Commenting on the first anniversary of the implementation of Open Banking (13th January 2019), Samantha Seaton, CEO of Moneyhub says:
“Open Banking represents one of the biggest shake ups that the financial world has seen in recent years, bringing a wealth of opportunities for both consumers and businesses. While the initial take-up may have been slow, its potential is definitely beginning to be realised. One year on from the roll-out, we’ve definitely seen tangible progress.
“Managing money is complex, difficult and getting harder. Open Banking makes it easier for people to take action where their money is concerned, from permission for an automatic ‘sweep’ of money from a savings account to avoid unnecessary overdraft fees at the simple click of button to informative nudges which can save them money such as notification of lower Loan to Value ratio’s reached. Such changes empower consumers and businesses in the UK and across Europe to achieve greater financial wellbeing. As the potential is realised, the next few years will be transformational.”