Nick Cheetham, Managing Director of Monitise FINkit, comments on the Government’s Digital Strategy announcement:
“Today’s announcement is particularly relevant for the banking sector. The Government is continuing to try and push industrial digitisation forward through various ‘productivity councils’, reviews and reports – pressure for the banks to drop the curtain on ‘Innovation Theatre’ and actually get products into consumer hands is mounting from both sides – from tech savvy consumers with changing expectations and from policy makers.
“The Open Banking API for UK consumers using banking services is being held up as an example of the Government’s work (through the CMA) to unlock the power of data and improve public confidence in its use. Banks now have a fast approaching deadline but we are yet to see real progress in this area. We certainly see the gap in data ‘skills’ and challenges with data infrastructure highlighted in the announcement today as key issues in the banking sector specifically. There is too much recycling of DNA between the banks, a lack of digital experience at board level and a real need to empower the digital minds and break down the silos that already exist and actually get digital solutions out the door.”