Daniel Meere: What lessons can financial advisers take from open banking?

Digital business

clock • 8 min read

Daniel Meere considers the leads the financial adviser community can take from the banking sector's experience of the first 12 months of 'open banking' to help them along their own digital journey

Open banking took effect in January 2018 to shake up the way in which customers - both individuals and small and medium-sized enterprises (SMEs) - interact with their banks. It set out to pave the way for new products and services from those offering mobile and digital banking to help consumers manage their money more effectively and secure better deals for financial services. Acting as a boon for the growing cohort of mobile-only banks, it has also been a wake-up call for more traditional players - prompting them fundamentally to reassess the way they treat their customers. In some resp...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

Why consistency is key to ensure auditable AI outputs in advice

Why consistency is key to ensure auditable AI outputs in advice

'If inputs diverge, so do outputs, and so, potentially, does the advice those clients receive'

Nawaz Mucadam
clock 29 May 2026 • 4 min read
Foster Denovo partners with fintech to advance AI use

Foster Denovo partners with fintech to advance AI use

Clients to see ‘immediate impact’

Sophia Panayi
clock 28 May 2026 • 2 min read
Warnings sounded as OpenAI launches US-based financial planning tool

Warnings sounded as OpenAI launches US-based financial planning tool

UK regulatory standards ‘remain strict’

Jenna Brown
clock 21 May 2026 • 2 min read