Are Banks Ready for Open Banking / Will it Deliver Greater Competition in the Sector?  

David Gardner, technology & IP partner at UK law firm TLT, said:

David Gardner, technology & IP partner at UK law firm TLT, said: “As part of the CMA’s package of measures to reform retail banking, banks will need to adopt a digital standard called ‘open banking’, allowing customers to share their transaction history with other banks and compare current accounts via an app directing them to the best deal.

A unitary mobile app for banking services on a cross-provider basis would be a genuine game-changer in retail banking.  PSD2 and API access open the door for this, however it seems likely that there would be considerable challenges to successful delivery.”

TLT’s banking technology report, due for publication in September, shows that banks are turning their technological firepower from the priority of meeting new regulatory standards to developing new digital products and services, with a significant uptick in digital investment planned for the coming year. But there is some way to go, with  80% reporting that they don’t see themselves as leaders in digital development and barely half considering that their approach to investment in digital banking is comprehensive or proactive.”

 

 

Author: Dylan Jones

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