consent through online banking, or by contacting our Open Banking provider.
How can I be sure that I am giving Open Banking access through a legitimate company?
The Financial Conduct Authority maintains a registry of AISPs (the technical term for Open Banking information providers) that you can view here.