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Open Banking is here to change how you manage your money
After completing a review of the retail banking sector back in the summer of 2016, the UK Competition and Markets Authority (CMA) concluded that stagnation had set in. It found that hardly anyone switches banks each year, and the huge financial institutions don't put a lot of effort into retaining or competing for business. Among a number of reforms the CMA put into motion was "Open Banking," which requires all the big banks to make your financial data accessible in a standard format. The deadline to comply with the open banking initiative passed over the weekend, and several key names have missed the launch. It's now officially up and running, however, and it promises to completely change how you choose and use all kinds of financial services.
'Open banking' data will help Brits compare and switch accounts
Just as Ofcom is making it easy to switch broadband and mobile providers to inspire us to hunt for the best deals, the UK's Competition and Markets Authority (CMA) wants us to be similarly proactive about our bank accounts. Having completed a lengthy probe into retail banking, the CMA believes the secret to a more competitive industry lies in our data, and the sharing of it.
