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  • MoneyWeek

    Open banking is a great British success story

    Feb 26, 2021 3 minutes
    David Stevenson Investment columnist

    Open banking is a great British success story. Launched in 2018, this initiative, backed by the government, regulators and industry, lets third-party providers access your financial information at the touch of a button, but only after you’ve given explicit consent (renewed every 90 days). The idea is to connect various service providers to your bank account and thus benefit from a wide range of products and services that are tailored to your needs because they are based on analysing your data.

    Around 300 financial technology firms (“fintechs”) and innovative-finance providers

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