Interesting read here into the future of banking.
Essentially, Open Banking is the government’s plan to get the big banks working harder for their customers. The Competition and Markets Authority (CMA) has been investigating the retail banking sector for years and their definitive conclusion in August was that banks need a kick up the arse.
Soon, the likes of Barclays and HSBC will exist merely as the infrastructure to support new network of financial services, apps and chatbots.
It’s all happening in the next few years, as the banks have to implement the changes by 2020. However, as we are currently seeing such big changes in banking technology in general, and smartphone apps in particular, you will definitely be able to get your paws on new and exciting tech sooner than that.
Though, I still doubt that the quality of infrastructure major banks will be able to come close to that of Monzo, unless they build a fresh system and migrate their data over.