Banks have been given a deadline of early 2018 to comply with new regulations that will allow for open banking; many industry experts believe this deadline is too tight; to comply, banks would need to completely overhaul their current security infrastructure and banks are not known to rapidly change anything; the UK’s big four – Lloyds Banking Group, HSBC, Barclays and Royal Bank of Scotland – control 77% of personal current accounts and 85% of business accounts; these new regulations will allow consumers to control access to their data and give them comparison tools to shop for the best mortgage, credit card or loan. Source
