City AM reports “Have you heard of open banking? If not, that is not hugely surprising. It’s been described in the Financial Times as “the quiet digital revolution”.

Many people will be aware of some new apps designed to access and aggregate their financial information - this is a result of the open banking launch just over a year ago, a government-backed initiative which means banks must share customers’ information with other authorised providers on request.

Banks will only share this data if given explicit permission, and it’s up to customers if they wish to do so, to gain new insights into their finances or to get a better deal on financial products. The objective is to make banking fairer and more transparent and encourage new product development, but it’s taking longer than expected to take off.“ Read more http://www.cityam.com/274176/five-fintech-trends-watch-2019

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