Tests Set the Stage for Open Banking in the UK
Do you use a bank website or app? Does it meet your needs and expectations? Is it easy to use? Does it combine data from multiple sources in order to provide you with valuable insights about your personal or business finances? Thought not.
That’s the insight that has given rise to the Open Banking initiative in the UK, now being expanded across many parts of Europe and around the world. Open Banking is the simple idea that you should be able to authorise a modern, flexible and relevant application to have access to your data inside your bank’s systems to offer you new services or analysis. After all, it’s your money, and your data.
Following a three-month rollout programme, the UK’s Open Banking Implementation Entity (OBIE) is now set to let regulated firms start offering services. The OBIE initiative was designed to prove that Open Banking systems giving customers and businesses control of their financial data were ready to use. With the rollout deemed a success, UK FCA authorised and registered third parties will now be able to offer products based on the Open Banking system to customers as well as sharing financial data with third parties. With recent research by Crealogix Group pointing to wider public concerns over the safety of information surrounding Open Banking use, this endorsement for the technology from the OBIE programme may go some way to encouraging users to experiment. Time will tell…
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