What is it? There’s a lot of chatter about ‘Open Banking’ in the UK, a new world where our banks and other regulated organisations will be able to share, access and orchestrate our banking information to help us make better product decisions, save money and reduce unnecessary administration.
Just as importantly, it is aimed to dilute the control of the major banking players and allow smaller challenger banks and other 3rd party financial organisations to compete and offer innovative solutions.
Opening Banking has been live since the first half of 2018 and in January 2019 alone, over 23m successful Open banking API calls were made, representing around 30% growth over the previous month.
However, a survey from consumer group Which? found that 92% of respondents hadn’t even heard of it. Other polls suggest people find the idea of data sharing scary.
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