In an industry first, Barclays‘ new SmartBusiness Dashboard tool will use open data to enable SME’s to import everyday business information and data into their online banking site. Developed in collaboration with a number of app providers, it is designed to help SME’s to effectively run and grow their businesses.

Using the Application Programme Interfaces (APIs) mechanism – the ‘pipes’ through which organisations can securely share data – SmartBusiness Dashboard allows businesses to download new or existing apps from providers including bookkeeping, sales, 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 their financial information, product sales data, website analytics and staffing rotas, all alongside their cash flow.

Now available to over half a million customers, Barclays believes SmartBusiness Dashboard will boost business productivity and save owners valuable time.

Ian Rand, CEO for Barclays Business Banking 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.”

Ed Molyneux, CEO and co-founder of Edinburgh-based FreeAgent, which makes cloud accounting software for freelancers, micro-businesses and accountants, said:

“Barclays’ new SmartBusiness Dashboard will enable our customers to have greater visibility over their financial data, allowing them to make more informed, in-depth decisions about their businesses.

“In the coming years, open banking will revolutionise the way that small business owners manage the flow of data between their bank account and the various fintech apps that they use to run their businesses – so it’s great to see Barclays driving forward this change for their customers.”