Open Banking – Next Steps?

Five months on from the initial roll out of Open Banking in January, what impact has it had on the financial services market, and what are the next steps?

The goal of Open Banking is, ultimately, to improve choice for consumers, and to streamline the process of consumers being able to take advantage of that choice. As with any regulatory intervention, this creates challenges for businesses: both incumbents, who have to bring their current systems and products up to date, and new entrants, who have to overcome barriers to market entry. Start-ups also have to find a gap in their market, to enable them to display a sustainable business model which will be attractive for investors – not an easy feat in an increasingly crowded market.