It was a good while ago when I wrote about it, but I have mentioned how PSD2 would change the face of banking in Ireland forever. To many, it wouldn’t appear to be a very exciting directive to be handed down from the EU, but Ireland’s most digital bank, KBC, has just released an app update which lets you see AIB and Bank of Ireland account balances in your KBC app. Here’s how to get it done, and first, why I think this is cool.
Why is This Useful?
I’m a KBC customer and my better half is AIB. Every month, we transfer a few bob for rent and expenses, dinner out and the likes, into a joint account. Sure enough, that account is Bank of Ireland – completing an impressive trifecta of bank accounts.
I log into my Bank of Ireland app, maybe, once every two or three months to make sure there are enough funds in there to pay the bills. It’s often a struggle as I try to remember the logins. Thanks to PSD2 and KBC adding additional functionality to their already impressive app, I can now connect the Bank of Ireland joint account (though it’s officially my old Bank of Ireland account) to my KBC account and simply view the balance from within my KBC app. This is called multibanking.
KBC’s ambition is to change the way that Irish people bank
Now, rather than fumbling around with Bank of Ireland passwords, I can unlock my KBC app with my fingerprint and see the Bank of Ireland balance.
How to Add AIB or Bank of Ireland to KBC App
To get the ball rolling with this and see your AIB and Bank of Ireland account details in the KBC app, you’ll need your online banking details. AIB is one of the few institutions I’ve never been with, so I’ll be testing this with my Bank of Ireland account.
Adding your Bank of Ireland Account to KBC App
- Open the KBC App
- Select the menu button on the left-hand side and choose Other Bank Accounts
- Punch in your banking details for your Bank of Ireland account
- Confirm you agree to all the terms and what not
- Lob in your KBC password
- Wait a few moments
And just like that, you’ll be able to view your Bank of Ireland account balance in the KBC app. I think this is going to be a brilliant feature for joint account holders and the likes. While it’s very early days yet in the world of PSD2, it’s exciting to see KBC adopt these types of features proactively. Just remember, Bank of Ireland has yet to adopt Google Pay, Apple Pay or show just about any kind of initiative at all really when it comes to digital banking.
Multibanking: Consumer Benefits of PSD2
The concept of multibanking is non-optional for EU banks as this is a European Union directive. While KBC is first to act in the Irish market, others will have to follow. It looks like Ulster Bank and Permanent TSB are not capable of supporting this system yet, but again I stress this is non-optional. Banks are expected to have PSD2 support in place by the end of the summer.
These new rules stretch beyond the online digital banking experience.
PSD2 will also
- ban extra charges on the use of debit and credit cars online and in shops
- allow third parties to access payment information and help consumers find better value across loans and mortgages
- introduce additional layers of security for consumers financial information
- beef up consumers’ rights when it comes to the likes of non-authorised payments.
Upon announcing this latest app release, KBC’s Director of Transformation and Innovation, Kelvin Gillen outlined that the bank’s “ambition is to change the way that Irish people bank by providing instant, accessible financial products and services with this being a big step on our journey towards achieving this”.