Five years on: What next for the evolution of Open Banking?

Next step is for more third parties to develop ways to use the data

clock • 4 min read

Although we’re five years on from the launch of Open Banking, it feels like we’ve only just started to fulfil the potential of sharing data across financial services, writes Nick Eatock

Before the implementation of Open Banking in January 2018, many experts talked about how it would shake up financial services, through greater simplification and increased competition. However, when it launched, it was largely met with indifference by consumers. Some of the bigger financial institutions showed limited interest too, failing to roll out the necessary functionality within the specified deadlines, possibly because of the feared impact sharing data with third parties could have on their profit margins. Roadmap complete Five years on, the Competition and Markets Authority...

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