API deep dive: Who will thrive in an open banking world?
The world of financial services is going to be shaken by the arrival of open banking. The introduction of financial services APIs will empower customers to let trusted third parties access their transactional data and to a large extent control their bank accounts. Customer demand, technological change and regulation are all supporting this change. This is a worldwide phenomenon, but because of support from the EU Commission we are likely to see the effect of open banking in the EU sooner than in many other geographies. Most experts believe that this will benefit customers and businesses alike. But who will benefit more, and who less – and will anyone lose out?