Open banking – why should I care?
This September will bring us that ‘back to school’ feeling, a season of mists and mellow fruitfulness, and one of the most transformative changes to the personal finance sector that we’ve seen in two decades.
And it matters to all of us, because it opens the doors to new ways to stay on top of our finances.
Open Banking is a series of reforms around financial information and payments. This will make banking more competitive and create a new wave of services. To achieve this there are new industry standards, which include helping consumers share their data with the new services in a secure way. In the UK, we’re following European Banking Authority (EBA) standards, and there are similar initiatives around the world.
This could transform how we manage our finances, giving us access to new services personalised to us and based on our transactions.
It may result in new ways to buy, like checking out direct from your bank account rather than via your credit or debit card; or help combine information such as adding location to your transaction; and of course, using your transaction information to automate your tax admin.
At untied we can see that customers are going to feel much happier using digital financial services by securely connecting their accounts and staying in complete control of their own information.
We’re ready to make the most of this new environment, allowing users to connect to multiple accounts to easily make sense of income, expenditure, allowances and liabilities, as well as being able to give real-time advice and suggestions to our users.
We’re very excited to see what users’ response will be, and how people understand this new technology. untied is looking forward to being part of the huge growth in services which is just over the horizon.
Open Banking is a great opportunity to positively change people’s experiences with their financial data, helping them to be more pro-active with their finances and feel better about money management with the help of Open Banking, putting people in control of their taxes. That’s untied.