Open Banking has reached one year in the UK and the initiative is proving to be challenging and effective; the biggest issue is widespread adoption, only 25 percent of consumers have heard of open banking and of that group 20 percent knew what it meant; FT Money provides a guide on available apps, future innovations and how these firms address security concerns; as big banks embrace open banking the expectation is that adoption will increase significantly; the term open banking doesn’t necessarily have to be known for the program to work, so long as consumers receive the benefits of the initiative. Source.
