One million customers are using Open Banking, a far cry from the "fintech revolution" promised in 2018 which seemed poised to fundamentally transform the sector for millions The man tasked with dragging the UK's largest banks into the twenty-first century is sitting with his back to a view of The Shard, sipping tea from a mug with a cartoon of a crocodile in a skirt on it. Imran Gulamhuseinwala is the head of the non-profit organisation tasked with making sure Open Banking is a success , a years-long project which is forcing high street banks to crack open some of their customer data to the growing wave of financial technology start-ups. An EU law passed in 2015 made it a legal requirement for banks to create the technology needed to securely share customer data – in theory allowing start-ups to play with a potentially unlimited pool of information. It could pave the way for new banking apps that help people manage their money and is likely to make it easier than ever to switch to a new "challenger" bank. The Centre for Economics and Business Research predicted in 2018 that Open Banking could contribute more than £1bn a year to… Read full this story
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