The Bottom Line - Europe

We are in an unprecedented period of change – enforced by a global pandemic. This reality is causing many businesses to reconsider and accelerate their digital transformation plans, which will almost certainly mean deploying new technology at a pace that can open the door to risk. Key will be ensuring the latest technology can be integrated with legacy technology, without compromising any existing processes.

Three Things We’ve Learned from the UK in Year One of Open Banking

January marked the one-year anniversary of the Open Banking regulation coming into effect in the UK, making this a good time to step back and assess its progress, or lack thereof. For the uninitiated, Open Banking is seen by financial regulators as a means to spur fintech innovation and foster increased competition in the UK banking market. Its underlying premise is that transactional data is the property of the account holder, and if the consumer or business elects to share such data with a third party, the bank must facilitate its efficient transfer, securely.

As with many high-minded concepts, the devil is in the details, so let’s consider how it’s playing out in the real world so far.