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.”
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