Open Banking is the term given to the process by which bank customers are being given greater control over their money.
In practice, this is achieved by the customers themselves – as opposed to the banks – having ownership of, and therefore the power to control, their data.
With the customer’s permission, third parties can then access the data, potentially offering them other – more relevant – services.
Please watch and share this video from the City of London, which explains Open Banking in more detail.
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