Open Banking is one of the most exciting developments in financial services for years, with the potential to revolutionise how consumers engage with financial products and services. For example, consumers will find it easier to review their financial position across different accounts and payments will be disrupted, with new parties initiating payments and moving into the territory occupied by debit and credit cards.
Our new report focuses on the key issues around Open Banking, including:
- collaboration between banks and fintechs
- customer incentives
- how age and income affects attitudes to Open Banking
- liability and governance
- consent, authentication and authorisation