Barclays has revolutionised its Business Banking Online offering and is pioneering the use of open data to benefit SMEs, in a banking industry first. Barclays has collaborated with leading app providers to enable businesses to import their everyday business data and information provided by these apps into one dashboard within its online banking site.
Thanks to the mechanism of Application Programme Interfaces (APIs) – the ‘pipes’ through which organisations can securely share data – SmartBusiness Dashboard, enables businesses to import their existing apps or download new apps, from a range of providers across bookkeeping, sales and inventory, marketing and analytics and workforce management.
For the first time, businesses can view their real-time banking data and information about their business side by side, brought to life in easy-to-access charts. For example, rather than accessing each app individually, a shop owner can now securely log in to their online banking and view not only their financial information, but bring in their product sales data, website analytics and staffing rotas, all alongside their cash flow. Barclays believes this will boost business productivity and save owners valuable time.
Available to half a million of the bank’s business customers*, the SmartBusiness Dashboard can be accessed by just one click in online banking and there is no charge to use the platform.
Mike Hayden, Head of SME banking for Barclays in South Wales said:
“This is a significant step in transforming day to day banking- meaning SMEs can see everything about their finance and data about their business in the one place through Barclays online banking. Busy business owners shouldn’t have to spend time sorting through different spreadsheets, reports or switching between apps – we’ve created a tool to give businesses time back – and this is an efficient way to run and grow their business.
“In giving businesses the choice to import their data and working closely with partners through the platform, we believe this is a game-changer and will boost competition. No other bank is offering this to businesses. Crucially, if you are a business owner this is a safe and easy way to access a range of data about your business, putting control firmly in the hands of businesses.”
In addition to the bank’s large network of business managers across the UK, SmartBusiness Dashboard is designed to be the place where businesses can view and analyse all their information in a simple and convenient way. It will help SMEs to manage their cashflow, compare data and make improvements to help sales growth and add in marketing insight, and by removing the burden of admin, it aims to save businesses valuable time.
The introduction of SmartBusiness Dashboard is part of the bank’s investment in digital solutions, to support the needs of business owners in managing their finances and their business.