Writing in AltFi Steven Bisoffi, Payments Advisory Lead at Huntswood, asks if 2019 will be the year that open banking will begin to to take off; after being enacted early in 2018 the initiative has been slow to gain traction and uptake on consumer knowledge has also been low; there is a big opportunity for third party providers to gain the customer trust after a number of technical issues at high street banks in 2018; this comes with a risk as third party providers need to ensure they don’t become immersed in scandal or they could hurt their growth before it really gets going; ultimately consumers are the key to the program, they need to understand how they can gain greater access to their financial data. Source.
