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

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...