Press releases

Deloitte comments on the introduction of Open Banking regulation

9 January 2018

Neil Tomlinson, head of UK banking at Deloitte UK, said:

“Banks and FinTechs have been preparing for Open Banking for some time and it’s likely to be a watershed moment for the banking industry. However, as it comes into effect there are still a number of barriers to overcome to fully embrace the opportunities it presents. In the short term, barriers are likely to include limited awareness amongst the general public and an aversion to sharing personal financial data. However, as new, innovative and more beneficial banking products and services enter the market and are shown to be secure, banks, FinTechs and others will have the opportunity to realise Open Banking’s true potential.

“The full transformation from Open Banking may not happen overnight and we expect to see a gradual introduction of new products and services. Initially, these may include the development of dashboards, which enable customers to see all of their bank accounts in a single place, and the introduction of more personalised money management tools.”

Ends

Note to editors

About Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk.

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