The asymmetry of 'open banking'
Who owns your financial data, and what happens to ownership and consent when data moves to a third party?
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OPEN banking, as defined by openbanking.org.uk, is the secure way to give providers access to your financial information. The site states that it "opens the way to new products and services that could help customers and small to medium-sized businesses get a better deal. It could also give you a more detailed understanding of your accounts, and help you find new ways to make the most of your money."
The underlying rational is clear - open up competition; democratise services; and place the customer at the centre. These are prerequisites to digital financial inclusion and will facilitate new opportunities that may not have been accessible before.
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