Opening Banking is Here, But Consumers Are Unaware

As we prepare for the staggered implementation of Open Banking, which begins on January 13^th, data has come to light that shows awareness of the new regulations is running dangerously low.

New research by Which? has found that 92 per cent of consumers haven’t even heard of Open Banking, despite its implications for their banking data.

The new regulations, hailed by some as “signalling the end of high street banking as we know it” will allow consumers to share their banking data with third parties, such as other banks, products and services, and supports the efforts of many alternative finance platforms that are seeking to simplify the personal finance sector.

According to analysts the new regime will herald a bold era of competition by allowing up-and-coming challenger banks and financial technology businesses to compete on a more-or-less level playing field with the giants of the financial services industry.