What have we achieved in three years of Open Banking?

Three years have passed since the launch of the UK’s Open Banking initiative. On 13 January 2018, the second Payment Services Directive (PSD2) came into force, enabling regulated third-party providers to access a customer’s bank account information (with their consent). This was a significant milestone for the UK’s financial market. Open Banking was designed to increase competition and innovation in a sector traditionally dominated by large financial services companies. Banking APIs would break down the barriers standing in the way of data sharing, and enable new providers and technology companies to enter the market, offering better services for customers, and at lower prices. With technology at the heart of the initiative, the UK’s Open Banking system signalled a transition of power to the consumer. Soon, banking customers would have a plethora of options to choose from when it came to shopping around for the best deals. Given that we are entering the fourth year of Open Banking, now is the right time to reflect on the achievements already made, and what’s in store for the future of the initiative. Greater collaboration Collaboration has not always been a strong suit of the financial services sector,  » Read More