Contestable Markets: Challenges and Opportunities from Open Banking
Here is a revealing interview with the CEO of Clydesdale and Yorkshire Banking Group which highlights the possible impact of new Open Banking rules that come into force in January 2018.
Open Banking means that customers can choose to securely allow their banks to share details with other banks and financially regulated companies perhaps in search of better deals and improved quality of service from other financial institutions.
It could open the way for technology companies such as Amazon and Facebook to effectively enter the financial services industry and make commercial banking more contestable. Read more about open banking here.
Here is a selection of further reading on open banking
"The banks you know today might disappear.” Open Banking means we'll soon be able to tell banks to share our data with other firms who'll offer us better deals. CYBG boss David Duffy told #wakeuptomoney's new Boardroom Stories podcast the industry will h… pic.twitter.com/5saFXIo4FD
— Shakuntala Dhyani (@shakuntala_dh) January 3, 2018
Wired magazine were kind enough to ask me to write something about the financial sector in 2018, so I picked Open Banking as The Big Deal https://t.co/5JEO3WTpZV
— © Dave Birch (2018) (@dgwbirch) January 2, 2018
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Geoff Riley
Geoff Riley FRSA has been teaching Economics for thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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