“Open Banking came into force in January 2018. It was introduced to shake-up the fundamentals of the UK financial sector by aiming to create competition and foster collaboration. It forces the CMA 9 (the nine biggest UK banks) to open up their APIs to Third Party Providers (TPPs) so they can access users’ financial data in order to create new financial services, applications and technology. As with other significant initiatives, it has inevitably experienced some stumbling blocks. This has mostly been from a technical and user adoption perspective. One of its main challenges is increasing consumer trust, and helping users understand that their data is secure when their accounts are connected via API. This blog post will take a brief look at what Open Banking means for the user experience by reviewing some of the current Consent Models (permissioning flows) for adding a users’ bank account to the account aggregator Yolt.”
The UX of Consent Models in Open Banking by Courtney Yule (August 2018)