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Why open finance is the UK’s next fintech revolution

open finance CFIT
Image credit: Andrey Suslov / Shutterstock

Over the past six years, the UK has seen a quiet revolution in its payments industry, and another could be on its way. Since the start of 2018, customers have been able to tell the UK’s nine largest banks and building societies to securely share their personal transaction data with trusted third parties.

Known as ‘open banking’, the process lets us effortlessly exchange our banking data with lenders, utility companies and money management apps. If you’re shifting your energy or water supplier, or applying for a mortgage, you can share information about your account in an instant, saving time and effort.

But banks are far from the only type of organisation that holds your financial data. Consumers’ financial lives are more fragmented than ever before. To gain a complete picture of your financial health, you need a comprehensive view across savings, investments, insurance, mortgages, credit scores and pensions. Judging the wellbeing of a business can be even more complicated....