Open Banking: the challenges and opportunities

Jem Fawcus

Open Banking, a concept quickly becoming reality in 2018, enables individuals to grant companies access to their financial data so that businesses can develop and provide new and improved products and services.

Open Banking became something of a buzzword in 2017 and, on January 13th 2018, what was until then merely a concept, became a potentially disruptive reality for the financial services sector. At its core, the revised Payment Services Directive (PSD2), has the potential to revolutionise the relationship between the individual and their money – how they understand it, how they manage it and how they use it. Beyond this, there is also an interesting development in the relationship people have with their data and digital identity. Open Banking offers people the opportunity to take control of, and use, their own...

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