The future of finance is an open one, that much is clear. Already transforming the way we control our finances and pay for products and services, Open Banking shows great potential to disrupt financial services while creating a prominent market opportunity.
Open Banking allows consumers to share their spend data. Everything from individual bank transactions, to regular payments they make and companies they buy from, can be shared with authorised providers. Budgeting apps are one example of Open Banking where consumers share their spending data in exchange for a summary of where they spend their money, gaining value from the data exchange.