A threat to the Big Banks monopoly23 Sep 2019 19:21
OPEN BANKING is a threat to the Big Banks monopoly
Extract...
Open Banking is a series of reforms to how banks deal with your financial information, called for by competition watchdog the Competition and Markets Authority (CMA). It comes alongside a regulation with the snappy name 'the second Payment Services Directive' (PSD2), which also came into force on 13 January 2018.
In plain English, together they mean all UK-regulated banks have to let you share your financial data such as your spending habits, regular payments and companies you use (basically your bank, credit card or savings statements) with authorised providers offering budgeting apps, or other banks – as long as you give your permission.
The idea behind these changes is that they'll bring more competition and innovation to financial services which, in turn, is hoped will lead to more and better products to help manage your money.
https://www.moneysavingexpert.com/banking/open-banking/