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.