Nick Parsons: The pitfalls to overcome for open banking to succeed

Often, when we hear the word ‘revolutionary' in the context of banking, our natural reaction is to take what is being said with a big pinch of salt. ‘Open banking', however, is an exception - most experts believe it will shape the way we borrow, save and manage our money for years to come. Nevertheless, there are some significant barriers to overcome if open banking is to be the success many think it could be. First and foremost, there is the issue of trust. The general public has maintained a healthy scepticism - to put it lightly - of financial services since the financial crisis. Many...