Open banking fails to get consumer buy in

An initiative designed to open up banking, mainly to third-party fintech providers, and expand consumer choice seems so far to have failed to gain widespread trust.

The UK’s open banking revolution got off to a somewhat slow and shaky start. Consumers remain largely in the dark, and the bulk of those who are aware of what’s on offer are mistrustful and fearful about potential abuse of their data.

Only four of the nine banks that the Competition and Markets Authority (CMA) mandated to participate in the insurgency had their technological ducks in a row in time for the January 13 deadline. One of these seemed to be on a mission to sabotage the entire programme through the media.

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