DIGITAL BANKING
Adoption of digital technologies and new initiatives such as AI come with huge benefits , but they also come with risks .
Richard Butler : In the UK , open banking has been facilitated by regulations like PSD2 , which means that the largest banks can grant permissions to third parties to access customers ’ data on spending transactions and regular payments .
Some specific innovations have arisen , including money-saving apps and websites that can recommend to customers how much they could put away each month . The question of whether this could extend to open data is far broader than financial services . The tech giants will play a key role in this process as they hold such a large volume of customer data .
This means that even if regulations move towards this direction , it won ’ t be likely to happen any time soon .
What is more likely , is a move towards open finance , the bringing together of financial products such as mortgages and pensions , so that they can be managed in one place even with individual products held by different companies .
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