CYBERSECURITY
64 save for parties – and usually this is not all through the same provider . In order to facilitate simple things like budgeting and making good financial choices , then , being able to combine your data from different sources is really helpful .”
This is already visible with big banks in the UK as well as fintechs like Monzo which work to equip customers with the right knowledge to make better financial decisions , and Littlejohn says that consumers and businesses alike are beginning to truly embrace such opportunities . “ Looking at the UK model as well as other markets , the banking sector was very resistant to open banking to start with , but now they know they ’ ve got it they ’ re coming to understand it ’ s a great opportunity for them to get to know where their customers are when they ’ re not with them .”
Large banks are all beginning to move with the times says Littlejohn , and this is only set to continue . “ If you were to go to RBS , Barclays , HSBC or Lloyd ’ s , you ’ ll be able to download and use their open banking app where you can see financial services as well as the fintechs in the market . There ’ s
JULY 2019