- August 9, 2018
- PSD2
- Open Banking
Open Banking: innovation to solve customer needs as banks wake from slumber
Two years on from the CMA market review which initiated Open Banking, Jake Ranson, banking and financial institution expert and CMO at Equifax Ltd, anticipates profound long term impact:
“Open Banking was established to encourage competition. It’s well known that current account switching remains low, but this doesn’t reflect the full story. The initiative has been a wake-up call for traditional banks to improve their understanding of their customers and tailor services to their needs. Consumers won’t necessarily have to switch to experience improvements in their banking services.