The Open Banking Revolution

Published 1 Min Read

Writing for the Global Banking and Finance Review recently, our CEO Peter Veash took a look at what the Open Banking initiative will mean for customers and the wider industry – both established players and disruptive new ones.

With banks being required to open up their data, customers may start to see some big changes. Though more control for the consumer is usually seen as a good thing (and there are lots of opportunities to deliver on that) there is some hesitation when it comes to the sharing of personal data.

The changes, mandated by the Competition and Markets Authority (CMA) could be a boon for newer entrants to the financial services market, such as Monzo or Moneybox, but the big players are positioned to take most advantage. Given the difficulty for challengers to make a profit on the accounts of their (relatively easily acquired) users, Peter’s argument is that it’s traditional banks and big fintech with the ability, long-term, to develop tomorrow’s indispensable products.

With big implications for customer satisfaction, expectations and loyalty, these imminent changes will mean more than ever that we have to foster an environment of trust around consumer data. For more on this, read Peter’s article over at Global Banking and Finance Review to get the full story.

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