On Tuesday 17 January, New City Agenda and Barclays launched new research report, Open Banking: A Consumer Perspective. The report follows key recommendations from the Competition and Markets Authority (CMA) inquiry into retail and SME banking and examines how Open Banking could give rise to new types of financial services and bring benefits to consumers and SMEs.
Open Banking is all about data sharing between banks and third parties (including money advisers) to enable consumers and small businesses to to see all of their finances in one place, better understand their financial circumstances and compare between different providers to find the best deal.
Open Banking provides the opportunity to radically disrupt the current banking system but brings with it a number of key challenges.
Money Advice Liaison Group (MALG) Chair Liz Barclay said: “I think MALG can start the conversation about how Open Banking can revolutionise money advice. We plan on it being a key topic at our annual conference in November 2017.”
Read the full report using the link above and follow #openbanking on Twitter for perspectives from across the sector.