- What you need to know...
- Financial services regulators around the world are increasingly concerned with promoting competition and innovation in banking, reducing barriers to entry and empowering consumers.
- Open banking will lead to beneficial outcomes for financial services provision.
- The single biggest factor that will determine the long-term success or failure of open banking is consumer adoption.
Open banking brings customer ownership to the fore
The ultimate goal of open banking is to encourage innovation by making it easier for specialist providers to compete with banks on a more equal footing, and hence to improve outcomes for consumers by making more choices and options available to them.