13th January 2019 marked one year since the UK embarked on its Open Banking experiment. Despite the inevitable teething problems, the initial signs are encouraging, as banks up their game in the face of strong competition from innovative third party products and services.
Whith another version of the Open Banking Standard yet to be released, optimistic expectations prevail in regard to increased features and functionality and the continuation of the improvement of customer experience. [..]
“Fintechs are already demonstrating that you can come into the market and provide a great proposition because the barriers to entry are so low. There is an opportunity to challenge some of the established players and I anticipate seeing non-financial services companies (such as mobile phone operators, pure tech companies and insurance companies) also entering this space. All of those lines are going to blur.”