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‘Open banking’: radical shake-up, or a threat to your private data?

Few people have heard of them, but new rules that come into effect next week could change the way we bank

This week sees the beginning of a quiet revolution in banking which some have championed as one of the greatest shake-ups in personal finance in years, while others have warned it could have serious implications for people’s private data.

It’s the start of a new series of rules concerning “open banking”, where customers will be able to share their personal financial information with companies other than their bank, opening up opportunities to get better deals on mortgages, overdrafts and comparing insurance and broadband deals.

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Source: The Guardian

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