With this week marking the first anniversary of Open Banking, allowing banks, fintechs and ‘big techs’ to compete in a more fluid space, Gianluca Corradi, head of UK banking at Simon-Kucher, explains how Open Banking is already benefiting customers and delivering innovation.
The first year of Open Banking has already brought a significant change for the financial sector and indicated countless opportunities for future growth. I see this unfolding seismic shift started by the creation of Open Banking as largely benefiting customers through better services and better access to finance.
So far it is early days and customers have not seen the true potential of Open Banking, but they are already starting to experience the benefits. For instance, being able to see all your financial wealth, investments and pensions seemed out of reach only a couple of years ago, but now it is happening....