Some believe that at the beginning of 2018, open banking declared to be nothing short of a banking revolution, but 72% of UK adults have still not heard of open banking. However, Mark Curran, open banking director at Clydesdale Bank parent CYBG said: “We never expected a revolution. In the medium to long term, open banking is going to have a major impact. It just needs time.”
Open banking uses the UK’s biggest banks and their statutory application programming interfaces (APIs), which shares various elements of data, including: account information and payments. The aim of open banking is to open the banking market, whilst encouraging product development, attracting new disruptive players and giving consumers more choice and better deals.
Only 18% of people understand the ways they could use opening banking, but give it some time and it promises to be one of the most exciting topics both in banks and out!