Open banking, present and future – Banking Exchange

The U.K.’s governmental Open Banking initiative, which began rolling out in January, has been moving slowly, says the buzz at some fintech conferences. But consultant Christian Ball isn’t surprised.

“It’s opening up with a whimper, rather than a bang,” says Ball, who is head of retail banking at GFT Group, a +5,000-person international digital financial engineering firm. This comes as no shock to Ball because open banking, as implemented in the U.K., is not as simple as flipping a switch. The effective date was more of a beginning of a new era, not an overnight transformation.

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