BBCNEWS Business Briefing January 12, 2018
So what is it . At the moment, yourFinancial Data is held by your bank. But, under new rules, ownership of this data will be transferred to the consumer. This will allow you to share it with other companies, to see if they can give you a better deal on anything from overdrafts to mortgages and loans to insurance. Open banking has already been welcomed by some consumer groups as a way to bring more competition into the market. Others, though, are uneasy about what might happen to all this previously private Financial Data. They worry about security, and dealing with unknown third parties. It co...